Most lease agreements stipulate that the customer may buy and keep the leased car at the expiration of the lease term.
- The leasing company offers you a really great deal to buy the car and you won’t find a similar offer.
- You simply love your car and want to keep it.
- You don’t have time or don’t want to hassle and start the whole car buying/leasing process again.
If you’re considering buying your leased car, you’ll want to check the car’s residual value on your lease contract first. The residual value is how much value the car dealership estimated the car would be worth at the end of the lease payments. After you have the actual figure of how much would it cost you to buyout your car, you should request for a lease quote and find out true current pricing information on lease to own cars. A price quote will give you a real idea if you’re getting a good deal or not – if the quotes you receive are of higher value than the residual value of your leased car, then you have a good deal waiting for you. If not, you should consider car leasing again. Still, remember that everything is negotiable, even the fixed price on your leased car..
If you return your car at the end of the lease, the leasing company has to put it back on the market as a used car; chances are they won’t be able to sell it quickly. The other option they have is to send it to auction and accept the wholesale price, or bid price. Both choices aren’t good ones for them, as they’ll end up getting far less than the residual value of the car. That’s what you should keep in mind when trying to negotiate down the residual value of the car; the leasing company needs you to buy it.
Financing your leased car
Financing your previously owned leased car is the same as if you were financing a used car, because the car you’re financing was used by you. Any financial institution will easily give you a loan for a used car (holding the title until you’ve finished paying for the car) and then you need to write a check for the leasing company for the residual value of the car, and that’s it.
A lease buyout is usually a good deal, you have everything on your side to get a really low price on your leased car, and you just need the right tools to get the most out of the negotiation. Request a free lease quote now and ensure you have all the information you need regarding a fair buy-out price, as well as any other related charges – before you commit.
