How to Buy a Leased Van

At the end of your lease, you are given the option of buying your vehicle or returning the car. If you have leased a van and have decided that you would like to purchase it when your lease is over, this can be done fairly simply if you know the steps required and are prepared to negotiate with the leasing company.

Difficulty: Moderate

Instructions

1. Determine how much you'll have to pay to buy the van. This can be done by reviewing the contract that was signed at the time of the lease. It is typically the residual value of the van and a purchasing option fee.

2. Figure out the van's current market value. This can be done by visiting the Kelley Blue Book's website. If the residual value of the van is higher than the current market value, it may not be worth it for you to purchase your vehicle and you may be able to receive a better deal by buying the same make and model from a different company or private person.

3. Shop around for financing options if you plan on financing your lease buyout. It is best to know what your options are before the leasing company contacts you so that you will have more room to negotiate for the best financing options.

4. Wait for the leasing company to contact you. It increases your negotiating power if you do not seem desperate to buy out your lease.

References

• Kelley Blue Book