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My lease is almost up - I want to buy this car. where do I start? please, I need your help. thanks, linda

Answers from the Automotive Experts

Jenny Trostel, Partner at Anderson of Hunt Valley Contact the dealer where you leased the car. The dealer will assist you with the purchase of the car at the end of the lease. Check your lease contract for the residual value of the car. This is what you will pay for it. The car may need to have a state inspection completed. The dealer will guide you through the process. It is very easy to do. Good Luck!

Shelly LoCascio, Dealer Principal  at Irwin Lincoln Mercury Mazda Linda, The lease buyout price should be printed somewhere on your contract or you can call the lease source(where you make your payments) and they can give you the price. The dealer that leased you the car can also make that happen for you. Shelly

Jessie L Thatcher, F&I and Sales Specialist at Reynolds and Reynolds Company  (Retired) The purchase will be handled by the leasing dealership. You need to notify them of your intention to purchase. Check your initial contract to see what the residual (lease end) value of the vehicle is listed. This is what the purchase price will be based upon. This figure can be negotiated if the market has changed on the vehicle you want to purchase. Check values on Edmunds.com and Kelly Blue Book.com so that you know the actual value of the vehicle and are not at the mercy of the dealership or the leasing company. You can also check values in the local newspaper listings for the same type and level of vehicle. Sometimes this is a good way to go, sometimes it is not. Knowledge is power.

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