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November 21, 2008, Newsletter Issue #105: Early Lease Buyout
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Tip of the Week
An early lease buyout is similar to any other lease buyout, except that it occurs before the end of the lease term. This means that you no longer want to lease the car, but you do want to own it, so you are essentially breaking the contract early in order to own the car instead of leasing it. An early buyout can be a costly proposition; some lease contracts do not even allow for an early buyout but this might be renegotiated if you approach the dealership. You can expect to pay some fees when you do an early lease buyout, but the extent of these fees depend largely upon what was stipulated in your original lease contract. Before heading to the dealership to inquire about an early lease buyout, you should make sure that you pull out your contract and read all the specified terms for the option of an early lease buyout.
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