What Is a Lease Buyout?

So, you’re coming to the end of your lease and you’re reviewing your options. Or, maybe you’ve done a little bit too much adventuring, and you’re wondering how to get out of your contract before it comes time to pay off your fees! Either way, “What is a lease buyout?” is probably the first question on your mind! A car lease buyout is the easiest way to finance a leased vehicle and bring it home for good. We’ll cover lease-end buyouts and early lease buyouts in detail below, so you can keep driving through Rye and Stamford with confidence.

Lease-End Buyout

• Most drivers who end up searching for a lease buyout definition are nearing the end of their contract, and simply want to know about all their options.
• In these cases, executing a lease buyout is as simple as visiting your local lease return center and letting the dealership know how you’d like to proceed.
• The buyout price is usually listed in your leasing agreement, having been determined at the beginning of your term.

When is a lease-end buyout a good idea? You should always make sure that the vehicle is actually worth the price that was estimated at the beginning of your leasing term.  If any factors have caused the vehicle to depreciate more rapidly than expected–such as major repairs or damages–you’re probably better off choosing a different vehicle or starting a new lease. Explore our Mercedes-Benz leasing specials today.

Early Lease Buyout

In some cases, it may be financially smart to buy out your lease before your contract is up. Generally, this is because finishing and closing the contract as written would cause you to pay a significant amount of money in fees and charges.  Have you gone over your mileage limit, missed scheduled service appointments, or violated your agreement in some other way? An early lease buyout might be the right choice. So, how does a lease buyout work if you’re still waiting for the end of your contract? Here’s what you should know:

• The vehicle’s purchase price in an early lease buyout is determined by the lease-end residual value in your contract and the amount you still owe on your lease.
• Ending the contract early might cause you to incur new fees, so be sure to read the fine print before you drive in from New Canaan or Darien.
• You need to be certain that the vehicle is a good investment in the long run. Even if you’re worried about fees, it’s not a good idea to buy a vehicle that won’t hold up as the years go by.

Learn More at Mercedes-Benz of Greenwich

How much will you spend month to month if you end up buying out your lease? Our payment calculator can help you find out, and our financing department is more than ready to assist you in working out the details.