Understanding Lease Buyouts
If you choose to do a lease buyout, you’ll be buying your car for the remaining balance (whatever remains from the original lease), lease buyout fees, DMV and local taxes. We will get you the lowest interest rate available that you qualify for so you can drive away with ease. Lease Buyout Center’s experienced loan consultants are at your service to make the purchasing process as easy and fast as possible for you.
Reasons to Buyout Your Auto Lease
If you’ve gone over the mileage terms in your leasing agreement, you will have to pay the penalties for each exceeding mile. The per-mile penalty can run as high as $0.25 per mile (eg. 5000 miles over would be a $1,250 fee). You can avoid paying this by buying the car and putting the $1,250 into your car instead of paying it to the leasing company.
Normal wear and tear is covered in leasing agreements; however, anything that goes above what’s considered “normal” will start incurring fees. These fees can start in the hundreds and go into the thousands! After a thorough inspection requested by the leasing company, they may charge you for excess dings, dents, scratches, tires, chips, etc.
Whether your car is in great shape, it has excess mileage or you're just avoiding the hassle of car shopping, buying out your lease may be the smartest move! If you’ve kept your car thus far, chances are you’re really loving the car, right? You've already invested money towards the principle of the car, why walk away from it?