Can You Negotiate a Lease Buyout?

Woman shaking mans hand over a car contract clipboard with car keys

 

Let’s say you’ve reached the end of your F-PACE or I-PACE lease contract, but you’re not ready to let go of your car just yet. What are your options for the end of lease negotiation process? You can return your lease to the dealership as usual, but you can also consider a lease-end buyout for a longer-term investment. Find out how to negotiate a car lease buyout with the finance center at Jaguar Richfield near Minneapolis, and find out what you need to know about the process.

How to Negotiate a Car Lease Buyout

Learning how to negotiate a car lease buyout is easy if you do the proper research ahead of time. Here is a brief overview of the process you’ll take:

  1. Double-Check Your Contract: Most leasing contracts include an estimate of the vehicle’s value at the end of the contract, so check to see if that’s accurate in the St. Paul area. If the value is currently less than it was estimated in your contract, you’ll have leverage for negotiating.
  2. Contact Your Financer: Your dealer might not be the sole determiner of the lease buyout price unless you have gotten your financing directly through them. Contact your current financier to see if they are flexible and willing to negotiate a lower total cost for the car. This will also give you better leverage during negotiations.
  3. Make Your Offer: You’ve crunched the numbers, and you’ve contacted your financier, so now it’s time to go to the dealership. If you present your evidence to a good dealership, they’ll be more likely to offer a price closer to your requests.

Choosing the Right Lease Buyout

Timing is another crucial factor during the end of lease negotiation. Most Edina drivers will purchase the vehicle at the end of the lease term, and this is generally the easier option for the driver and the dealership. However, some drivers request an early lease buyout. Here are the differences:

  • The price of your lease-end buyout is usually determined at the start of the lease. This is based on the residual value at the end of the leasing term, but it is just an estimate. In some cases, you can start an end-of-lease negotiation to improve the price.
  • If you are worried about mileage or service penalties, an early lease buyout is a good option. However, pricing will be determined by the amount you still owe on the lease in addition to the vehicle’s estimated remaining value at the end of the term. That makes this the more expensive option of the two.

Learn More about Leasing at Jaguar Richfield

Still have questions about the end of lease negotiation process? Jaguar Richfield in Richfield can connect you with our knowledgeable finance department to help you make the right decision for your needs and budget. Contact us for more information!

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