If you’ve fallen in love with your leased vehicle in Brockton, you may be wondering how to buyout a lease. A lease buyout can often be done at the end of your lease contract, which typically lasts about 36 months. Find out more about the lease buyout process, including how to negotiate a car lease buyout to your advantage, with the team at Silko Honda.
Some leases will actually provide the “lease buyout” or “lease payoff” amount on your monthly bill. This figure will include the vehicle’s residual value, the total amount of remaining lease payments, and potentially a fee set forth by your lessor.
Now that you know the residual value, you’ll want to compare it to the vehicle’s actual value. You can determine your vehicle’s actual value by using a tool like Edmunds True Market Value. This will calculate your vehicle’s value based on the current market and how many miles you’ve accumulated. If you’ve accumulated less than the average 12,000 miles per year around the roads of Taunton, then your vehicle’s value may be higher than you think.
If your vehicle’s actual value is higher than the residual value, then a lease buyout is a good deal. However, if your actual value is lower than the residual value, then you’ll want to know how to negotiate a car lease buyout in order to get a better price.
Typically, a lessor will contact you as you’re approaching the end of your lease contract to discuss your lease end options— including a potential lease buyout. With this in mind, you’ll want to avoid reaching out too to discuss an early lease buyout, as this puts them in the position of power.
If you’re unable to pay for a lease buyout outright, you’ll need to secure financing. You can get pre-approved for financing with our easy and secure online application. This will put you in touch with our lender network so that you’re able to shop around and find a competitive term and rate.
When your lessor does reach out to you about lease end options, be prepared to negotiate. Having estimates for your vehicle’s actual value can go a long way to negotiating price, but also be prepared to discuss any fees your lessor may be charging.
Do you want to know more about how to negotiate a car lease buyout near Fall River? If so, the Silko Honda finance center representatives can help! Review more about our car buying and leasing tips, and then contact us with additional questions!
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