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I recently bought out my lease. I dealt with exclusively with the leasing company, and blew off the dealer completely. Was relatively painless. YMMV, I’m in Massachusetts.
Assuming your lease documents state a Residual Value, that’s the check you need to write. If you pay it off early, you’ll have the payments added to the total. When you reregister the car at the DMV, you’ll have to pay sales tax , plus the gist to reregister. Getting a letter from the leasing company relinquishing their use of your license plate will allow you to keep the same plate.
Awesome! Thanks for this. Seems aligned with what the dealer told us too.
Was the buy out price predetermined in your lease?
That’s a good question - I’ll check!
Be sure to reregister and retitle the car within 10 days or there is a fine. Worth booking the RMV appointment proactively. I sat on it for months and had to pay fine + interest of several hundred $. Still worth it given how few miles I put on during Covid - market value was and still is well above the lease RV, even with the recent collapse in used car prices