What Is a Lease Buyout?

When your lease ends, you basically have two choices: return the vehicle to your local Bartow dealership or try for a car lease buyout. How does a car lease buyout work? Essentially, this is when a dealership lets you buy your lease before the lease term is actually over. Learn more about what a car lease buyout definition is in more detail with the finance center at Kelley Automotive Group, and visit us for all of your leasing needs. 

End-of-Car Lease Buyout Definition

So, how does a lease buyout work? You’ll basically have two options when it comes to buying out your car lease: a lease-end option and an early lease buyout. With a lease-end buyout or an end-of-car lease buyout, you’ll pay what the vehicle is estimated to be worth at the end of the lease term. This price is usually agreed upon before you sign the lease at the beginning of your term. 

This could be a good option if: 

• You enjoy the vehicle
• You’ve had minimal repairs since driving the vehicle
• There’s no other vehicle at the same price point that you’re considering
• You can secure a good interest rate for the buyout price

Early Car Lease Buyout Definition

This option allows you to buy your lease out before the lease term is over. This is more uncommon and isn’t always allowed, so you’ll have to ask the dealership before if this is okay. Here are some things that determine the price of an early car lease buyout: 

• Lease-end residual value on your original contract
• Amount still owed on the lease
• Potential difference between any depreciation and market value

This is usually a more attractive option to Winter Haven drivers who are concerned with mileage penalties and any damage sustained to the car. 

How to Perform a Lease Buyout

How does a lease buyout work? When you’re ready to buy your lease, here is what you’ll need to do: 

• Speak to Your Lease Provider: Contact your lease provider towards the end of your lease, and ask about your options. They’ll be able to tell you more about how a car lease buyout works and whether there are any fees. 
• Apply for Pre-Approval: If you’re going to finance your lease buyout, then apply for financing to get approved. You can usually get financing through the same dealer that you leased your car with, but there are other options as well. Apply for financing at Kelley Automotive Group for a quick approval process. 
• Negotiate the Buyout: You may be able to negotiate the final price of your lease buyout to a lower or more desirable number. 

Once you and the dealer have settled on a final number, the only thing left to do is finalize the buyout. Visit Kelley Automotive Group near Auburndale for more information and to have any of your leasing questions answered. 

Get Your Questions Answered at Kelley Automotive Group

Now that you know what a lease buyout is and how it works, contact us for more information on how you can buyout your current lease and more. Let us help you feel confident with your next lease in Lakeland.