If the market value is higher than your residual value, you have "equity" and buying is a bargain. If the market value is lower , you might be better off turning the car in, as you’d be overpaying to keep it.
Having a loan ready gives you leverage and simplifies the process at the dealership. 4. Contact the Lessor how to buy a leased car
This is the most common route, where you buy the car at the end of your lease term. The price is pre-determined in your original contract (the "residual value"). If the market value is higher than your
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Don’t just go through the dealership. Check with local credit unions and online lenders, which often offer better rates for lease buyouts.
Check your contract for a "purchase option fee" (usually $300–$500) and remember you will have to pay sales tax and registration fees to the DMV. 3. Secure Financing