What is a Lease Buyout?

Car Finance paperwork with signature

Have you been wondering, “how does a lease buyout work?” Carrollton drivers who have fallen in love with their lease may consider undertaking one when their term is up. When you visit a Villa Rica finance center for a lease and decide you want to keep your vehicle, then a lease buyout is exactly what you’re looking for. Take some time to learn more about the two types of lease buyouts with our team at Scott Evans Nissan to see which is right for you.

What is a Lease Buyout?: Lease-End Buyouts

So, how does a lease buyout work? When they’re at the end of a lease, the process is simple! Lease-end buyouts are common and most Douglasville dealerships have already agreed upon a buyout price when you initially sign your lease. Here are factors to consider:

  • Vehicle History and Condition: This is easy to know for a lease-end buyout because you’ve probably had the vehicle for some time.
  • Compare Vehicles: Even at the end of a lease, it’s always a good idea to check out other vehicles at a similar price point.
  • Interest Rates: You’ll probably opt for financing the vehicle on a car lease buyout, so make sure you’re happy with the interest rate.

What is a Lease Buyout?: Early Lease Buyouts

Have you fallen in love with your vehicle before your lease is up? Aan early lease buyout might be right for you! So, how does a lease buyout work if your lease term hasn’t ended yet? This feature isn’t on every car lease, but here are the factors for Newnan drivers to consider:

  • Price of an Early Lease Buyout: The price of an early lease buyout is determined by the residual value on the lease, the amount still owed on the lease, and the market depreciation of the vehicle.
  • Mileage Limits: Some people consider early lease buyouts to get out of penalties for breaking mileage limits on their lease.
  • Repairs and Maintenance: Another occasion for early lease buyouts is some damage to the interior or exterior of the vehicle or failure to keep up with maintenance.

Learn about Car Financing with Scott Evans Nissan

At Scott Evans Nissan, we’re ready to help Newnan drivers learn everything they need to know about lease buyout definitions, whether or not you can trade in a financed car, and other car financing methods. If you still have questions about car lease buyouts, don’t hesitate to contact us today!

Scott Evans Nissan 33.5880212, -85.0529572.