Car Lease Buyout Addison IL
Car Lease Buyout
To buy out your lease simply means you purchase your vehicle from the lease company – either with cash or a loan.
Most lease contracts allow early buyouts, but some don't. Some restrict the time period during the lease in which you may exercise your purchase option. For example, buyouts may be prohibited in the first few months and/or the last few months. You should read your lease contract to determine if you have any such restrictions.
You might consider a buyout if you want to continue driving your car after your lease ends. Since you know the car's history and know its condition, it makes a great used car purchase without the uncertainties of buying a car from a dealer or stranger. You know the car, how it's been treated, and its condition.
If you've exceeded your mileage limits, or have excessive wear or damages, and want to avoid associated penalties, you may want to consider a buyout.
There are two kinds of car lease buyouts:
- Lease-end buyout (at normal end of lease)
- Early buyout (before lease ends)
Car Lease Lease-End Buyout
Buying your vehicle at the end of your lease is sometimes a good option, and sometimes not, depending on the details of your particular situation. This option should always be considered and compared to your other lease-end options to determine if it's your best move.
The end-of-lease buyout purchase price is typically the residual value stated in your lease contract. This price...