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What is an auto lease buyout?
I love the car that I've leased. I've read that I can buy the car with an auto lease buyout. What does this mean?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s great that you found a car you like!
When you reach the end of the lease, you have the option to return the vehicle or buy it from the dealer as an auto lease buyout.
If you don’t have the cash to purchase the car outright, don’t worry. Most dealers and lenders offer an auto lease buyout
car loan
that offers flexible financing options for your needs.Keep in mind, however, that you could become upside down on your loan if the current market value of the car is less than the residual left on the vehicle. Your interest rate also may be higher than it would be for a new car loan.
Whether you decide to purchase the car with a loan or cash, make sure you have the right car insurance to protect your investment. With the
Jerry
app, you can search for quotes from over 50 top insurers to make sure you find the right coverage at the right price.View full answer
- Gregory R.
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