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What Is a Lease Buyout?

Redondo Beach drivers wondering “what is a car lease buyout?” or “how does a lease buyout work?”, you’re in the right place. A simple car lease buyout definition is buying the car you’ve been leasing once your contract is up. Many drivers who lease aren’t even aware that this is an option. Read on to learn more about what your options are. Then get in touch to discuss your options at South Bay Mazda in Torrance.

 

 

Lease-End Buyout

What is a lease buyout? There’s no simple lease buyout definition. That’s because Manhattan Beach drivers will have multiple paths to take if they choose to buy their leased vehicle. The most common is a lease-end buyout. Taking this path, you’ll get a loan for the remaining value once your lease contract is up. Here are a few indicators that this strategy is right for you:

  • You love your car and can’t bear to part with it.
  • You haven’t had many or any repairs on it over the course of your lease.
  • You don’t have better options.
  • You think you’re going to get a good interest rate when negotiating the loan.

Early Lease Buyout

You can also opt to buy your vehicle before your lease ends. That said, this path is slightly more complicated. Not all lease contracts allow this. It also may be stipulated that you’ll be fined if you break your lease. Here are a few things to consider before you initiate an early lease buyout.

  • The estimated lease-end residual value stated on your contract
  • The remaining balance on your lease
  • The current value of your vehicle nationally—if it’s depreciated rapidly, but the lease-end estimate on your contract doesn’t account for that, you’ll have to pay the difference.

Learn More at South Bay Mazda

Hawthorne drivers have a car lease buyout definition—a pretty comprehensive answer to the question, “what is a lease buyout.” You also have an answer to the question, “how does a lease buyout work?”. That said, every driver has a unique situation. If you’d like to discuss your specific automotive options, give us a call or text us. We’ll make sure you know everything you need in order to pursue a car lease buyout. While you’re here, don’t forget to check out our guide on leasing vs. buying and our new lease specials, including our Mazda CX-5 lease dealsReady to learn more? Discover the benefits of Gap insurance with our team!

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South Bay Mazda 33.8425647, -118.3532506.