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Car dealerships use a car purchase agreement, or car sale agreement, to finalize a sale. These contracts serve as a sales agreement between the buyer and seller. If you are purchasing a used vehicle from a private seller, the seller may ask you to sign a bill of sale, which is a very simplified form of car purchase agreement.
The buyout price should have been presented to you at the time of signing your initial agreement. If you are interested in owning your car, as opposed to extending the lease, you can either pay in cash or arrange for financing. Example: A few years back I leased a car with a purchase price of roughly $22,000. After three years of paying on the lease, I was offered a buyout price of $12,500.