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Hi Bill, I am considering buying out my lease; is this a good idea?
With cars in hot demand, they’re selling at all-time high prices. That’s why many lease customers are looking at trade-in values for their vehicles and choosing to buy out their lease.
What is a lease buyout?
Buying out a lease involves paying the car’s “buyout price” according to the lease contract, which makes you the car’s new owner. Buying out a lease makes the most sense when you are nearing the end of your lease term.
How can I determine my car’s buyout price?
Look for the term “residual value” in your lease contract. This tells you what your car is expected to be worth at the end of the lease term.
Will I need to pay any fees in addition to the buyout price?
Your vehicle’s buyout price may be subject to an auto sales tax and your lender may charge additional fees on top of that. Take note of your lease contract details so you’ll know the true total you’ll be paying before deciding to purchase a leased car. The good news is that you won’t be accountable for typical lease-end fees, which can include the costs of reconditioning the vehicle and any over-mileage penalties.
How do I buy out my lease?
If you decide to buy out your lease, call the Loan Zone and we will run the numbers for you so you can decide if it’s the right decision for you.
Bill Lebus
Loan Zone Manager, VP
Ohio Catholic Federal Credit Union
Call: (216) 478-0067
Learn more: https://www.ohiocatholicfcu.com/auto-lease-buyout-promo/
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