What Is a Lease Buyout?

Woman shaking mans hand over a car contract clipboard with car keys

When you’re nearing the end of your lease in North Haven, you have several options. While most New Haven drivers turn in the keys for something new, others opt for a car lease buyout instead. So, what is a lease buyout? The basic lease buyout definition is when you purchase a leased vehicle for the price of its remaining value. Find out what is involved in a car lease buyout, and get the process started with Jaguar North Haven.

 

 

How Does a Lease Buyout Work? 

We’ve gone through the lease buyout definition, so how does a lease buyout work? Here’s how to get the ball rolling in Wallingford:

  • Speak to your leasing institution. Each leasing institution has slightly different criteria for a car lease buyout, so it’s a good idea to check in with your lender. Ask about how the process works and see if there are any extra fees associated with a buyout.
  • If you’ll be financing the buyout, apply for pre-approval. You can choose to pay the buyout in full or finance. If you choose financing, consider applying for pre-approval to speed up the process!
  • Negotiate and finalize the buyout. Before you sign that final contract, don’t forget that negotiation is always an option. If your car has depreciated more than originally anticipated, you might be able to negotiate for a lower price. Once you’ve reached an agreement, complete the paperwork and enjoy your vehicle in Branford! 

Lease-End Buyout vs. Early Lease Buyout

Another factor to consider is the timing of the car lease buyout. This is an integral part of the lease buyout definition. The most common and easiest option is a lease-end buyout. That means you simply pay the expected value of the vehicle at the end of the lease period. This allows you to hang onto a car you already know and love while getting a great deal in the process!

Some drivers opt instead for an early lease buyout. This means you purchase the vehicle well before the end of your original lease. This is a popular option for drivers who are concerned about lease penalties for damage, mileage, or maintenance. Feel free to talk with our finance team if you’re not sure of the best route to take.

Explore Your Lease Options at Jaguar North Haven

We hope we’ve answered “What is a lease buyout?” and “How does a lease buyout work?” Is a car lease buyout right for you? We’d love to help you explore all of your options at Jaguar North Haven. Feel free to check out our customer testimonials or just stop by the dealership in North Haven for a chat!

 

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