A car lease buyout is different than buying a typical new or used car. Not only do you have knowledge of your leased car’s history but you have a few financial considerations that are unique to car lease buyouts.

Car leasing is not the same as car buying or renting a car. Whether you are about to lease a new car or deciding what to do at the end of your current lease, it is important that you understand the basics of car leasing.

The same, shiny new vehicle you loved at lease signing might not be the right fit anymore. Whatever the reason, you need to learn how to get out of a car lease early—and fortunately, you have a few options. Unfortunately, none of them are going to let you walk away without penalty.

Most lessees will drive their leased vehicles until the end of the contract and return it to their dealer. But a three-year car lease is not set in stone. In fact, if you’re looking to buy your car lease early, you can follow the footsteps of thousands of people who have done the same.

When you are considering buying your leased car, you have the advantage of knowing exactly how much your leasing company will sell it to you for, a benefit that you usually do not get at a car dealership.

Your lease agreement likely requires you to pay a few car lease fees at the end of your contract. These fees are related to what you choose to do when your lease ends.

If you enjoy your leased vehicle, it’s only natural to want to keep it. Lease buyouts during or at the end of your term are common. In fact, manufacturers are most often all too happy to sell you the vehicle you leased.

Drivers who lease vehicles accept more responsibility than those who elect to buy. In exchange for lower monthly payments, they either have to return their vehicles at the end of the term.

Most car lease agreements stipulate the maximum number of miles per year a lessee is expected to drive his/her leased car. Oftentimes, if a lessee exceeds his/her allotted mileage, then at the end of the lease he/she will have to pay an excess mileage fee.

Under a car lease, you pay for the difference between the capitalized cost and the residual value of your leased vehicle. The capitalized cost represents the value of the car at the beginning of the lease plus any additional costs you roll into your lease.