Buying out a leased car

Looking into buying a car that my sil leased. Does anyone have any experience with this? Any advice on how to go about negotiating before lease term is up?

Re: Buying out a leased car

my dad did this. He got the book value of the car before calling them. The buy out price was not negotiable though. The interest rate was. It turned out that the book value was more than the buy-out so he did it.

Re: Buying out a leased car

it will say in her lease agreement what the buy out is

mine is in there

it's $10K less then blue book

so I am buying it

Re: Buying out a leased car

I bought my grandmother's lease buy out a year ago. Buy out price is set at start of lease so that is not negotiable. That worked in our favor because they would have raised buy out price if they could have. Car had super-low mileage and had brand new 7,000 paint job that insurance completely paid for, so we made out great on the deal.

Re: Buying out a leased car

You may want to look into transfering the lease to your name before buying it.

There are sales tax implications whenever you buy a used car from somebody privately. You may end up paying sales tax twice (the person that had the lease paid sales tax, and you would pay sales tax on the transfer).

You may be able to avoid the sales tax if you have the lease transferred first so the lease is in your name and you are just exercising your purchase option..