What is a Lease Buyout?

Many Chamblee drivers enjoy the benefits of leasing. At the end of your lease, you have several options. While most drivers around Chamblee and Brookhaven simply hand back the keys to the dealership, others can’t bear to part with their lease – and that’s what a car lease buyout is for. What is a lease buyout? The basic lease buyout definition refers to when a dealership allows you to buy your car for its remaining value. To put it simply, you switch from a lease to a loan. So, how does a lease buyout work? Ed Voyles Acura is here to walk you through the simple steps.

How Does a Lease Buyout Work? 

We’ve been through the lease buyout definition, but how does a lease buyout work? The car lease buyout process is easier than you might think, and it just takes a few extra steps to secure the car that you already love. Here’s a brief guide:

• Speak to your leasing institution. As you near the end of your lease contract, it’s a good time to get in touch with your lender. Ask about the car lease buyout process and find out whether or not there are any extra fees involved.
• If you’ll be financing the buyout, apply for pre-approval. While some drivers choose to pay in cash, most finance instead. Apply for pre-approval to get the ball rolling, and ask your dealership if it is running any specials. This gives you lots of options to consider.
• Negotiate and finalize the buyout. When switching from a lease to a loan, there can be some wiggle room in price. Be sure to research market values and negotiate if you think you can get a better deal. Then once you’ve settled on a price, finalize the buyout and enjoy your car! 

Car Lease Buyout Options

There are actually two car lease buyout options available for Dunwoody drivers. The most common option is the lease-end buyout, but you can also opt for an early lease buyout in some cases. What are the differences?

• A lease-end buyout occurs at the end of your original lease contract. This means you can move seamlessly from the end of your lease to the start of your financing plan. If your car is in good shape and you can secure a good interest rate, this is a great option.
• An early lease buyout is less common. This means you switch from a lease to a loan in the beginning or middle of your lease contract. Usually, drivers consider this option if they are at risk of racking up damage fees or mileage fees, or if they haven’t been keeping up with the mandatory maintenance.

Learn More About Car Lease Buyouts at Ed Voyles Acura

So, you know the answer to the question, “How does a lease buyout work?” If you’re considering your next moves, feel free to contact us at Ed Voyles Acura in Chamblee with any other questions. We’d be happy to give you more information! You can also stop by our dealership to speak with our finance experts or visit our lease return center.