So, you’ve leased a car to drive around Freehold and have come to the conclusion that you want to buy it at the end of your lease term. Well, we here at Galaxy Toyota can help you out! It can be difficult to figure out how to calculate a lease buyout, but we’ve made the process simple with this short guide. Keep reading to find out how to calculate a car lease buyout, and be sure to contact us if you have any questions!
Probably the easiest way to calculate the majority of the cost to buyout of your car lease is to check your lease plan. Look for a “buyout amount” or “payoff amount” that will be listed on your monthly leasing statement.
This buyout amount is calculated by adding up the residual value of your vehicle at the beginning of the lease, the total remaining payments, and possibly a car purchase fee (depending on the leasing company.)
If you don’t see this value listed anywhere, or if you prefer to do your own research on how to calculate your lease buyout instead, follow these steps:
Lease-End Buyouts: Once you’re at or near the end of your lease, you can likely negotiate a better buyout. This is because the dealer may think you are planning on selling it back to them. This will cause them to offer you a better deal to keep the vehicle.
Early Lease Buyout: It’s much harder to negotiate the purchase price of your car lease buyout if you are trying to end your lease agreement early. Whether it’s because of too much wear and tear on the vehicle or a danger of exceeding the mileage limits from too many trips out of Long Branch, the dealer is aware of their extra leverage when you try to prematurely end your lease. You can still do it, but you’ll have less wiggle room.
If after reading this guide, you still have questions about how to calculate a lease buyout, lease buyout loans, or any other questions concerning car loans, auto loan interest rates, or otherwise, contact our finance center. You can also use our handy payment calculator tool to help plan your next vehicle purchase or buyout!
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732-982-4177
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