What is a Lease Buyout?

Excited Couple Reviewing Trade in Offer with Salesman

If you’re reaching the end of your lease term, you might be curious about your options. You can easily return your car to the dealership, but you can also choose a lease-end buyout. So, what is a lease buyout, and how does a lease buyout work? An auto lease buyout means that the dealership allows you to purchase the vehicle at the end of your contract, so if you’re not ready to part ways with your vehicle, you can become the proud owner of it! Find out more about leasing options with Mauer Chevrolet and our finance department with any questions that you might have about the process. 

How Hard is an Auto Lease Buyout?

A lease end buyout is a relatively simple process, but many Woodbury drivers often find themselves asking what is a lease buyout. When you begin the leasing process, your contract will include the estimated value of the vehicle at the end of your lease term. This is the price you will need to pay. A basic lease end buyout is a great choice for Eagan drivers who fit into the following categories:

  • You enjoy your vehicle and want to keep it.
  • The car has had few or no repairs.
  • You can get a good interest rate while financing.

One of the main advantages to a lease-end buyout is that you know the car well. While you could always buy another new or used vehicle, a lease buyout eliminates any surprises. You know the history of your lease, and you already know that you like driving it during your everyday travels.

How Does an Early Lease Buyout Work?

If you know you want to go through a lease-end buyout, why wait? You can consider an early auto lease buyout and buy out your lease before your term is over. This option may or may not be available to you, so be sure to double-check your contract. Since most early lease buyouts require the driver to pay an early termination fee, most St. Paul drivers simply wait until the end of term to choose a buyout. However, you might choose an early auto lease buyout in the following cases:

  • You are concerned about mileage penalties.
  • You have not been completing scheduled maintenance.
  • You have caused damage to the interior or exterior of the vehicle. 

Find Out More with Mauer Chevrolet

Now that you know how does a lease buyout work, then you might wonder if you can trade in a car that is not paid off next. Find out with Mauer Chevrolet, by contacting us to speak to our finance department. We’ll help make sure you’re getting all of the information that you need, and then help you make the right decision. 

 

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