What is a Lease Buyout?
If you’re leasing a car in the Cape Coral and you’ve decided you want to purchase it so it’s yours, you can buy the lease out. This is a popular option for many drivers who want to continue driving their car but don’t want to renew the lease. But, what is a lease buyout, and how does a lease buyout work? It’s pretty straightforward, and is divided into two categories: lease-end buyout, and early lease buyout. The finance team at Val Ward Cadillac has put together a guide outlining the details of a car lease buyout, including the lease buyout definition and information on each choice, so you can make an informed decision if you’re looking to buy out your current ride.
Lease Buyout Definition: Lease-End Buyout
This is the most common type of lease buyout, and essentially means that you purchase the vehicle you’ve been driving when your lease is up. You just have to pay the difference between what you’ve already paid in lease payments and the vehicle’s estimated current value, and you’re good to go! Lease-end buyout is an ideal choice for Naples-area drivers who are happy with their car, haven’t needed to spend lots of money on major repairs or maintenance, and have been able to find a low interest rate to finance the buyout price. If you meet this criteria, have a chat with our finance team about your buyout options!
Lease Buyout Definition: Early Lease Buyout
Buying out a lease early is less common, but still a perfectly viable option for many drivers. If you want to purchase your vehicle before the lease term is up, it’s fittingly called early lease buyout. This option is a better choice than a lease-end buyout if you’re concerned about exceeding your mileage limits or regularlyscheduled maintenance as outlined in your lease agreement, which could result in penalties if you see the lease through to the end. If your vehicle has depreciated faster than anticipated or sustained damage that will incur further lease penalties, you might consider an early lease buyout as well.
Negotiate Your Car Lease Buyout with Val Ward Cadillac
Whether you’re waiting to the end of your lease term to buy out your vehicle, or seeking to purchase it early, our finance team is here to help! Feel free to reach out with any questions, or stop by our dealership near Bonita Springs to talk to a finance expert in person. And be sure to check out our car buying tips for more advice on buying out your ride!
