What happens if you love your leased MINI vehicle so much you want to buy it? Many San Francisco drivers do just that with lease buyouts. What is a lease buyout? Dealerships allow you to “buy out” your current lease before the lease term is up. We want you to drive home in a MINI that you love, so we’re happy to offer flexible options like lease buyouts, lease specials, and trade-ins for your vehicle.
Now that you can define lease buyout, we’ll tackle the question, “How does a lease buyout work?” You can opt for a couple different buyouts: lease-end buyout or early lease buyout. Read below to learn more!
Lease-End Buyout Definition
Lease-end buyout is the most common car lease buyout. The majority of Oakland MINI drivers choose this option because your MINI is unlikely to accrue significant damage costs by the end of your lease term. Lease-end buyout is likely your best option if the following apply to you:
- You love driving your current leased car — and want to keep it!
- You haven’t accrued significant repair costs while driving the car.
- There’s no other similarly-priced vehicle that you’d rather be driving.
- You’re able to secure a good interest rate to finance your buyout.
Another advantage to lease-end buyout is that you already know the history of your MINI hardtop 2-door or Countryman. Purchasing your own “used vehicle” means no surprises!
Early Lease Buyout Definition
What is a lease buyout option that allows you to pay the remainder of the lease early? That’s an early lease buyout. If you choose this option, you’ll pay the remaining amount on the lease in order to purchase the car. To be sure that early lease buyout is right for you, it’s a good idea to fully explore the pros and cons of buying vs. leasing before you make a choice.
Concerned about lease penalties for mileage, not maintaining routine services, or other damages? An early lease buyout may be the best option for Livermore drivers who want to avoid some of the financial penalties of broken lease terms. You buyout price will be determined by factors such as:
- The amount you still owe on the lease.
- The lease-end residual value on your original contract.
- If your vehicle has seen significant damage and repair, it may have depreciated under the market value. In that case, you’ll owe the difference between your vehicle’s value and the market value.
Pleasanton Drivers Trust East Bay MINI for Fair Leasing and Financing
Leasing and financing can be complex, but we hope we’ve answered all of your questions. If you’re still unclear on “what is a lease buyout?” our finance center team is happy to assist with car-buying tips and personalized financing help. Check our inventory to find your favorite new MINI, and then stop by East Bay MINI to learn more about MINI lease offers near Pleasanton!