How to Buyout a Car Lease

Leasing a car is sometimes the best option for consumers as it provides a smaller monthly payment to work with. In some cases, after leasing a car, you decide that you no longer want to lease and would rather buy the car. While you lease the car, the leasing company may give you the option to buy the vehicle. Buying out a lease allows you to get out of the contract and start using the car as you want.

Instructions

1

Review your lease paperwork. When you lease a car, the car dealer provides you with information about buying out your lease and the process for turning your car back in. The paperwork typically includes information about the amount to buy the car at the end of the term. This gives you an idea of what you will pay for the car if you wait until the end of the term.

2

Contact the dealer to find out what the current buyout price is. The buyout price changes as you make payments on the lease and the value of the car fluctuates. The dealer can calculate the current buyout price for the vehicle and give you a quote.

3

Arrange the financing for the purchase of your vehicle. If you have cash, you may simply pay the dealer directly. If you have to get a loan, apply with an auto lender and get a check once you are approved. The lender will give you a check to give to the dealer for the purchase of your vehicle.

4

Set up a time to visit the dealer and bring the payment for the vehicle with you. You will complete some paperwork and give the money to the dealership before the car will become yours.

5

Pay the sales tax with your local department of motor vehicles or state revenue office.