How to Buy a Leased Vehicle After a Lease Is Completed

Buying a used car can be fraught with uncertainty, but not if you are buying a leased vehicle of your own after a lease is completed. This process provides first-hand knowledge of the car and completion of regularly scheduled maintenance. It allows you to know the current driving condition and quirks of the car as well as keep the treasured memories of the many enjoyable times in it.

Instructions

1

Do your research. Look at resources, such as Kelly Blue Book or Edmunds.com, to find out the retail and wholesale value of your car. Insert your car's make, model and year into the "used cars" section. Add the current mileage and condition for an accurate price.

2

Go to dealerships and look at their used car inventory. Find cars similar to your own and record their prices.

3

Look at your lease. Find the residual payment to keep the car. Compare the car's current value to the residual amount.

4

Secure financing. Contact several lenders to find the best interest rate. Pick the best offer with the terms that fit your budget.

5

Contact your lender. Inform him you are interested in purchasing the car once the lease expires if you two can negotiate a price adjustment. Explain that buying this same car from dealer XYZ would be x amount cheaper than paying the residual amount of the lease.

6

Negotiate a lower price. Mention the current value of the car online. Accept the new price if offered and complete the paperwork. Use your loan to pay off the car lease.

7

Walk away if the residual value is substantially higher than the current value. Allow the lender to contact you to restart negotiations. Turn the car in to the dealer and negotiate for a lower price one last time if you truly want the vehicle, otherwise find one better priced.