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What is a Lease Buyout?

Lease buyout paperwork

Have you been really loving the car you have been leasing? Well, there is a chance that it’s not goodbye just yet at the end of your lease period. While most Rogers drivers usually switch out their vehicle for a new one, you actually have another option where you can ask for a car lease buyout if the Monticello dealership allows you. What is a lease buyout exactly? It is when a driver buys the vehicle that they have been leasing for the price of its remaining value. Learn more about car lease buyout and explore your options today with Cornerstone Chevrolet!

How Does a Lease Buyout Work?

If you want to keep your car for good, you are probably wondering, “How does a lease buyout work?” There are some first steps that you should take:

  1. Talk to your leasing institution - You should always call the institution you are leasing from to see what actual options you have. They will be able to tell you if they allow car lease buyouts and if they do, how a car lease buyout works.
  2. Apply for pre-approval if you plan to finance the buyout - Just like purchasing a car traditionally, you can choose to either pay the car lease buyout entirely upfront or take out loans. You can also apply at several dealerships to compare the rates.
  3. Work out the buyout conditions - Be sure to negotiate your car lease buyout terms, so you can get the best price.

Car Lease Buyout Options

Now that you know the lease buyout definition and how a lease buyout works, there are two possible car lease buyout options that you should be familiar with. Let’s take a look at each in detail below.

Lease-End Buyout

The lease-end buyout is the most common option as many Buffalo drivers will know how much they enjoy the car by the end of the lease period. They will also know about the condition and history of the car firsthand, so they will know exactly what they are paying for compared to buying a different used car. Some factors to consider before choosing this option include:

  • Little to no repairs since you’ve had the car
  • No other vehicle at a similar price point that you’d like better
  • Low-interest rates available if you are financing the buyout price

Early Lease Buyout

If you are falling head over heels for the car before the end of the lease term, you might be able to choose the early lease buyout option. However, not all lease contracts allow this option, so you need to reach out to your institution to ask them. While Cornerstone Chevrolet is happy for you to have found the car for your St. Cloud commutes, you should make sure that it’s worth buying instead of leasing for you personally.

It’s also common that most drivers consider this early lease buyout when they know they had or are going to break the terms of their lease by going over mileage restrictions, not maintaining scheduled services, or damaging the vehicle.

Talk to Our Finance Experts at Cornerstone Chevrolet

After learning about what a lease buyout is, our finance experts at Cornerstone Chevrolet are more than happy to answer any questions you may have! Feel free to contact us or stop by our Monticello location and we can help you out.

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Main 763-210-3991 Sales 763-210-3991
1005 Hwy 25 South
Monticello, MN 55362
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Contact Us

Main 763-210-3991 Sales 763-210-3991
1005 Hwy 25 South
Monticello, MN 55362
Garage
Chat
Cornerstone Chevrolet 45.2954, -93.80195.