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346 Route 37 East, Toms River, NJ, 08753

Can You Negotiate a Lease Buyout?

Man and Woman Signing Contract

As part of your end-of-lease negotiation, you will typically be presented with the option of walking away from the lease, reinstating it, or financing the remaining value of the vehicle with the intent to own it. Can you negotiate a lease buyout? Your personal preferences and budget will determine which option will best suit your Brick-area driving needs. If you’re interested in learning more about how to negotiate a car lease buyout, the finance team at Honda of Toms River is here to fill you in on all the details.

How to Negotiate a Car Lease Buyout

Knowing whether you can negotiate a lease buyout is the first step, but learning how to negotiate a lease buyout will require some work on your part. Here are a few things you should do in advance:

  1. Do your research: Before deciding on an end-of-lease negotiation, you’ll need to find out if a lease buyout will work with your budget. Your existing lease contract will almost certainly include a predetermined estimate of how much the vehicle will be worth at the end of your contract. Compare that figure with the current market value of your vehicle. If the market value is significantly lower, a lease buyout probably isn’t worth it, unless you can negotiate a better deal.
  2. Contact your lender: Check out the lease buyout offers from other lenders in the Manahawkin area. You can often use a lower offer as leverage to get a better price and interest rate during your end-of-lease negotiation.
  3. Make an offer: Once you’ve done the above, make an offer based upon what you know about the market rate of the vehicle and whatever pre-approvals you’ve received from other lenders.

Choosing the Right Lease Buyout

Now that you know that you can negotiate a lease buyout, and you have an idea about how to negotiate a car lease buyout, take a look at the different types of lease buyout options you’ll have in the Berkeley area:.

  • Most lease buyouts are end-of-lease negotiations, where the estimated value of your lease vehicle at the end of your lease term is part of the original contract. When your lease ends, you’ll have the option to finance the remaining value of the vehicle with the intent of ownership.
  • If you decide that your leased car is an ideal fit with your needs before the lease term is over, an early lease buyout may be a good option. Note that you may have to pay a penalty to break your lease before you can begin financing your vehicle.
Car dealer giving car key to buyer

Learn More About Your Lease and Finance Options with Honda of Toms River

If you have more questions about how to negotiate a car lease buyout, or you’re still unsure about the differences between an end-of-lease negotiation and an early lease negotiation, contact Honda of Toms River. Whether you wish to buy or lease, we will be happy to guide you through the process and help you get the deal that is right for you, no matter what your credit score may be.

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