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What Is an INFINITI Lease Buyout?

Woman shaking mans hand over a car contract clipboard with car keys

If you’re leasing your current ride, you have two options once your lease term is up: you can either return the vehicle to the dealership and settle any remaining fees, or you can negotiate a car lease buyout.

What is a lease buyout? The simplest lease buyout definition is: when a dealership allows you to purchase a vehicle at or before the end of a lease contract by paying the remaining value. Because there are two different types of car lease buyout options to choose from, it’s important to understand what you have access to. Keep reading to learn more about the car lease buyout process with the finance team at INFINITI of Warwick. 

INFINITI Lease-End Buyout

A lease-end buyout is the most common option and it entails you paying what the vehicle is expected to be worth by the end of the lease period. Typically, this price is agreed upon prior to you signing the lease agreement. Providence drivers should opt for a lease-end buyout if: 

  • They’re happy with the vehicle.
  • The vehicle has had little to no repairs throughout the duration of its ownership.
  • There’s no other vehicle, at a similar price point, they would like better.
  • They can secure a good interest rate to finance the buyout price.

Another perk of a lease-buyout is that you’ll already be aware of the condition and the history of the vehicle–unlike with purchasing a different used car. 

INFINITI Early Lease Buyout

Coventry drivers who opt for an early lease buyout are purchasing the vehicle prior to the end of the lease contract. However, not all lease contracts permit early buyouts, so be sure to check beforehand if this is an option for you. Before you commit to an early lease buyout, it’s important to determine if it’s worth the long-term investment to buy vs. lease your vehicle. You’ll want to keep in mind the vehicle’s history. Near the end of the lease, the price is determined by: 

  • The lease-end residual value on your original contract.
  • The amount of money still owed on the lease.

Keep in mind that If the value of the automobile is below market value, you might have to pay the difference. More often than not, buyers consider the form of lease buyout when they’re concerned about lease penalties such as exceeding mileage limits, not keeping up with scheduled services, or damages to the vehicle. 

How Does a Lease Buyout Work? 

If you intend on owning your vehicle at the end of your lease term, how does a lease buyout work? Here are some steps that you can take to initiate the process: 

  • Reach out to your lending institution. When you’re nearing the end of your lease, contact the institution you’re leasing with to go over your options. They’ll inform you which car lease buyout options they allow, as well as if there are any fees associated with performing a buyout.
  • Apply for pre-approved financing. While some Cranston pay off their car lease buyouts in full, there may also be car lease buyout loans available. If you plan on financing your lease buyout, apply for pre-approval with a few lenders to see if you qualify. Oftentimes, you can get financing through the same dealership you leased your automobile with. 
  • Negotiate and finalize the buyout. You may have the opportunity to negotiate your car lease buyout down to a lower price. Once you’ve settled on a price that feels right to you, all you have left to do is finalize the buyout! 

Learn More About Car Lease Buyout Options in Warwick 

Now that you know the basics of how a lease buyout works, you can choose the option that best fits your finances and driving goals. If you have any additional questions, reach out to us today for assistance!

 

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