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Can You Negotiate a Lease Buyout?

Lease Agreement

 

Deciding whether buying or leasing is something that many Providence, RI-area drivers struggle with. There are benefits to both and the decision will ultimately come down to what you want and what you can afford. However, if you do choose to lease and find that you’ve fallen in love with your leased MINI Cooper, you may be able to take over your lease before or at the end of your term. If you’ve been thinking about purchasing your leased MINI, you may be searching for the answer to the question, “Can you negotiate a lease buyout?” Most leasing agreements include an estimated buyout price in the contract, but in many cases, it is possible to negotiate an even better deal. Learn more about how to negotiate a car lease buyout with the finance experts at MINI of Warwick.

 

 

How to Negotiate a Car Lease Buyout

Here are the steps that drivers near Cranston, RI should take before and during their end of lease negotiation:

  1. Do your research ahead of time – In most cases, the leasing contract includes an estimate of what the vehicle’s value will be at the end of the leasing. If your research reveals that the market price of the vehicle is significantly lower than its estimated value, you’ll have the leverage to negotiate a better deal.
  2. Contact your finance company in advance – Ready to start your end-of-lease negotiation? Unless you’ve secured financing through your dealership, your dealer may not be the sole determiner of the lease buyout price. Negotiate directly with the finance company, local bank, or credit union you originally secured the lease from to see if they’ll accept a lower total cost for the vehicle.
  3. Make an offer – Once you’ve done your research and set your finances in order, you’re ready to go to make a lease buyout offer. If you’ve done your work and can show that the estimate in the contract is inaccurate, dealerships and lenders will generally offer you a price closer to that which you’ve requested.

Choosing the Right Lease Buyout

Now that you’ve seen how to negotiate a car lease buyout, it’s important to consider your timing. While it’s more common for drivers to purchase a vehicle at the end of their leasing term, some contracts allow an early lease buyout. Here are the key differences between a lease-end buyout and an early lease buyout:

  • The price of a lease-end buyout is based on the estimated residual value of the vehicle at the end of the leasing term and is usually set in the contract at the start of your lease. In select cases, you can begin an end-of-lease negotiation to improve the price.
  • An early lease buyout is a good option for drivers hoping to avoid mileage and service penalties. Pricing for this buyout option is determined by the amount you still owe on the lease and the vehicle’s estimated remaining value at the end of the term.

Explore Your Car Leasing Options at MINI of Warwick

Now that you have an idea on how to negotiate a car lease buyout, contact MINI of Warwick to learn more about your leasing options. Whether you wish to return your leased MINI at the end of the term or buy out the lease, our team is here to help. We want to make sure you get behind the wheel of the vehicle that will best suit your Newport, RI-area lifestyle and budget, so come see us today!

 

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