If you can’t fathom life without your Impreza
, learning how to buy out your Subaru lease could be the best course of action. Leasing a car is all the rage these days, and why wouldn’t it be? After all, when you lease a car, you get all the benefits of driving a new vehicle without all the hassles that come with ownership. But if you decide that you and your leased Subaru are meant to be, you can purchase the vehicle by buying out your lease.
If you’re wondering how a Subaru lease buyout works, you’ve come to the right place. Jerry
, the car insurance
comparison app, is here with everything you need to know about how to buy out your Subaru lease, including the fastest way to save on your Subaru insurance costs
! 4.7/5 rating on the App Store | Trusted by 5+ million customers and 7 million cars 4.7/5 app rating | Trusted by 5M+ drivers What is a lease buyout?
If you’re new to leasing a car, here’s what you need to know about lease buyouts. A lease buyout allows you to purchase your vehicle for its remaining value, instead of returning the car to your dealer when your lease is up.
Before signing your lease, the dealer will calculate your Subaru’s residual value, based on its expected depreciation. This is likely the amount you’ll pay to purchase the vehicle if you decide to buy out your lease.
These are two of the most common lease buyout scenarios:
Lease-end buyout: This type of buyout is more common—you buy the car for the residual value as opposed to returning it at the end of your lease
Early lease buyout: You’re allowed to buy your car before the lease is up, but you may incur early-lease termination penalties
How a Subaru lease buyout works
If you know your lease end date is approaching and you don’t want your time with your Subaru to end, here’s how to buy out your Subaru lease:
Check your purchase option price: This will be detailed in your lease agreement—Subaru does not negotiate the purchase price for lease buyouts, as the company will not budge from the price written in the lease agreement. Subaru advises negotiating your preferred purchase option price with your dealer before you sign your lease
Contact Chase Direct Auto: For lease-purchase financing, six months prior to your lease’s end, Subaru advises going to Chase Direct Auto
Contact Subaru: If you are less than six months prior to your lease’s end, contact Subaru
regarding your intention to purchase the vehicle Factor in registration and insurance: Once you’ve signed your lease buyout, you’ll need to register the vehicle in your name, get it re-titled, and get new insurance
At this point, your formerly leased Subaru will be yours! Just be sure to follow its maintenance schedule
religiously to ensure it lasts as long as possible. Will Subaru finance a lease buyout?
You can work with Subaru to finance a lease buyout, either through the carmaker directly or via Chase Direct Auto, even if Subaru won’t negotiate your actual payoff quote.
Remember, comparing at least three offers from different lenders is the best way to get a good interest rate. Do this before accepting a financing offer from a dealer.
4.7/5 rating on the App Store | Trusted by 5+ million customers and 7 million cars 4.7/5 app rating | Trusted by 5M+ drivers Is a Subaru lease buyout worth it?
If the Subaru you’re leasing feels like a keeper, then a lease buyout could be the logical next step for you. Remember to crunch the numbers to make sure that buying out your lease works for your budget and for your life.
Can I calculate Subaru lease buyout fees?
Your Subaru lease buyout fee, or the residual value of your vehicle, is listed in your lease agreement. Again, Subaru won’t negotiate this amount at the end of your lease—but you can negotiate it during the initial leasing process.
Since you already have your residual value figure, use an online service to estimate the actual value of your leased car.
With both your residual value and your actual value in hand, compare them—if your car’s actual value is higher than the residual value listed in your lease, buying out the lease could be a good idea since your car is actually worth more than what you’ll pay!
On the other hand, if your car’s actual value is lower than the residual value stated in your lease, you might want to pass on buying it. This is especially true if the vehicle has been in multiple accidents or needed several repairs and is thus worth less at lease-end than what Subaru estimated at the beginning of your lease.
When it’s better not to buy out a Subaru lease
You might not want to buy out your Subaru lease if any of the following apply:
Your leased Subaru has been involved in several accidents, has needed extensive repairs, or has shed a significant amount of value over the lifetime of your lease
You want a different model or different make of vehicle
You can’t get approved for financing at a low enough interest rate
If any of the above circumstances apply, you might want to pass on buying out your lease. It is probably a better idea to return the car at the end of the lease and then lease or buy a different vehicle.
If you do lease another car, doing so will help you build up your credit, so when the new lease ends, buying it out might be more feasible.
How to save on Subaru insurance
Hunting around for financing for your Subaru lease buyout can take time—but insuring your Subaru doesn’t have to. Just go to Jerry
! Downloading Jerry takes just seconds, comparing quotes from more than 50 top insurers and delivering the best deals straight to you!
Better yet, Jerry automaticallysearches for better rates on your behalf before every renewal period. And the best part? The average Jerry user saves more than $800 per year on car insurance
! “I thought my previous insurance rate was fair given the model of car I drive, but after Jerry
gave me quotes, I realized I could pay only $84 a month for the same coverage through Plymouth Rock. I plan to shop for auto insurance through Jerry from now on!” —Jill I.
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