What Is a Lease Buyout?

What is a lease buyout? According to the lease buyout definition, it is when you choose to purchase a vehicle before or at the end of your lease term. If you are considering a car lease buyout, the finance team at Fisher Honda in Boulder can help you navigate the process and determine if a lease buyout is right for you. Learn more about your options below, and feel free to contact us if you have any questions.

How Does a Lease Buyout Work?

The first thing you’ll need to know is: How does a lease buyout work? There are two car lease buyout options available, and deciding which to choose will depend on your personal preference and budget. A lease-end buyout requires you to pay or finance what the vehicle is worth at the end of your lease term, while an early lease buyout allows you to buy your vehicle before your lease contract ends. Note that not all contracts permit an early lease buyout, so make sure to read the fine print before you sign the lease.

Benefits of a Lease-End Buyout

• Since you’ve had considerable time driving the vehicle, you are well aware of its condition and history.
• The vehicle suits your needs, and you aren’t interested in upgrading to a newer model.
• If you need to finance the buyout price, there are some attractive interest rates available at both banks and dealerships in the Louisville area.

Benefits of an Early Lease Buyout

• After considering the price calculated by lease-end residual value, the amount still owed on the lease, and the rate of depreciation, you’ve determined that an early lease buyout is the best option.
• A car lease buyout is a good way to avoid lease penalties due to exceeding your mileage limits.
• If the vehicle has been damaged or modified in some way, you can avoid additional penalties by opting for an early lease buyout.

Get Auto Finance Advice and Tips from Fisher Honda

Now that you have an idea of how a lease buyout works, you can make an informed decision about whether to choose a car lease buyout or continue your lease at Fisher Honda. Please don’t hesitate to contact us if you have any questions, and make sure to check out our current Honda lease offers to find some of the best deals available in the Broomfield and Longmont area.