A common question we’re asked at The Autobarn Volkswagen of Countryside is, “What is a lease buyout?” The definition of a car lease buyout is when the dealership allows you to “buy out” the vehicle before the lease contract ends. There are two different types of buyout options, and it is important to know the distinctions between the two. Explore your options with our finance experts to find the best choice for you before making a final decision.
How Does a Lease Buyout Work?
So, how does a lease buyout work? A lease-end buyout is the most common option. With this method, you pay what the vehicle is expected to be worth by the end of the lease period. In most cases, before you sign the lease agreement, this amount is decided. Why should you consider a lease-end buyout?
- You’re happy with the vehicle that you have been driving for the past few months.
- Your vehicle has not needed many repairs while it has been in your possession.
- There’s no other similarly-priced vehicle that you would prefer.
- You are able to secure a good interest rate to finance the buyout price.
Because you are familiar with the vehicle you’ve been leasing, you do not have to worry about taking a gamble like you would if you were to purchase a car you’re unfamiliar with.
Can You Get an Early Lease Buyout?
With an early lease buyout, you have the ability to purchase your vehicle before the end of the lease contract. Keep in mind that this option is prohibited in some lease contracts. Before you select an early lease buyout, you also need to ensure that the long-term investment is worth the cost. As the lease comes to an end, the price is determined by:
- The lease-end residual value on your original contract
- The amount you still owe on the lease
- Note: If the vehicle has depreciated quicker and is below market value, it may be necessary for you to pay that difference.
In most cases, Naperville buyers opt for an early lease buyout if they know they will be charged penalties for going over mileage, not keeping up with required routine maintenance, or subjecting the vehicle to excess wear and tear.
Can I Terminate My Lease Early and Walk Away?
On the flip side, perhaps you don’t want to purchase your leased vehicle at all. If you’re looking for the fastest and easiest way to step out of a lease agreement, The Autobarn Volkswagen of Countryside specializes in the early termination of all vehicle leases from ANY manufacturer (excluding Ford)! Recent months have created a shortage of used cars, SUVs, and trucks, so your vehicle may be worth more than you think. We make the process very fast and easy, and we will handle all of the paperwork for you! In most cases, you can just hand over the keys and walk away with no further financial obligation.
Explore the Benefits of a Car Lease Buyout in Countryside
Are you considering a car lease buyout in Countryside? The Autobarn Volkswagen of Countryside can help! If you have any questions about the definition of a lease buyout or the different ways it can work, do not hesitate to ask! Contact The Autobarn Volkswagen of Countryside today for more information!