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What payment options are there when buying out a car lease?

My car lease is almost up and I think I'll be buying it out. What are my options going to be? Do I have to pay it all out at once? Is it possible to be financed for the buyout amount? How does it work?

Public Comments

1. If you decide to buy out the car and don't have the cash, be sure to get a personal loan from a 3rd party bank. Its well-known that the buyout amount is "non-negotiable", but recently car companies and lease companies have been taking offers, and if you have the cash going in, you are in a good position to negotiate. A friend's buyout was $17000 on his Chevy Colorado, but he went in ready to buy a new Carolla, and GM lowered his buyout to $13,500, and included the safety check and e-test!
2. It's just like getting any used-car loan. You get a loan to pay for the car. However, if the purchase price is more than the book value of the car, you might need a down payment to make up the difference. The finance company that handled your lease might also provide you the used-car loan you need. If not, you can go to a bank, credit union, or loan company to get the loan you need.