 Leasing is a great way to experience a quality vehicle without the long-term commitment of a loan, but what if you don't want to let your lease go? If you'd like to change your lease to a loan, you can consider a lease buyout. What is a lease buyout, and how does a lease buyout work? When you opt for a lease buyout, the dealership allows you to buy your vehicle at the price of its remaining value. Once you pay this amount, the car is yours to keep. Let's go into the basics of the buyout process, and feel free to contact the team at Subaru North Orlando with any questions.
How Does a Lease Buyout Work?Â
Now you know "What is a lease buyout?", but how does a lease buyout work? You've already completed one set of paperwork to get your lease approved, so the lease buyout process is easier than you might think. Here are the steps that you'll need to take in the Sanford or Orlando area:
- Talk with your Lender: Reach out to your leasing institution to ask about the lease buyout process. The steps might vary slightly from lender to lender, so be sure to ask how everything works - and check if there are any extra fees from making the switch.
- Apply for Pre-Approval: You can either pay in cash or apply for financing to cover the remaining balance. Apply for pre-approval to get a better sense of your options, and ask the dealership about any incentives & offers to get the best deal possible.
- Negotiate and Finalize: Not only can you negotiate loan terms, but lease buyout terms as well. Do your research and negotiate if you think you can get a better price for your vehicle. Once you've agreed, finalize the payment and drive away with a smile!
Lease-End Buyout vs. Early Lease Buyout
If you're considering a lease buyout, it's also important to think about timing. Most Lake Mary drivers opt for the easier lease-end buyout, but early lease buyouts are also an option. Here are the differences to keep in mind:Â
- Lease-End Buyout: When your original contract is about to end, you can move from a lease to a loan seamlessly with a lease-end buyout. This is the most straightforward option for most drivers, especially if your car is in good condition.
- Early Lease Buyout: An early lease buyout occurs when you switch from a lease to a loan in the beginning or middle of your contract. This process is a little more complicated and can involve additional fees. But if you're at risk of incurring damage fees, mileage fees, or maintenance fees anyway, it could be the cheaper option in the long run.
Discover Your Auto Financing Options with Subaru North Orlando
We've gone over the basics of the lease buyout process, but do you have any questions for us? The finance team at Subaru North Orlando is always happy to chat, so contact us to learn more about your options. We can help you determine the right path forward for your wants and needs, and we'll help you secure a great deal in Orlando!
