Did you just get a car lease? Are you planning to buy your leased car? An early GMC car lease buyout can help you make some cool cash. However, you’ll need the services of finance experts.
Most of all, you’ll need to understand how to calculate car lease buyouts on leased vehicles. Following the due process of an early lease buyout is also very important. Read to understand what is required of you before you finance your leased car.
Buying Out Your Lease: Is it Worth It?
In your monthly statement, you’ll see the buyout (payoff) amount of your car lease. The payoff amount includes the residual value of the vehicle at the beginning of the lease, the total remaining payments, and the car purchase fee (optional).
If you can’t find any of the listings on your agreement or you prefer to do your own calculations on your lease buying, follow the steps below:
- Determine the Residual Value of the Car
This information will be found in your lease contract, as it was calculated at the beginning of the lease. This value is the estimated future value of the vehicle by the time the lease contract ends.
- Determine the Actual Value of the Car
Your car may have decreased in value from when the lease began, due to unavoidable depreciation, or any wear and tear from driving.
Also, if you’ve driven your vehicle less than the average 12,000 miles per year, it may not have decreased in value as much as you’d think.
- Compare the Values
If the actual value is higher than the residual value from your lease contract, then purchasing your vehicle might be a good deal. If not, you may have to negotiate with the dealer on the purchase price.
- Account for License and Registration Fees.
If you buy the car that you’ve been leasing, that means that certain costs of ownership are transferred from the leasing company to you. This includes registration fees, transfer costs, and licensing.
Lease-End Buyouts vs. Early Lease Buyouts
For lease-end buyouts, when you’re getting closer to the end of your lease, you’ll be able to negotiate a better GMC Financing Buyout offer. If the dealer thinks you’re planning to resale to them, they may offer you a better deal to keep the vehicle.
Meanwhile, for early lease buyout, you won’t really have enough room to negotiate the purchase price if you are trying to end your lease agreement early. Whether due to excess vehicle damage or danger of exceeding the mileage limits, the dealer knows they have more leverage in the situation if you are trying to prematurely end your lease.
Summary
If you have any questions about what a lease buyout is, lease buyout loans, auto loan interest rates, if you should buy vs. lease, or the GMC Financing Buyout process contact our team.
We have experts who ensure they provide all the information you need to make the perfect choice as regards your driving needs. Visit us today at VIP Auto Lease Of Westchester 1139 W Boston Post Rd, Mamaroneck, NY 10543 (877) 847-7888 https://vipwestchester.com/
