What Is a Lease Buyout?

What do you need to do when your lease expires? Fortunately, you have options when it comes to dealing with your leased vehicle. You can either return the vehicle to the dealership and settle any remaining fees, or negotiate a car lease buyout option. Learn more about the different options for your vehicle with us at Ray Brandt Kia near Harvey, or visit our finance center to speak with an expert on the differences in more detail. Apply for financing with us at Ray Brandt Kia today.

How Does a Lease Buyout Work?

What is the process of a lease buyout? Here are some of the beginning steps to take and consider:

• Speak to your leasing institution. When your lease is about to end, reach out to the leasing company to talk about some options. Then they can work out with you some car lease buyout options, including whether there are any fees associated with facilitating a buyout.
• If you’ll be financing the buyout, apply for pre-approval. Some Marrero buyers can apply for financing ahead of time to see if they qualify. Once they secure financing, you can explore your further options.
• Negotiate and finalize the buyout. You can then negotiate your vehicle and negotiate a lower price. Once you settle on a good price, all you would need to do is finalize the buyout.

Lease-End Buyout vs. Early Lease Buyout

What are the different options for leasing companies? You can choose a Lease-End Buyout, which is a way to pay for your vehicle by the end of the lease period. This is a good option if:

• You’re happy with the vehicle
• There have been little to no repairs since you’ve had the car
• There’s no other vehicle, at a similar price point, that you’d like better
• You can get a good interest rate to finance the buyout price

With an early lease buyout, you can purchase the vehicle before the lease contract ends. Near the end of your lease, the price is determined by:

• The lease-end residual value on your original contract
• The amount you still owe on the lease
• If the vehicle has depreciated quicker and is below market value, you might have to pay the difference

Buying Out Your Lease at Ray Brandt Kia

If you have further questions about auto loans, credit scores, car loans, lease agreements, lease payments, and more, you can check out our car buying tips for more information and for more means to inform yourself. We hope to help if you visit us at Ray Brandt Kia near New Orleans.