What is a Lease Buyout?

If you’re like a lot of Mansfield drivers, you may have discovered that you really like the car you’re leasing and would like to keep it beyond the end of the lease, or maybe would just like to continue to use it without the mileage restrictions. That’s when you should consider a lease buyout. What is a lease buyout? How does a lease buyout work? A lease buyout is when you buy the car that you are currently leasing, but that is a very simple lease buyout definition. Spitzer Kia Mansfield wants your Kia lease buyout negotiation to go smoothly, so let’s talk about it in more detail.

Two Types of Lease Buyouts

What is a lease buyout called when you want to buy your car before the lease is up? There are two types of buyouts: the lease-end buyout and early lease buyout. Here is a lease buyout definition for each:

• Lease-end buyout. This happens at the end of your lease. The terms of this auto lease buyout are usually spelled out in your lease agreement. But in some cases, you can still negotiate the price.
• Early lease buyout. You can negotiate a Kia lease buyout before the end of your lease, in many cases. How does a lease buyout work in this case? You will need to do your research in order to get favorable terms. But this option can save money for many Lexington drivers.

How Does a Lease Buyout Work Exactly?

What is a lease buyout good for? If you do your homework, you could potentially save money. Follow these steps:

• Do some research to show that you could purchase your vehicle at a dealership for less than the lease agreement’s purchase price.
• Call the financing institution that holds your lease and make an offer for less than what you owe. Most lenders would rather sell the car to you at a lower price than risk you walking away from the lease.
• Make arrangements to purchase the car at your negotiated price.

Get Out of Your Lease in 5 Minutes or Less

We want your lease return. It doesn’t matter if it’s a Kia lease return or some other make of car leased from an entirely different dealership. Through our lease return program, we will be happy to take the car off your hands in less than 5 minutes and put you behind the wheel of a new Kia. We’ll even take your lease return if you don’t want a new car. We’re just a short drive away from Shelby and Ashland, so come by or contact us today!