What Is a Lease Buyout?

When your car lease is about to expire, you have two options. You can return the vehicle to the dealership in Lawrence, KS and settle any remaining fees, or you can negotiate a car lease buyout. What is a lease buyout? The basic lease buyout definition is when a dealership allows you to purchase a vehicle at or before the end of a lease contract for the price of its remaining value. There are two different types of car lease buyout options to choose from, and it’s important to know your options. Take a look at the different types to see which works best for you, and what a lease buyout is truly, and then make your way to Maserati of Kansas City in Merriam.

Lease-End Buyout

This option is the most common among Wichita, KS drivers. The lease-end buyout requires you to pay what the vehicle is expected to be worth by the end of the lease period. Normally, this price point is agreed upon before you sign the lease agreement. This choice is a good deal if:

• You’re happy with the vehicle
• There have been little to no repairs since you’ve had the car
• There’s no other vehicle, at a similar price point, that you’d like better
• You can get a good interest rate to finance the buyout price

Another perk is knowing the condition and history of the vehicle you’ve been leasing, unlike when purchasing a different used Maserati.

How Does a Lease Buyout Work? 

If your goal is to own your vehicle, and you think a car lease buyout is a good option for your budget and finances, how does a lease buyout work? Here are the beginning steps you can take:

• Speak to your leasing institution. When you’re nearing the end of your lease, reach out to the institution you’re leasing with to inquire about your options. They can tell you more about how a car lease buyout works with them, including whether there are any fees associated with facilitating a buyout. 

• If you’ll be financing the buyout, apply for pre-approval. Some St. Louis, MO drivers choose to pay for their car lease buyout in full if they’ve been saving for it, but there are also car lease buyout loans available. If you plan to finance your lease buyout, now is a good time to apply for pre-approval with a few lenders to see how you qualify. Often, you can secure financing through the same dealership you had your lease with, but you can explore your options, too.

• Negotiate and finalize the buyout. There may be room to negotiate your car lease buyout down to a lower price. Once you’ve settled on a price you feel comfortable with and secured your financing, all that’s left to do is finalize the buyout! 

Learn More at Maserati of Kansas City

Now that you understand the definition of a lease buyout, you can choose the option that works best for your St. Louis, MO life. Between various buyout options, assess your car loan, the wear and tear, and the purchase price to see if this investment is worth it for you. If you have any questions, feel free to get in touch with our Maserati of Kansas City team for more car-buying advice!