What is a Lease Buyout?

There are many lease-end options to consider, and while many Costa Mesa drivers hand over the keys at the end of the contract, others can’t help but fall in love with their leases after so many Huntington Beach travels. If you’re not ready to part ways with your lease in Irvine, you might be the perfect candidate for a lease buyout. What is a lease buyout? According to the lease buyout definition, it is the process of buying your car before the lease contract ends. But, there are two different car lease buyout options to choose from. Learn more about how does a lease buyout work with Jaguar Newport Beach.

Lease Buyout Definition: Lease-End Buyout

So, how does a lease buyout work? A lease-end buyout is the most common type. In your lease agreement, there will typically be an estimation of your vehicle’s worth at the end of your contract – the buyout price. So when you choose a lease-end buyout, you simply agree to pay that amount. This is a good choice if:

  • You want to keep the car you currently lease.
  • You haven’t done many repairs.
  • You can secure a good interest rate.

Many Irvine-area drivers like this option because they are already familiar with their vehicle, so they avoid the intensive research of buying a used vehicle or paying higher fees for a new model.

Lease Buyout Definition: Early Lease Buyout

What if you want to get a head start on buying your vehicle? An early lease buyout allows you to do just that – though not all lease contracts offer this option. Generally speaking, most drivers stick with the lease-end buyout. Those who choose the early lease option are worried about mileage penalties, damages, or neglecting maintenance. How is the car lease buyout price calculated?

  • Lease-end residual value on your original contract
  • Amount still owed on your current lease
  • Level of depreciation

Get Expert Financing from Jaguar Newport Beach!

You know what is a lease buyout is and how does a lease buyout work, but is this the right choice for your financial future? The experts at Jaguar Newport Beach can help you determine which car lease buyout is best for your needs and budget, so don’t hesitate to reach out. Contact us online at any time or stop by Newport Beach for an in-person consultation.

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