When your lease is over, you can drop the car off with the dealer, sign a few documents, hand over the keys and walk away. But what if you really like the car? Should you consider buying it? Below are some tips that will help you decide if you should "buy out" your lease. And if the answer is yes, we'll tell you how to effectively make the transaction.
Is This Car Worth Buying?
Dig up your lease contract and look for the residual amount. This may also be called your buyout amount. If you don't have your contract handy and if you make online payments, you can find your residual by logging into your account. You should also be able to get your residual by calling the bank that holds your lease.