Can You Negotiate a Lease Buyout?

One of the most common questions we get from New London buyers is “What happens when your car lease is up?” When you come to the end of your car lease term, you will probably have a lease buyout option. This means you’ll be able to purchase your vehicle at a reduced price.

Can you finance a lease buyout? Yes, you can, but you should first make sure it’s right for your budget. The experts in the finance center at Westbrook Honda are here to walk you through your end-of-lease negotiation options in the Branford area to help you make an informed decision. Whether you’re asking, “Can you buy your leased car?” or “How to buy your leased car early?” we’ll summarize everything below.

Types of Lease Buyouts

Before discussing what happens when your car lease is up, let’s look at the different lease buyout options in the Middletown area:

• End-of-Lease Negotiations: When someone asks how to buy your leased car early, it’s important to know what’s expected. Your car lease contract will include an estimate of your vehicle’s value at the end of the lease term. As your lease ends, you’ll have the option to finance the remaining vehicle’s value with the intent of owning it. Can you buy your leased car? Yes, you most certainly can!
• Early Lease Buyout: If you want to keep your leased car and are asking about how to buy your leased car early, choosing this lease buyout option can be perfect. However, remember you may have to pay a penalty to break your lease before you can start financing your vehicle.

The team in the Lease Return Center at Westbrook Honda will be happy to help you navigate the lease buyout process.

How to Negotiate a Car Lease Buyout

Now that you know what happens when your car lease is up, there are some things you should do in advance to make sure that your end-of-lease negotiation goes as smoothly as possible. Before asking, “Can you finance a lease buyout?” check out these tips on how to negotiate a lease buyout:

1. Do Your Research: Research is a key part of learning how to negotiate any lease buyouts. The first thing you should do is review your lease contract to find out if you can negotiate a lease buyout. Not all car leases will have this option. If you do have a buyout option, compare the lease buyout price with your vehicle’s current market value. If the market value is significantly lower than the buyout price listed in your contract, it probably isn’t worth it, unless you’ll be able to negotiate a better deal.
2. Contact Your Lender: Compare lease buyout offers from other lenders in the New London area. If you can find a lower offer you can use it as leverage for getting a better price and interest rate during your end-of-lease negotiation.
3. Make an Offer: Based on your research and whatever pre-approvals you’ve received, make an offer to your current lender.

Explore Your Lease and Finance Options with Westbrook Honda

Now that you have the answers to “Can you finance a lease buyout?” and “Can you buy your leased car?” our finance specialists are standing by to help you choose the right lease buyout option.

We can also offer advice on multiple topics, ranging from how to defer a car payment to how to trade in a car. Our goal is to make the car-buying experience as simple and hassle-free as possible. Our goal is to make the car-buying experience as simple and hassle-free as possible. Contact us if you have any questions!