Can You Buyout Your Car Lease?

Yes, in most cases, buying out your lease is just one option you have when your lease term is up. As a lessee, you can typically either turn in your lease and walk away, lease again, or buy out your leased vehicle, if that's an option in your contract. But should you?

Buying Out Your Leased Car

can you buyout your car leaseIn most cases, if you can afford the buyout, or qualify to finance it, keeping your leased vehicle makes sense if you love the car. In most cases, there's no profit to be made from the buy-out of your lease. Except when the vehicle's actual cash value is more than predicted at the beginning of your term.

See, everything about a lease is predetermined, from the amount you pay each month to the vehicle's residual value, even the mileage you can drive. In theory, when the lease term is up the actual cash value of the car plus what you already paid should equal the buyout price.

If your lessor predicted your vehicle would be less than it's actually worth at the time of turn-in, it's a good opportunity to purchase. If you buy out your lease when the car is worth more than predicted, you're in a good position to sell the car for profit after you buy it.

Need a Car After a Lease?

Right now, many automakers are limiting the buyout option on their leased cars due to shortages in manufacturing. If buying out your lease isn't an option for you, but you need another vehicle, we want to help. Here at The Car Connection, we've gathered a coast-to-coast network of special finance dealerships that work with lends that can help borrowers in many kinds of credit situations.

Let us connect you to a local dealership by simply filling out our fast, free, no-obligation auto loan request form.


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