How to Buy Out Your Lexus Lease

From flexibility to low monthly payments, your Lexus lease has some compelling benefits. Another one isn’t talked about nearly enough: if you fall in love with your Lexus RX or Lexus ES during the lease period, you don’t have to turn it in when the time’s up. Instead, you simply visit Woodfield Lexus and arrange a lease buyout. We’ll even show you how.

What is a Lease Buyout?

A lease buyout means that instead of continuing to lease a vehicle or taking on another lease, you purchase the vehicle before or by the lease end. It can technically occur at any time, but most buyouts happen when the lease expires since a premature exit triggers fees and penalties.

Should I Buy Out My Lease?

The answer is, “it depends.” If your lease term isn’t due to end for some time, you’ll have to account for significant fees and penalties. If you’re considering a buyout because you’re behind on payments, we strongly suggest speaking to Lexus Financial Services to see if you can reach an alternative agreement.

On the other hand, if your lease is up, purchasing the vehicle has some significant advantages. You already know its performance, you’ve come to understand its features, and – importantly for some drivers – you won’t have to research and lease another new Lexus model.

How Do I Know What I’m Paying for the Buyout?

The buyout cost is outlined in the contract you signed at lease initiation. If you’re buying at the lease end, your Schaumburg Lexus dealer may be able to waive some of the fees that would customarily be due, such as mileage and wear penalties.

When Should I Start This Process?

If you decide to purchase the vehicle, call us at least three months before the lease ends. This will give you ample time to apply for Lexus financing and go over any last-minute concerns.

Is There Anything Else I Should Know?

You can either use cash or a loan to buy off your lease. However, cash is only feasible if you’ve saved enough to buy the car outright. Most drivers opt to shift from their lease to a car loan; our finance department will identify any available Lexus finance offers for which you qualify and help with the rest of the process.

Lexus Lease Answers in Schaumburg, IL 

Even with the above information, auto financing may seem challenging. If you need further advice, visit Woodfield Lexus for guidance. From the beginning to the end of your lease, we’re always here to help.