Buy your Leased Vehicle
Plans change – and that can include deciding to keep your car at the end of its lease.
Cars are in short supply, in high demand, and often selling for a premium. All of this may have you wondering whether it makes sense to buyout your lease. We’re here to help, learn more about lease buyouts and find out if it’s the best financial option for you.
What is a lease buyout?
- With a lease buyout, you pay the remaining lease payments plus the residual value of the car listed in your lease contract. For example, if the cars residual value is $20,000 and you have two $500 payments left the lease buyout would be $21,000. (Additional fees such as a disposition fee among others may apply.)
- Usually, it makes the most sense to do a lease buyout near the end of your lease.
- An auto loan or personal loan may be an option for a lease buyout, at NY TEAM, we tailor our loans to meet your unique needs.
Does a lease buyout make sense for you?
- Evaluate the residual value in your lease contract to learn what your car will be worth at the end of your lease term to determine if a buyout is right for you.
- Find out if there will be any fees or sales tax due. Some lenders charge purchase option fees. Don’t get pressured at the dealership, check with us first to get the best rate and least fees possible.
- Assess the lease-end fees you might be subject to for any damage or over-mileage penalties.
At NY TEAM, we offer members expert guidance and can help you decide if a lease buyout makes financial sense for you. We offer quick approvals, great payment terms and low fixed rates! Give us a call or stop by to discuss your options!
Keep in mind, our rates don’t increase because it’s a lease buyout! You get the same great low rate if it’s a purchase, refi or lease buyout!
To qualify for a NY TEAM loan you must be eligible* for membership.