Question

what is it called when you are given the option to buy the car at the end of the lease

Answer 1

When you are given the option to buy the car at the end of a lease, it is referred to as a **"lease buyout"**. In this arrangement, the lease agreement typically specifies a predetermined purchase price (known as the residual value) for the vehicle at the end of the lease term. If you choose to exercise this option, you can buy the car rather than returning it to the leasing company.