How Do You Buy Out A Car Lease?
Buying out a car lease means you purchase your leased car either after the lease expires or before (an early buyout). You can either pay off the lease with cash or get a car loan to finance the buyout. The main reason to buy out a car lease is because you know your car is in good shape and you want to keep it longer than the lease term. Another reason is to avoid steep penalties from excessive mileage or wear and tear on the car. Check the Kelley Blue Book to determine the market value of the car (see Resources below). If the market value is equal to or more than the residual value for your car, it makes sense to buy it after the lease expires. Talk to your dealer or leasing company about the buyout options and negotiate a fair price for the car. Secure financing for your car loan or pay cash. Don’t be afraid to look for a car loan outside of a dealership. This can often save you money. Contact the lender to find out what the current buyout price is. Shop for a car loan to finance the
