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How to Buy a Car Off a Lease

How to Buy a Car Off a Lease

How to Buy a Car Off a Lease. If your lease is almost up, but you’d like
to keep your vehicle, learn how to negotiate with your bank to purchase your car off a
lease. You will need Lease paperwork Kelley Blue
Book value Financing rates and persistance. Step 1. Check the lease papers to see whether a buyout
amount is listed. Find the car’s residual value, plus a purchase-option
fee. Typically, the purchase-option fee is $300
to $600. You can also buy your car before the lease
ends. This is called an early buyout and is typically
more complicated than a lease-end buyout because of pricing factors. Check with your bank or lease holder for more
information. Step 2. Look at the Kelley Blue Book to determine
your car’s fair market value. Compare the market value to the residual value
to see if you’d be getting a good deal. Check with your leasing company to make sure
your buyout will not be considered an early termination of the lease. Step 3. Discuss pricing and buyout options with your
dealer or leasing company. Ask about other incentives, such as eliminating
the purchase-option fee or a discount lease buyout financing. Step 4. Shop around for the best financing rates on
a lease-buyout loan. Your current leasing company may not offer
the best rate, so it pays to look elsewhere. Step 5. Be persistent with the leasing company. After all, if you simply returned the car,
they could only expect to get a wholesale price at a dealer auction. Explain to them that it’s a win-win situation. Did you know In 1908, a Ford Model T cost
$850. Four years later the price dropped to $550.

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