If you’ve leased a new Toyota model from Marietta Toyota or another dealership in Kennesaw, you have a few options when your lease term comes to an end: you can return the vehicle to the dealership or you can negotiate a car lease buyout. If you’ve come to love your leased vehicle, a lease buyout will allow you to purchase the vehicle at or before the end of your lease contract for the price of its remaining value. Learn more about what the lease buyout definition is with Marietta Toyota below, or contact our team to discuss your end of lease options.
There are two types of lease buyout options when you visit a Atlanta dealership. The first option occurs at the end of the lease and is the most common. The lease-end buyout option requires you to pay what the vehicle is expected to be worth by the end of the lease period. Typically, this price is agreed upon before you sign the lease agreement. A lease-end buyout is a good idea if:
A perk of opting for a lease-end buyout is that you know the history and condition of the vehicle already, which isn’t the case when you purchase a different used vehicle.
When you choose an early lease buyout, you can purchase your vehicle before the end of the lease contract. Not every lease contract will allow this, so make sure to check your lease agreement before you contact your lender. You also want to make sure that the vehicle is worth the long term investment to buy instead of lease. It’s also important to keep the history of the vehicle in mind. Near the end of your lease, the price will be determined by:
Smyrna drivers usually consider an early lease buyout when they’re concerned about lease penalties from going over mileage, not adhering to scheduled services, or damages to the vehicle.
If you’re planning to buyout your lease, then you may be wondering how a lease buyout works. Follow the steps below to start the lease buyout process and secure your vehicle for your Marietta commute:
Now that you’re more familiar with the lease buyout process, you can find the right option for your budget and secure your car for future endeavors. If you have any questions about your lease or you want to discuss a lease buyout with our finance team, contact us today! You can also read our car buying tips for more information on the car financing and leasing process.
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