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What Is a Lease Buyout?

Signing Finance Documents for Car

If your Toyota auto lease is coming to an end soon in Temple, you can either return the car to the dealership where you got it and pay any remaining fees or discuss a car lease buyout. What is a lease buyout? Don Ringler Toyota is happy to help and is your best source for auto financing questions. Learn more about car lease buyouts below, and don’t hesitate to contact us if we can be of service.


Types of Car Lease Buyouts

A car lease buyout is when the dealership agrees to let you purchase the vehicle you’re leasing at or before the end of the lease agreement for the price of its residual value. There are two different types of car lease buyouts, and it’s vital to know your options. Compare the different kinds of car lease buyouts below to see which is best for you and your commute around Belton.

Lease-End Buyout

A lease-end buyout is the most common type of car lease buyout for Killeen drivers. The lease-end buyout means that you pay the car’s anticipated value at the end of the lease term. How do you know that price? It’s usually already agreed upon and indicated in your lease agreement. This type of car lease buyout may be a good choice for you if:

  • You like your Toyota and want to keep it
  • There haven’t been many repairs since you’ve had the car
  • There’s no other car, at a similar price, that you’d rather own
  • You have decent credit and are able to qualify for a reasonable interest rate to finance your car lease buyout price

One of the perks that Waco drivers like about a car lease buyout is knowing the condition and history of the vehicle they’ve been leasing, unlike when buying a traditional used vehicle.

Early Lease Buyout

Your other option is an early lease buyout, which allows you to buy your Toyota before the end of the lease contract. Check your lease agreement, though, because not all leases permit this. Before opting for an early car lease buyout, make sure it’s worth the long-term financial investment to buy it rather than lease. The price you’ll pay for the vehicle is ascertained by:

  • The lease-end residual value agreed upon in your original lease
  • The remaining amount that you still owe on the lease
  • If for some reason, your car has depreciated faster and is below market value, you might have to pay the difference

When should you consider an early lease buyout? If you’re concerned about lease penalties for going over the allocated mileage stated in your lease, not keeping to the required scheduled maintenance for the car, or any damages to the vehicle.

How Does a Car Lease Buyout Work?

Don Ringler Toyota can help you with a car lease buyout. If you want to buy your car and you believe a car lease buyout might be a good choice for you, here are the steps:

 

Talk to the finance team at the dealership where you purchased the auto: As the end of your lease term nears, contact the dealership or bank carrying your lease to discuss your options. They will let you know whether there are any fees required with your buyout.

  • If you are financing the car lease buyout, apply for credit pre-approval: If you must finance your car lease buyout, you can apply for pre-approval with some different lenders. You may be able to get financing through the same dealership, but you should explore your other options as well.
  • Negotiate and settle your car lease buyout. You may be able to negotiate your car lease buyout to a lower price. Once you’ve negotiated the price you are comfortable with and finalize your financing, all that’s left to do is sign the agreement and drive it home!

Learn More About Auto Leasing at Don Ringler Toyota

Now that you no longer need to ask, “How does a lease buyout work?” let us know if we can be of assistance. Reach out to our experienced finance team if you have questions on interest rates and more. We’re always at your service, so please don’t hesitate to contact us!

 

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