What is a Lease Buyout?

2021 Alfa Romeo Stelvio Front Wheel

When your car lease is about to end, you have two options: return the vehicle to our Miami dealership and settle any remaining fees or negotiate a car lease buyout. How does a lease buyout work? The lease buyout definition is when a dealer lets you purchase the Alfa Romeo vehicle at or before the lease contract ends for the price of its remaining value. Learn all about a car lease buyout from the financial experts at Planet Alfa Romeo. We strive to make the car leasing process stress- and hassle-free.

Car Lease-End Buyout

The lease-end buyout is the most common, and it 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 signing your lease agreement. This is an excellent option if:

  • You’re happy with the vehicle
  • There have been few to no repairs needed since you’ve had the car
  • There’s no other vehicle, at a similar price point, that you’d like better
  • You can get a good interest rate to finance the buyout price

Early Lease Buyout

Love your leased white Alfa Romeo Stelvio enough to keep it? This car lease buyout option allows you to purchase your vehicle before the lease contract ends. Keep in mind that not all lease contracts will allow this, so check beforehand to see if this could be an option for you. Before considering an early lease buyout, you want to make sure it’s worth the long-term investment of buying instead of leasing. Near the end of the lease, the price is determined by these factors:

  • The lease-end residual value on your original contract
  • The amount you still owe on the lease
  • If the vehicle has depreciated quicker and is below market value, you might have to pay the difference.

This option is ideal for drivers who are worried about going over the mileage, any damages to the interior or exterior, or not maintaining scheduled services, which results in penalties.

How Does a Car Lease Buyout Work?

If you want to own your vehicle and think a car lease buyout is an excellent option for you, you may then wonder how the car lease buyout process is going to work. Follow these steps below:

  • Speak to your leasing institution. When you’re getting close to the end of the lease, contact our finance department to see your options. We’ll let you know more about the process and any fees associated with the buyout.
  • Need to finance the buyout? Get pre-approved right from home. Some Doral drivers will pay for their buyout in full, but others need to get a loan. If you are going to finance your lease buyout, be sure to apply for pre-approval to see if you qualify. Most will get financing through the same dealership with whom they’re leasing.
  • Negotiate your terms and finalize the buyout. There could be room to negotiate your car lease buyout to a lower price. Once everything is settled, it’s time to finalize the buyout.

Get More Car Leasing Tips From Planet Alfa Romeo

Now that you know what a lease buyout is and how it works, feel free to contact us with any questions. We’ll help you make the decision that’s best for you financially!

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