Buy out lease

[Frogger]

I'm thinking about buying out my lease because leasing and modding is a pain in the ass. Anybody with experience on this? What can I expect?

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[wireless]

Hmmm.

Here's my advice. If you are serious about it, enjoy the reduced rate you have while leasing.

There are a few reasons to buy out a lease...

1) You don't have to pay for excess mileage. Feel free to drive more than your miniscule 8,000 miles a year ;)
2) Price to buy may be less than market value (eg residual value)
3) You don't have to pay for any dings, dents, etc. that may happen while leasing. If you don't view them as a big deal, you don't need to pay the penalties haha

If you think you may buy it out, drive it, and enjoy modding it. If not, I would avoid heavy mods haha

 

[dabsevo]

I'm waiting to make that decision otherwise the whole advantage of leasing is lost. I would've just bought it. The advantage is that you can trade in the car if there are some issues that come up later or you change your mind. Also, if you don't put on 12k miles (or whatever your terms are), you can get lease credit in the trade-in, or lease buy back, getting a new lease, etc.
If your residual is lower than market value, then buy it and sell it to make money, or buy it and keep it. Can't know this until 3 years has passed.

If you're dead set on modding it, then well why not just mod it and buy it out later? If you already started modding more serious stuff that's not reversible, it may not be a choice for you so might as well go all out. The residual amount will be on your lease agreement, it'll depend on what you put down, residual % and all that stuff.
Also there may be a buyout fee, mine's $500.

If I put on a ton of miles over and would get charged a premium of say $2000+, then I would just pay the $500 buy out fee and buy the car. If the car is worth more than the residual on the used market, then even better.

 

[Apwrx]

I've done it a few times.I sold my last leased car and bought out my first lease after heavily modding it. No issue on either. I'd wait until you're closer to lease end and decide then.

 

[Frogger]

Pretty sure I'm going to mod it up and buy out the lease toward the end. As long as I follow the recommended service plan, but use 3rd party garages. is there any reason I will need to take my car into the dear during the lease? And if I do, I guess the worse thing is they make me buy out the lease on the spot?

 

[MagneticA]

Pretty sure I'm going to mod it up and buy out the lease toward the end. As long as I follow the recommended service plan, but use 3rd party garages. is there any reason I will need to take my car into the dear during the lease? And if I do, I guess the worse thing is they make me buy out the lease on the spot?

You never know. Anything could go amiss and you'll need to bring it in for warranty issues or recall items.

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