---
sourceDocument: Australia Asset Management
sourceDocumentLink: https://servicenow-prod.fluidtopics.net/r/it-asset-management

 Release :

    - australia

ft:locale :

    - en-US

ft:publication_title :

    - Australia Asset Management

ft:clusterId :

    - itam

bundleId :

    - itam

workflow :

    - Technology


---

# Buy out a leased enterprise asset

# Buy out a leased enterprise asset {#ariaid-title1}

* Release version: Australia
* 
* Updated March 12, 2026
* 
* ![](https://www.servicenow.com/docs/portal-asset/ico-clock) 3 minutes to read

Buy out a leased enterprise asset before the corresponding lease contract
expires.

## Before you begin

Before you can proceed with buying out a leased enterprise asset, you must complete
the Planning task for the associated lease contract. See [Complete the Planning task for an expiring enterprise asset lease contract](https://servicenow-prod.fluidtopics.net/6Ekl7pef01hLKAZolQ_IXg "Complete the Planning task for an expiring enterprise asset lease contract so that you can proceed with either returning the associated enterprise asset, buying out the associated enterprise asset, or extending the lease contract.") for detailed instructions.

Role required: sn_eam.enterprise_admin or sn_eam.enterprise_asset_manager

## Procedure

1. From the Enterprise Asset Workspace, open the Contract and lease management view.
2. On the Lease-end assets tab, select the lease contract for the enterprise asset that you want to buy out.  
   The lease contract record opens.
3. Complete and close the Buyout task for the lease contract.  
   To successfully complete and close this task, you must confirm a buyout date and amount with the asset vendor.
   1. On the Contract Asset Tasks tab of the lease contract record, select the task number for the Buyout task.  
      Alternatively, select the task number that is displayed in the Current task field of the lease contract record header.  
      The Buyout task opens.
   2. On the Details tab of the Buyout task, fill in the fields.  
      {#buy-out-leased-enterprise-asset__table_tnk_szj_ktb__entry__2}

      | Field | Description |
      |-|-|
      | Contract Asset Task ||
      | Number | Task number that is used to identify and track the Buyout task. This field populates automatically. |
      | Contract | Lease contract that the task is associated with. This field populates automatically. |
      | Asset | Enterprise asset that is associated with the lease contract. This field populates automatically. |
      | Location | Current location of the associated enterprise asset. This field populates automatically. |
      | State | State of the task. |
      | Assignment group | Group to which the task is assigned. |
      | Assigned to | User to which the task is assigned. |
      | Work notes list | Users who receive notifications when work notes are added to the task. |
      | Short description | Brief description of the task. |
      | Description | Detailed description of the task. |
      | Buyout details ||
      | Buyout date | Date on which you are buying out the associated enterprise asset. |
      | Buyout amount | Cost to buy out the associated enterprise asset. Note: You can set this field to any currency of your choice. |
      | Notes ||
      | Work notes | Notes about the task that are visible to all users within your organization. |
      [Table 1. Details tab]

      {#buy-out-leased-enterprise-asset__table_tnk_szj_ktb}
   3. Select Close Task.  
      The Buyout task automatically closes with an updated state of Closed Complete.
   {#buy-out-leased-enterprise-asset__substeps_cmf_cqf_ltb}
4. Complete and close the Buyout confirmation task for the lease contract.  
   To successfully complete and close this task, you must pay the asset vendor the confirmed buyout amount on or before the confirmed buyout date.
   1. On the Contract Asset Tasks tab of the lease contract record, select the task number for the Buyout confirmation task.  
      Alternatively, select the task number that is displayed in the Current task field of the lease contract record header.  
      The Buyout confirmation task opens.  
      Note:  
      Aside from the State field and the additional Buyout confirmation field, all editable fields in the Buyout confirmation task are pre-populated based on the corresponding fields that you filled out in the Buyout task. The Purchase order and Purchase order line fields are pre-populated with the purchase order and purchase order line that the Enterprise Asset Management application automatically created for the enterprise asset buyout in the [Planning task](https://servicenow-prod.fluidtopics.net/6Ekl7pef01hLKAZolQ_IXg "Complete the Planning task for an expiring enterprise asset lease contract so that you can proceed with either returning the associated enterprise asset, buying out the associated enterprise asset, or extending the lease contract.").
   2. In the Buyout details section of the Details tab, set the Buyout confirmation field to Yes.  
      This field indicates if you bought out the enterprise asset successfully.
   3. In the same section, select the Open Record icon ![]() in the Purchase order field.  
      The purchase order record opens.
   4. Select Order.
   5. After the page reloads, select Receive.  
      The form closes and you automatically return to the purchase order record, which now has a status of Received.
   6. Close the purchase order record to return to the Buyout confirmation task.
   7. On the Buyout confirmation task, select Close Task.  
      The Buyout confirmation task automatically closes with an updated state of Closed Complete.
   {#buy-out-leased-enterprise-asset__substeps_e3d_fbz_ktb}

## Result

After you successfully buy out the enterprise asset, the Date removed field on the lease contract record automatically updates
with the date on which you completed all buyout tasks. Following this date, you can
no longer track the enterprise asset through this lease contract record.