What Is a Lease Buyout?

2021 BMW 4 Series Coupe Steering Wheel
 

What is a lease buyout? It is when you choose to purchase a vehicle before or at the end of your lease term. Knowing the lease buyout definition however, is just the beginning. If you are considering a car lease buyout, the finance team at BMW of Bloomington can help you navigate the process and determine if a lease buyout is the right choice for you. Learn more about your options and feel free to reach out if you have any questions.

How Does a Lease Buyout Work?

If you are taking a serious look at buying out your lease, the first thing you’ll want to know is how does a lease buyout work? There are two car lease buyout options available, and deciding which to choose will depend on your personal preference and budget.With a lease-end buyout, you pay or finance what the vehicle is worth at the end of your lease term. With an early lease buyout, you buy your vehicle before your lease contract ends. Not all contracts permit an early lease buyout, so it is important that you read the fine print before you sign the lease. 

Benefits of a Lease-End Buyout

  • Since you’ve had considerable time driving the vehicle, you are well aware of its condition and history.
  • The vehicle suits your driving needs, and you aren’t interested in upgrading to a newer model.
  • There are some attractive interest rates available at both banks and dealerships in the Normal area if you opt for a lease-end buyout. 

Benefits of an Early Lease Buyout

  • After considering the price calculated by lease-end residual value, the amount still owed on the lease, and the rate of depreciation, you’ve determined that an early lease buyout is the best option.
  • A car lease buyout is a good way to avoid lease penalties that are applied if you have exceeded your mileage limit.
  • If the vehicle has been damaged or modified in some way, you can avoid additional penalties by opting for an early lease buyout.

Explore Your Lease and Finance Options at BMW of Bloomington

What is a lease buyout and how does a lease buyout work? While there are advantages to choosing a lease buyout, it will come down to what you want and what you can afford. Our finance specialists can help you decide whether a lease buyout will work for you, as well as explain the difference between leasing vs. buying. Make sure to browse our current BMW finance and lease offers to find some of the best deals in the Decatur area. We’ve helped drivers from Pekin and beyond get behind the wheel of an exciting new BMW and we’re ready to do the same for you today!

 

More from BMW of Bloomington

  • 2023 BMW X3 Interior

    The new BMW X3 is here and it’s ready to help you take on the Normal roads in pure comfort. While its exterior design is easy to look at, its interior is where thing really shine. With the latest interior technology and generous interior dimensions, the 2023 BMW X3 is made to allow you and…

  • 2023 BMW X1 Interior

    The 2023 BMW X1 has been updated to ensure you’re getting an innovative and exciting vehicle to help you take on the Normal roads. Its exterior design is modern and sophisticated and its driving experience is something you won’t forget. However, what makes the new BMW X1 really special is its interior cabin. From the…

  • What’s the 2023 BMW X5 Interior Like?

    When you choose a new BMW, you’re getting a vehicle that’s designed to keep you comfortable and content during your Normal commute. The 2023 BMW X5 is no different than any other BMW and it remains as comfortable as ever in the cabin. It features generous interior dimensions so you and your passengers can stretch…

BMW of Bloomington 40.4573646, -88.9743698.