What is a Lease Buyout? | How Does a Lease Buyout Work? | John Eagle Acura

What is a Lease Buyout?

When you lease an Acura near Katy., you have a few options when the lease ends. One option is a lease buyout. What is the lease buyout definition? It means you can “buy out” the vehicle before the end of your lease contract. There are two options to choose from if you’re thinking about keeping your current leased Acura, so now our finance team answers: “How does a lease buyout work?”

2019 Acura TLX

Lease-End Buyout

This is the most common option. The lease-end buyout requires you to pay what the vehicle is expected to be worth by the end of the lease period. Typically, this price point is agreed upon before you sign the lease agreement. This choice is a good deal if:

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

Another perk of a car lease buyout is knowing the exact condition and history of the vehicle you’ve been leasing, because you’re the only one who has driven your car or SUV.

Early Lease Buyout

The second option allows you to purchase your vehicle before the end of the lease. Not all lease contracts allow this, so be sure to check beforehand to see if this might be an option for you. Before considering an early lease buyout, you’ll also want to be sure it’s worth the long term investment to buy instead of lease. With this, keep in mind the history of the vehicle. Near the end of the lease, the price is determined by:

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

Most times, buyers consider this buyout when concerned about lease penalties like going over mileage, not keeping up with routine maintenance, or damages to the interior or exterior of the vehicle.

2019 Acura RLX

Learn More About Leasing and Buying at John Eagle Acura

Now that you know your options for a lease buyout, take some time to consider which makes the most sense for you. Contact us with any questions or to learn more about lease buyouts, automotive financing, or how to calculate interest on a car loan.

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