What is an auto lease buyout?
The amount of money you have to pay to own the car once your auto lease has expired is called the “auto lease buyout amount”. Sometimes referred to as the payoff amount, the buyout amount on an auto lease should not be confused with the residual value. The residual value of an auto lease is the prediction of what the car will be worth at the end of the lease. It is sometimes different from the buyout price of an auto lease because of the security deposit refund. Reasons to Consider an Auto Lease Buyout Perhaps you don’t want to part with your car. Perhaps the buyout amount of your contract makes purchasing your car a good deal. Knowing the car’s mechanical history doesn’t hurt either. These are all good reasons to agreeing to the buyout amount of your auto lease. Determining the Buyout Amount of Your Auto Lease The easiest way to see if you are getting a good deal is to compare the residual value of your auto in the lease contract to the True Market Value (TMV) of your car from a prici
