Can You Negotiate a Lease Buyout?
At the end of your car lease term you will most likely have a lease buyout option, which means that you’ll be able to purchase the vehicle at a reduced price. Can you negotiate a lease buyout? Yes, you can, but you should first make sure that it is the right fit with 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 New London area to help you make an informed decision.
Types of Lease Buyouts
Before looking at how to negotiate a lease buyout, you should consider the different types of lease buyout options available in the Middletown area:
- End-of-lease negotiations: Typically your car lease contract will include an estimate on what the value of the vehicle will be at the end of the lease term. When your lease ends, you’ll have the option to finance the remaining value of the vehicle with the intent of ownership. This is the most common type of lease buyout.
- Early lease buyout: If you decide that your leased car is the perfect fit with your needs and you’d like to own it, an early lease buyout could be the perfect option. However, you should be aware that you may have to pay a penalty to break your lease before you can begin 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
There are some things you should do in advance to make sure that your end-of-lease negotiation goes as smoothly as possible. Check out the following tips on how to negotiate a lease buyout:
- Do your research: Research is a key part of learning how to negotiate a lease buyout. The first thing you should do is to take a look at your lease contract to find out if you can negotiate a lease buyout. Not all car leases include this option. If you do have a buyout option, compare the lease buyout price with the current market value of your vehicle. If the market value is significantly lower than the buyout price listed in your contract, it probably isn’t worth it, unless you can negotiate a better deal.
- Contact your lender: Compare lease buyout offers from other lenders in the Branford area. If you can find a lower offer you can use it as leverage to get a better price and interest rate during your end-of-lease negotiation.
- Make an offer: Based upon 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 answer to “can you negotiate a lease buyout”, our finance specialists are standing by to help you choose the lease buyout option that is right for you. We can also offer sound advice on everything from how to defer a car payment to how to trade in a car. Our goal is to make the car shopping experience as easy and hassle-free as possible. Please feel free to contact us if you have any questions.