When you lease a car at Salt Lake Valley Buick GMC, there are several reasons why you might decide you’d like to do a car lease buyout. Maybe you’d like more years with the Buick Encore you’ve leased, or perhaps you accidentally went over your mileage limit. Whatever the reason, the lease buyout definition is: to buy a vehicle you've been leasing. How does a lease buyout work? There are several ways. Now that you know what a lease buyout is, take a look at how a lease buyout works.
Car Lease-End Buyout
What is a lease buyout when you opt to buy at the end of the lease? It’s the most common way South Salt Lake leaser buy out their leases. In general, a price point is agreed upon when the lease deal is first made. When it’s time to return your lease you can pay this amount and keep the car. South Salt Lake drivers tend to do this if they’re happy with the vehicle, can’t find another vehicle in their price point that they like as much, and they can get a good auto loan interest rate on the buyout amount. Drivers benefit by knowing how the car performs and its condition.
Early Car Lease Buyout
This lease buyout definition is that a leaser decides to buy the leased car before the lease ends. This isn’t always allowed in the contact, so it’s important to double-check the original leasing agreement. It’s also important to make sure it’s financially worthwhile to do a car lease buyout at this early stage. Some of the factors to consider include:
- The lease-end residual value on your original contract
- The amount you still owe on the lease
- If the vehicle has depreciated quicker and is below market value, you might have to pay the difference
Drivers who might not meet the criteria of the original lease agreement might benefit from this type of car lease buyout if they’ve gone over their mileage limit or haven’t followed the maintenance outlined in the contract.
How Does a Lease Buyout Work? Find Out with Salt Lake Valley Buick GMC
Now that you know the basic lease buyout definition, contact Salt Lake Valley Buick GMC to find out if a car lease buyout is right for you. Our finance team is here to help you make the automotive finance decisions that are best for your budget. Learn more from their expertise with our car-buying tips.
