Audi vehicles have always had the reputation of offering technologies that are way ahead of their time, while also providing you with a dynamic and exciting driving experience, as well as an incredibly reliable vehicle that you can count for years to come.
However, owners are not the only ones who can take advantage of all of this. We often forget an option that is seldom considered by many: buying out your leased vehicle once your Audi leasing agreement has come to an end. In this blog, Audi Lauzon, your Audi dealership in the greater Montreal area and Laval, tells you all you need to know about purchasing your vehicle and the end of its leasing contract.
Buying out your lease: nothing could be simpler!
Buying out your car lease at the end of your leasing agreement is very easy, as long as you understand how it works: it simply means becoming the owner of the car you have been leasing instead of returning it, once the contract is up. That process is simple and quick:
- Contact your Audi Lauzon dealership directly to let them know that you wish to buy out your leased vehicle. If no one is available to take your call, just leave us a message and one of our specialists will call you back as quickly as possible!
- Once you are on the phone with one of our specialists, make sure you have access to the following information:
- Your driver’s license.
- Your Audi registration number.
- The exact number of kilometers on your vehicle’s dashboard.
- Once we receive all of this information and documents, we will open a file and begin building your leasing buyout profile.
- Once the file is ready, we will call you back to schedule an appointment at your earliest convenience.
- You can then finalize all of the transaction details with the Financing and Insurance Services Specialist who is taking care of your file.
Easy as pie! The entire process generally takes a week at most to complete, but in most cases, it’ll be shorter.
Becoming the owner of your vehicle at the end of your long-term leasing contract: very interesting advantages that are not to be overlooked!
Buying out a lease for a vehicle at the end of your rental agreement with your dealership, offers several advantages. One of the first is the fact that everything happens directly at your Audi Lauzon dealership. This means you will not have to deal with either Audi Canada or Audi financing to proceed!
Here is another advantage: you will become the owner of a vehicle you have gotten to know intimately and have learned to appreciate fully for all that it offers, including its cutting-edge technologies and, especially, its incredible reliability. Priceless!
Moreover, you will also have different financing options to buying out your leased Audi vehicle at the end of your leasing agreement. When you meet with your Financing and Insurance Services Specialist in charge of your file, make sure to discuss this with them. You can, for example, proceed to this buyout by paying cash, or you can finance it through your financial institution! Whatever you decide, you will only be paying the residual value for your vehicle, as well as the purchasing fees that are mentioned in your original leasing agreement.
Finally, the last advantage: you can also choose to add additional warranties (or not) at the time of the buyout. If you decide not to, there is an advantage to this as well: there will be no need to pay for an inspection. However, if you do opt for additional warranties (which we highly recommend for absolute peace of mind), an inspection will be required. In return, you will know that your vehicle is in perfect condition at the time of purchase.
Here are the different options for added warranties that may be offered to you by your specialist:
- If your vehicle is still under the 4 year or 80,000 kilometer manufacturer’s warranty, you might want to add another 6 years of coverage, or a warranty for up to 200,000 km.
- If, on the other hand, the manufacturer’s warranty on your Audi has come to an end, you will still have the opportunity of adding another 4 years of warranty, or an added warranty for an extra 80,000 km to whatever mileage is currently on the vehicle you are purchasing.
You will have the opportunity to review all of this with your Financing and Insurance Services Specialist so that you can adjust the added warranty for your Audi to match your needs, and for the years/kilometers your situation requires. These added warranties will obviously come with extra fees; but remember, they will also allow you to enjoy your Audi for years to come with complete peace of mind!
This added warranty:
- Is entirely transferable to the next owner.
- Has you covered in Canada, but also in the United-States
- Gives you access to direct assistance, 24hrs a day, 7 days a week.
Finally, depending on what you select (if you take an extended warranty), you may also be able to take advantage of 0% financing, with the deferred payment and zero interest program. If you opt for the financing:
- No new credit check will be necessary.
- All monthly payments can automatically be taken directly from your credit card or your bank account.
As you can see, buying out your lease at the end of term is quick and easy, and will give you access to several advantageous financing and warranty options, should you choose to extend your warranty!
Buying out your lease/reclaiming your lease vs transferring your lease: two VERY different things!
If you are currently in the process of buying out the lease for your car, during this time, you have probably heard the terms “lease transfer/financing transfer for your car”. Both these things are completely unrelated to your process!
In fact, in this case, we are referring to the transfer of a long-term leasing agreement to a third party, who will take on the rest of the contract as the new owner of that leasing agreement. However, finding someone to take over a leasing agreement is the responsibility of the current owner (of that same leasing agreement), and is done when they want to transfer the contract to someone else.
It is also important to know that this can only be completed under certain conditions:
- There must be a minimum of 6 months left to the leasing contract for the transfer to be even considered, and then accepted.
- The Financing and Insurance Services Specialist will also come into the mix since they will have to:
- Complete a new credit check for the person taking over the leasing contract, to ensure their ability to make payments for the remainder of the leasing agreement.
- Make an official transfer of the leasing contract, between the previous owner of the contract and the new one. Both will have to be present during the transferring process.
- Transfer fees will also have to be paid, without which the transfer will not go through.
As you can see, it is important not to confuse the buyout of a leasing contract on a vehicle with the transfer of a leasing contract, as both are completely different and independent, and require completely different steps and a different process!
Do you still have questions about the buyout of a leasing contract for your Audi at the end of your long-term lease, and all of the advantages it offers? Contact one of our experts or visit us in dealership today, on the North Shore of Montreal! It will be our pleasure to answer all of your questions and assist you in this process!
We will also inform you of all you need to know about Audi Promotions, in relation to the added warranties for the Audi you are repurchasing, and all of the Audi financing options (or from a third party institution) that are available to you depending on your situation. Also, do not hesitate to get an appraisal for your trade-in vehicle if you have one! We are looking forward to meeting you and helping you make the buyout process for your leased vehicle a smooth and enjoyable experience!