What is a Lease Buyout?

 

Did you sign a new Ford lease and fall in love with it? Parlaying a lease into a finance plan is simple when you undertake a lease buyout! When you buy out your current lease before the end of your lease contract, your payments will go towards the ownership of a new Ford! Our team will help you choose between the two lease buyout options and help you better understand the processes. Want to know how a lease buyout works? Learn with our finance team at Basil Ford in Buffalo, NY.

Lease-End Buyout

While there's no singular lease buyout definition, the most common buyout option is the lease-end buyout. With a lease-end buy out, you'll need to pay what the vehicle is expected to be worth at the end of your lease period. You'll typically settle on this price before you finish your lease, and then sign when it's completed. Reasons you'd undertake a lease-end buyout include:

  • You haven't accrued a lot of repair costs while you've had the car
  • You love driving your current lease
  • There isn't another vehicle at a similar price point that you'd rather be driving
  • You're able to get a good interest rate to finance your buyout

Early Lease Buyout

Early lease buyouts aren't always possible, but when they are, they're for customers that are certain about this decision. Before you consider an early lease buyout, you'll also want to ensure that it's the right option for your Lancaster and Rochester, NY drives. Also be sure to consider the history of your lease experience, as the buyout price will be determined by:

  • The lease-end residual value on your original contract
  • The amount that remains on your lease
  • It's possible that your vehicle has depreciated more quickly than anticipated, meaning that your finance terms will have to make up the difference with each payment

Buyers typically consider this option if they're worried about surpassing their mileage restriction, not keeping up with routine maintenance, or have experienced damage that's outside of lease warranty.

Rely on Basil Ford to Learn More!

Are you ready to see how you can officially own your Ford lease? Don't hesitate to contact us online today! We'll help you get started on the process today and secure a competitive deal you're sure to love!