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What Is a Lease Buyout?

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If you’re wondering what a lease buyout is or how a lease buyout works Cornerstone Chrysler Dodge Jeep Ram is here to help. You are able to “buy out” a lease when your lease ends if you would like to own the vehicle you’ve been leasing. There are two options available to you if you choose to opt for a car lease buyout, so learn more from our finance experts today! Learn more with our team at our dealership near Rogers.

How Does a Lease-End Buyout Work?

Curious about the definition of a lease buyout? It essentially means you are taking over your lease and purchasing the vehicle after your lease ends. If you choose this option, you will need to pay the remainder of the vehicle’s worth by the time your lease ends. In most cases, you’ll agree upon this price point with the dealership when your lease agreement ends.

Is a car lease buyout the right choice for you? If you like the vehicle you’re driving and have had few issues with repairs, it could be a great deal. Additionally, if there is no other new vehicle you want to drive home to Anoka for a similar price, you may consider taking over your lease so you can keep the car you’ve grown to love. Keep in mind you can also get a good interest rate if you choose to finance your car lease buyout.

What is an Early Lease Buyout?

If you choose to go with an early lease buyout, you are essentially purchasing your vehicle before your contract is over. Keep in mind that not all contracts allow this, so check with your dealership. Make sure that this option is a good financial investment before deciding to buy instead of getting another lease.

The price of your early lease buyout is determined by a few different things:

  • What you still owe on your lease
  • The lease-end residual value (per your original contract)
  • If your vehicle has depreciated over the time of the lease

Car lease buyouts can be great options for those who are worried about lease penalties that occurred over the course of their lease. Be sure to keep up with service and repairs — these are typically covered by your lease warranty!

Learn More About Leasing with Cornerstone Chrysler Dodge Jeep Ram

If you need to know more about the definition of a lease buyout or how a lease buyout works, don’t hesitate to reach out! We’d be happy to help you determine which option works best for your financial situation. Contact us today! We’re located conveniently near Coon Rapids.

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