Accident on a leased car: why keeping it can skip the return charges
How an accident changes the lease buyout math: repairs, diminished value versus your fixed payoff, and when buying out still beats returning the car.
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Transcript
Been in an accident with your leased car? Buying it out might actually be the smart move. Here's why in under a minute.
When you return a leased car with accident history, the leasing company can charge you for diminished value and imperfect repairs. If you buy the car out instead, those return penalties simply do not apply because you are keeping it, not handing it back. Just make sure the repairs were done right and the car is sound, so you are buying a vehicle worth keeping.
Champion Auto Finance helps you finance the buyout across New Jersey, New York and Pennsylvania. Start at championautofinance.com.
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