Do you love your leased car and don’t want to give it up? You can finance the balance of your lease to own the car. Refinancing the balance of your lease with NY TEAM Federal Credit Union can keep you behind the wheel and save you money. With a lease buyout or purchase option, you can buy your leased vehicle at the end of the lease rather than return it. While the buyout price might differ from the current market value, the equity in some leased vehicles has been driven up beyond their buyout price due to the pandemic-related shortage of new cars.

If you’re a lessee, consider purchasing your car rather than turning it in every few years. Not only can you retain the equity in the car, but you can also eliminate certain end-of-term costs, such as mile overage and wear and tear. Plus, you’re already familiar with and happy with the vehicle.

NY TEAM Federal Credit Union offers lower interest rates, longer-term loans of up to 84 months, a quick and easy application process, same-day decision, and funding with the completion of required documentation. To apply for a refinance loan on your lease, you’ll need proof of insurance with the credit union added as loss payee, a payoff letter from your leasing company, and proof of income if requested.

Don’t give away your equity when your lease is up. Contact a team member to get started on your refinance application today. Not a member? It’s easy to join by applying online, visiting a location, or calling our team at 516-822-1070.

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