What is a Lease Buyout?

If you’ve leased one of our new vehicles and enjoyed driving it around Sussex, did you know you can buy it? You might even be asking, what is a lease buyout? When you want to learn how a lease buyout works, Mercedes-Benz of Newton has the perfect guide. You have two ways to complete a car lease buyout, and our finance team is here to explore how to accomplish one below!

Car Lease Buyout at The End of The Lease

When Hackettstown buyers ask what a lease buyout is, we tell them they have two options. Many drivers often choose this option because it gives them the full lease term to determine whether they want to keep the car for their Hackettstown commutes. How does this lease buyout work? You’ll pay the amount agreed upon when you originally signed the lease. This choice works if you’re happy with the vehicle, haven’t needed any repairs, and can get a good loan rate when you apply for financing. 

Early Lease Buyout

The lease buyout option doesn’t limit you to waiting until the end of your lease to purchase your vehicle outright. There are some occasions where a car lease buyout before the end of the lease is a good deal. Make sure your lease terms allow this. If they do, next you’ll want to make sure the car is worth the long-term investment. 

Many Hamburg buyers choose this kind of car lease buyout if they’ve gone over the mileage limits of their lease to avoid penalty fees. What you’ll pay will be determined by the lease-end residual value on the lease contract plus the amount you still owe on the lease. You might have to pay this difference.

Learn More About Car Lease Buyouts With Mercedes-Benz of Newton

Now that you know how a lease buyout works, turn to the finance experts at Mercedes-Benz of Newton. Our staff is here to help you answer any questions, especially, if you’re deciding between buying and leasing and want to know what both options entail. Explore your lease buyout options with Mercedes-Benz of Newton!