Understanding Lease Buyouts
We understand if you’ve become attached to your car, most of us do! The good news is you don’t have to give the car back, an auto lease buyout allows you to own the car you love.
Lease Buyout Center’s experienced loan consultants are at your service to make the purchasing process as easy & fast as possible for you!
So how does it work?
If you choose to do a lease buyout, you’ll be buying your car for the remaining balance (whatever remains from the original lease) plus the lease buyout fee. We will get you the lowest interest rate that you qualify for, on the remaining balance, 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
There are a variety of reasons to buy out a lease instead of giving it back . Some of these include:
If you’ve gone over the mileage terms in your leasing agreement, you will have to pay the penalties for every mile you’ve gone over. For example: If your mileage limit is 12,000 miles per year over a 3 year lease you would need to be under 36,000 miles to not incur any fees. The per-mile penalty is outlined in your lease, however it can run as high as $0.25 per mile. Even if you were 5000 miles over that 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.
Wear and Tear
Normal wear and tear is covered in leasing agreements; however, anything above normal wear and tear 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.
You Want to Keep the Car
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! You've already invested money towards the principle of the car, why walk away from it?
Vehicle Protection Plans
Vehicle protection plans give you the protection and peace of mind that you deserve as you keep the car longer. Cars are getting harder to work on as they add more advanced technology. Protect your finances by having those components covered by a vehicle service contract good throughout the United States & Canada by any authorized repair facility.