Cars Cars

How To Buy a Lease Car


Sometimes, people like their lease car so much that they intend to buy it from the leasing company. This is possible but the person will have to follow a few steps to save more money and get the best deals. Getting overexcited about the deal might lead him to spend more than what the vehicle is actually worth. It's equally important to get the details straight and talk to the right persons for the best price and package.

Step 1

Deal with the leasing company. It's not uncommon for people to want to buy their lease car. However, a lot of leasing companies also will not offer the car up for sale as they specialize in leasing these only. It's best to let the leasing company show their own interest in selling the car. The potential buyer can let them know that he's interested in actually owning the vehicle and then leave the company to make an offer. It's important for buyers not to be too eager to get the car as quickly as possible. If the leasing company makes an offer, then there's room to negotiate. If the company seems uninterested, move on to the next one.

Step 2

Know the current price. Check the current market price of the actual model you're eyeing on. Because it's a lease car, it should be worth a lot less than a brand new one. It's best to get prices from different shops and dealer. All of these will be good in providing the proper information so that potential buyers can compare and see the wholesale value of the vehicle. There are several factors that can change the current price of the car, such as the age, the condition and the leasing company.

Step 3

Know about purchase option. Some leasing companies will offer a purchase option for borrowers. The cost of the purchase option is usually relative to the condition and current market value of the lease car. The buyer and company will discuss the terms of payment. In most cases, the buyer will need to pay for the lease cost. The buyer will then settle for an agreed upfront cost and then choose to pay the balance in monthly increments. A contract should be signed by both parties agreeing to the terms of payment.

Step 4

Assess the lease car. To fully get the current value of the lease car, have a third party mechanic check the vehicle and assess for damages, possible repairs and fixes and other factors. Check the mileage, things and parts due for replacement and performance. Some of the flaws can be deducted from the overall value and the price can still be renegotiated.

Step 5

Find a financing company. Unless the person intends to buy the lease car fully in cash, it's a good option to look for the right financing company that will provide him with an affordable repayment plan. The financing company will be responsible for paying the lease car dealer or leasing company so that the buyer can settle the balance directly with the financing company.

By Seth Evan, published at 02/17/2012
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