For many people, leasing a vehicle is out of the question: at the end, they own nothing.
However, in some circumstances, a leased vehicle can generate equity which can be claimed at or near the end of the lease.
What is lease equity?
Lease equity is created when the vehicle is worth more at the end of the lease than the buyout price established when the lease began.
There are numerous scenarios and factors that can contribute to positive equity in a leased vehicle, including: strong market demand and high prices on the used car market for a specific, year, make and model; low mileage; and low lease buyout rate. All should be considered when calculating the book value for a vehicle nearing end of lease.
While there are many online resources to determine market demand and book value of a leased vehicle, it is also useful to shop the vehicle around to various dealers such as Victoria Premium Automobiles, including the dealer the vehicle was leased from. You will be surprised at how values and prices will fluctuate.
You can use any lease equity as a down payment on a new lease or choose to pocket the cash. Or you could choose to buy out the vehicle and continue driving it. The choice is yours.
Or, you can visit, or contact, Victoria Premium Autos. Your leased vehicle will be appraised, we will contact the leasing company for a payoff quote, and if there is equity, we will process the transaction, take possession vehicle and you can take the equity in cash or put it towards a replacement vehicle.
If you are nearing the end of lease on your car or truck, do not leave money on the table. Contact Victoria premium Automobiles and ensure you recover what is rightfully yours.