There are several reasons why you maybe considering an auto lease buyout. If you are leasing a vehicle that you really like and decided you would like to keep the vehicle. You maybe over the maximum mileage allotted for the lease and it would be more affordable to buyout the vehicle than pay the mileage penalty.
Regardless of what your reason is for wanting to keep the vehicle there are a few things you should consider before pursuing an auto lease buyout.
Check the lease contract to see if there are any buyout restrictions. Some lease companies will not allow you to buyout the vehicle in the first and last month of the lease.
Many people do not realize that the lease buyout price is negotiable. It would be in the lease companies best interest to sell the vehicle to you rather then take it to an auction where they would get a very low price for it. It would be in your best interest to offer the lease company a price that is close to the market value of the vehicle. This price is typically a fair bit lower then the initial buyout price the lease company would offer you.
Contact the lease company and let them know you are interested in buying the vehicle and ask who you need to talk to about getting a buyout price. Once you get in touch with this person make them an offer based on the vehicle's market value. You maybe pleasantly surprised at their response.