Can I Switch from Financing My Car to Leasing It?

Is there a vehicle you’re currently leasing that you wish to buy? In this scenario, is it possible to roll your lease contract into a financing contract? It actually can be done. Visit our Mazda financing center to learn how this works.

The Process

Review the terms of your lease contract. The terms usually include a buyout option if you wish to own the vehicle. You can buy the car at the end of the lease term. The contract should outline the residual amount, which is the amount you pay if you choose to keep the vehicle. If you need financing, then you can apply for financing at the dealership much the same way as financing a new car.

Leasing to Financing in the Middle of the Lease

Most contracts also have the option to purchase the vehicle before your lease term ends. If you go this route, though, you may have to pay a termination fee and remaining monthly lease payments in addition to the buyout amount. The total you pay may be more than the vehicle’s current estimated value.

Benefits of a Buyout

One advantage of a buyout is that you don’t have to pay surplus fees associated with the end of a lease term. This includes excess mileage and wear-and-tear fees. These fees are determined during the final inspection when you turn in the vehicle. If you choose to buy, then the dealership waives these fees.

Visit Superior Mazda to see our current inventory. Models like the Mazda3 are available for lease. Many people who lease end up buying because they grew attached to the car. If you need financing for the buyout, our Mazda financing center is here to help.