If you’re currently leasing a vehicle, you don’t have to wait until your lease is over if you want to buy the vehicle. With a lease buyout, you can buy the lease on your current vehicle before the lease term expires. How does the lease buyout work, and what are your options?
The finance center experts at INFINITI of Orland Park go over the ins and outs of a lease buyout and what your options are below.
For all of your leasing and buying needs near Chicago, rely on the experts at our dealership!
How Does A Lease Buyout Work?
There are two lease buyout options Naperville drivers can choose from: a lease-end buyout and an early lease buyout. A lease-end buyout is when someone buys their vehicle at the end of the lease. With an early lease buyout, they can purchase the vehicle before the lease term ends. There’s no right or wrong option, and it all depends on each driver’s individual circumstances.
Here are some things to know about both options:
Lease-End Buyout
This option usually requires you to pay what the vehicle is expected to be worth by the end of the lease period. This price point is agreed upon before you sign the lease agreement.
A Good Choice If:
- You like the vehicle
- There have been few to no repairs since you’ve had the car
- There’s no other vehicle, at a similar price point, that you’d like better
- You can secure a solid interest rate to finance the buyout price
Early Lease Buyout
Not all lease contracts allow this, but this allows you to purchase your vehicle before the end of the lease contract. You’ll want to check your contract to see if this option is allowed. Here’s what determines the price toward the end of the lease:
What Determines Its Price:
- The estimated lease-end residual value on your original contract
- The amount you still owe on the lease
- The difference between the vehicle’s depreciation and its market value (if the vehicle is below market value)
What Are Lease Buyout Loans?
There are loan options specifically for lease buyouts. Just like a regular loan, you’ll have to fill out an application to get approved. You can get a loan from a bank or from a dealership near Hoffman Estates, like ours. Our finance center will help you decide if a lease buyout loan is the right choice for you, and we’ll help you start the application process.
For more car-buying tips and other helpful information, reach out to INFINITI of Orland Park.
Learn More About Lease Buyouts In Orland Park!
How does a lease buyout work at INFINITI of Orland Park? Our experts are ready to answer any questions you have and go over all of your lease options. Don’t forget to ask us about our new vehicle specials when you visit us!
