What is a Lease Buyout?

Car dealer giving car key to buyer
 

If you’re nearing the end of your lease, you have plenty of end-of-lease options at Springfield Acura. The most common choice is to return your vehicle back to the dealership, but you can also negotiate your Acura lease buyout at the end of the contract. So, what is a lease buyout? A lease buyout involves purchasing your car for the price of its remaining value. Dive into the different types of Acura lease buyout, and let the team at Springfield Acura help you find your best option.

Lease End Buyout

A typical lease end buyout involves paying what the vehicle is worth at the end of your lease period. This is generally included in the contract, so there are no surprises. This can be a great option for Union County drivers under the following circumstances:

  • You know and love your vehicle.
  • You have had little to no repairs.
  • You can’t find another vehicle that you’d prefer at the same price.
  • You know you’ll get a good interest rate at the buyout price.

Early Lease Buyout

A lesser known option, you can also agree to an early lease buyout if your contract allows it. This can be a more complicated option for Bridgewater drivers, because your price is determined by:

  • The lease end residual value on your original contract
  • The amount you still owe on the lease

If your vehicle has depreciated faster than expected and is currently below market value, you’ll also need to pay the difference between values. While more involved than a typical Acura lease buyout, this is a common solution for those who are worried about lease penalties – exceeding mile limits, neglecting maintenance, damaging the interior or exterior.

How Do I Start a Lease Buyout?

  • Talkto Your Leasing Institution: Once you are near the end of your lease, it’s a great time to reach out to your institution to clarify your options. Ask if there are any extra fees and let them know you are interested in an Acura lease buyout.
  • Apply for Pre-Approval: You can choose to pay your lease buyout in full or finance it. If you want to finance, we recommend applying for pre-approval to get the process started.
  • Negotiate and Finalize: If you think you can get a lower price, consider negotiating your buyout down to get a better deal. Once you’ve arrived at an agreement, just finalize the buyout and enjoy driving through Staten Island in your own car!

Find Out More About Leasing with Springfield Acura

Now you know what is a lease buyout, but how is it right for you? Find out with a chat with our experts at Springfield Acura. Contact us with any questions or visit our dealership in Springfield Township.

 

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