What is a Lease Buyout?

Something we often hear from drivers in Staunton is that they like their leased car so much that they wish they could keep it after the lease ends instead of getting a new car. Sometimes, they would simply like to drive it without worrying about going over mileage limitations. That’s where a car lease buyout comes in. What is a lease buyout? How does a lease buyout work? Campus Ford is here to explore all things related to a car lease buyout. Let’s start with a lease buyout definition.

Lease Buyout Definition – Two Types of a Buyout

A proper lease buyout definition includes an explanation of each type of buyout. For instance, what is a lease buyout called when you buy your car at the end of the lease, as opposed to buying it before the lease expires? Here are the two types car lease buyout:

• Lease-end buyout. This happens at the end of your lease. The terms of this auto lease buyout are usually spelled out in your lease agreement. But in some cases, you can still negotiate the price.
• Early lease buyout. You can negotiate a Ford lease buyout before the end of your lease, in many cases. How does a lease buyout work in this case? You will need to do your research in order to get favorable terms. But this option can save money for many Staunton drivers.

How Does a Lease Buyout Work?

What is a lease buyout price, normally? The name of the game when negotiating a good car lease buyout price is research. Follow these tips:

• Do some research to show that you could purchase your vehicle at a dealership for less than the lease agreement’s purchase price.
• Call the financing institution that holds your lease and make an offer for less than what you owe. Most lenders would rather sell the car to you at a lower price than risk you walking away from the lease.
• Make arrangements to purchase the car at your negotiated price.

Talk to Campus Ford of Waynesboro About Your Options

Are you looking to buy the car you’re leasing? Talk to our finance department about your options. In the meantime, check out our post on the requirements for an auto loan, as well as our other car buying tips. We’re just a short drive away from Harrisonburg, so come by or contact us today!