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Sometimes you just fall in love with your leased car. Maybe you had plans to turn it in, but now you’ve changed your mind, and you want to keep it. A lease buyout is when you purchase your leased vehicle instead of returning it to the dealer.
Buying out a car lease involves paying the dealer for the remaining value of the car, plus associated fees. It’s a good deal when the car’s value is higher than the buyout price determined in your lease agreement. We’ll show you how to buy your leased vehicle — and when it might not make sense for you.
A lease buyout is an agreement that lets you buy your leased car for a set price. The buyout price is the residual value of the vehicle, or what the car is expected to be worth at the end of the lease. The dealer sets the residual value at the beginning of the lease and includes it in the lease agreement. To buy a leased car, you’ll pay the dealer the residual value, plus processing fees or other charges.
It may be possible to negotiate a car lease buyout, but most dealers won’t budge much (if at all) on the residual value. You may have better luck negotiating the fees.
If you don’t have the cash to cover the lease buyout, you could finance it with an auto loan.
If you don’t want to wait before buying out a car lease, an early lease buyout could help. When buying out a car lease early, you’ll need to pay the residual value, just like with a lease-end buyout. But you may also be responsible for the remaining lease payouts plus an early termination fee or other charges, so an early lease buyout can be more expensive.
However, if you suspect interest rates will soon go up, and you want to lock them in when financing the buyout, an early buyout could help. Run the numbers and compare your options to be sure.
To buy out your lease, you’ll need to know the residual value amount and how much fees and taxes will cost. Then you can decide whether to pay the buyout price in cash or finance it with a lease buyout loan.
Since buying out a lease with cash requires a lot of money up front, many people choose to use a lease buyout loan instead. These loans work like auto loans: you borrow the money up front, purchase the car, and then pay back the loan over time, with interest.
Lease buyout fees can affect the total cost to buy out your lease, so read your contract carefully. Some of the fees to look for include:
These can hundreds or even thousands to your purchase price. Don’t forget that you may need to pay sales tax, too.
Once you’ve decided on buying out a car lease, follow these steps to complete the process.
Check your lease documents or call your leasing company to find out the residual value and total buyout amount, with fees included.
Next, see what your vehicle is worth. Note the mileage, trim level, and current condition, and look up its value online. If the vehicle is worth more than the lease buyout amount, you’ve found a good deal.
To finance the purchase, shop around for a lender that offers auto financing or even special programs for lease buyouts. Compare rates, terms, and fees from multiple lenders — at least three is a good start.
Once you’ve chosen a lender you like, fill out the loan application and submit your documentation. They make request information like bank statements or pay stubs to verify your income, plus information about your current lease.
Once the lender approves your loan, finalize the lease buyout with the leasing company. Then you can transfer the title and registration into your name and complete the sale.
Buying out a car lease could make great financial sense, but it isn’t right for everyone.
A lease buyout could be right for you if:
On the other hand, it may not be a good fit if:
In general, buying out your lease is best when you can come out ahead — with more equity in the car, for example.
Financing a lease buyout is a common way for people to buy a leased car. It lets you keep your preferred ride while splitting the cost into monthly payments, and you own the vehicle at the end — not the leasing company. Financing options for a lease buyout include banks, credit unions and online lenders that offer auto loans, as well as specialized lease buyout loans.
No matter where you are in your lease buyout journey, RefiJet makes it easy to explore your options and find the right fit for your situation. Our guide to lease buyout loans shows you how it works.
Below are frequently asked questions about how to buy a leased car.
Buying your leased car involves paying the leasing company the residual value of the vehicle (plus any fees) instead of returning it. You’ll transfer ownership into your name and re-register the vehicle with your state.
Your lease agreement contains the leasing company’s estimate of the car’s value at the end of the lease — the residual value. That is the basis of the buyout price. The lender may also charge some fees during the transaction.
Yes. Financing a lease buyout usually involves applying for an auto loan or lease buyout loan. Then you apply those funds to the buyout price.
Besides the residual value, some common fees for a lease buyout include a document or processing fee, title and registration fees, and possibly an early termination fee (for an early lease buyout).
It’s possible to negotiate a buyout, but remember that the dealer has already predetermined the residual value and included it in your lease agreement. If they won’t negotiate the buyout price, they may be open to negotiating fees.
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