If you're currently leasing a car around Nashua, and it's about to expire, you have a couple of different options to choose from when returning it to the dealership. One is to just return the vehicle to the dealership and choose a new car, or you could do a car lease buyout. So, what is a lease buyout? A lease buyout is when you purchase a vehicle you're currently leasing either before or at the end of your lease. However, there are a couple of car lease buyout options available to you. How does a lease buyout work? Learn more with Audi Stratham today, and feel free to contact us with any questions!

Lease-End Buyout

A car lease buyout at the end of the lease is the most popular option for Manchester drivers. The price of the vehicle at the end of your lease would be in the contract when you initially agreed to the lease. Let's take a look at some factors to consider if you plan on purchasing your lease:

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

An additional advantage of a car lease buyout is that you know the condition and maintenance history of the vehicle, so there's no guesswork. 

Early Lease Buyout

An early lease buyout is when you purchase the vehicle before the end of your lease. It's important to review your lease agreement, as not all contracts allow this type of car lease buyout. It's also important to consider your financial situation, and whether this is a good investment. You'll also want to take into consideration the following factors:

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

In most cases, this type of car lease buyout is considered when drivers are concerned that they will exceed their allotted mileage or any type of damage to the vehicle.

How Does a Lease Buyout Work? 

So, how does a lease buyout work? A car lease buyout could benefit your overall financial situation and could be a worthwhile investment. However, it's important to take these steps beforehand:

• Contact your leasing company. If your lease is about to end, you should contact the company handling your lease, and ask them what options you have available. They will let you know how a car lease buyout is carried out, and if there are any fees or other aspects to take care of when buying your lease.

• Apply for pre-approval. It's important to apply for pre-approval if you plan on buying out your lease, as it allows you to get different options from various lenders. However, most Stratham drivers use the dealership they've leased the vehicle with, as this is often the most straightforward option.

• Negotiate and finalize the buyout. Once you've decided on a car lease buyout, you can negotiate the price based on your own research, and then finance the vehicle to buy out your lease. 

Learn More About Car Leasing at Audi Stratham!

Now that you know what the car lease buyout definition is, come stop by Audi Stratham to lease your next vehicle today! Check out our new vehicle inventory, and use our lease specials to save on your monthly payments around Concord!