What Is A Lease Buyout?

Are you currently driving a leased vehicle around Darlington and the nearby areas? Would you like to purchase this vehicle and continue to enjoy the features that make it special? You do not have to wait until your lease expiration date, as it is possible to buy out your lease. So what is a lease buyout, exactly? How does a lease buyout work? Learn the answers to these questions with the finance team at Nissan of Florence. Our dealership in Florence is here to accommodate your leasing needs. 

How Does A Lease Buyout Work?

There are two lease buyout options Sumter 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 Dillon, 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 Nissan of Florence. 

Learn More About Lease Buyouts In Florence!

What is a lease buyout, and how does it work? Now that you know, are you ready to move forward with your lease buyout? Call (854) 204-3240 or contact us online to get started. We look forward to assisting you. Our team also invites you to learn about our lifetime warranty and browse the latest offers and incentives.