Buy the car or extend the lease: which one fits your situation
A quick explainer on choosing between buying out your lease and extending it — why a buyout ends over-mileage and wear charges, and when an extension's flexibility is worth keeping those rules alive. From Champion Auto Finance.
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Transcript
Your lease is ending and you can buy the car or extend the lease. Here's how to tell which one fits in under a minute. A buyout is a purchase.
You pay the residual-based payoff and the car is yours. An extension just prolongs your current lease, usually month to month, at roughly the same payment. Buying out ends the return charges.
Over mileage and excess wear fees only apply when a leased car goes back, so owning it makes them disappear. Extending keeps those rules alive. You are still leasing, so mileage and wear keep accruing.
It is the right call when you genuinely need short-term flexibility. Champion Auto Finance helps you finance a buyout across New Jersey, New York, and Pennsylvania. Learn more at ChampionAutoFinance.com.
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