One of the biggest advantages of a lease buyout is that you know the owner’s servicing habits, because you are the owner! A lease buyout can be done at any time during the lease term, but normally becomes more feasible the closer you get to the end of the lease term. Here are a few things to consider with a lease buyout.
1. Before getting started, obtain lease buyout instructions from the lessor
2. Email or call a lender that provides lease buyout loans to have a free value analysis done on your vehicle.
A loan specialist will check the market value on your vehicle and provide the best options and rates for you to pick from.
Be sure to have your vehicle identification number (VIN), which can be found inside the driver’s door. You’ll also want to have the vehicle’s current mileage. This is HUGE! Mileage will help or hurt your buyout situation.
3. Lastly, ask yourself these questions…
• Do I like the car, and did I take great care of it?
• How has the car been from a wear and tear standpoint?
• Is the mileage in line with term of lease? Many leases are 12,000 mile/year leases for 3 years.
• Do I want to own or lease again?
Your answers to these questions may make a lease buyout more or less appealing.
Either way, a loan professional will help you through the decision-making process.
If you have questions regarding an auto lease buyout, please call us at (414) 546-7450 or contact us using the form on our auto loans page.