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iyH I'll be buying out my car lease in a few month...
# general
m
iyH I'll be buying out my car lease in a few months. Is there anything that I should know/do beforehand? The lease and insurance were a gift and paid for by someone else until now. Once I buy it out, it'll be my responsibility. Any and all tips appreciated!
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l
If you do financing make sure to shop around
a
I found it a little difficult to find credit for a buy out. For example Chase approved me for a car loan but was only for buying a new or used car, not a buy out.
m
Thank you. I also just found #C054FT0BS57 -- good tips there as well.
m
I havent heard of a bank financing a buyout. Where you able to find one?
a
No, I found another company that would do it.
c
Why wouldn't they finance a buyout? Whats the difference between pre-owned and buy out?
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m
Some lenders do some don’t. Why you might ask? If I was a lender I wouldn’t do it because I don’t know the condition of the vehicle as opposed to new or CPO I do.
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a
Ok that makes sense, I was considering getting financing from a dealership and they mentioned that I'd need to come down for an inspection. The lender I ended up going with didn't require one (they were in another state altogether)
m
over 6%?
a
Yes
m
Yeah so my lender for cars is right now at 5.8% and I don’t think they would let me buy out a lease or not go to a dealesrhip. 84 month terms but they want it to be legit.
👍 1
5.74% at 84 months. So since your guy is charging more, they can take more risk.
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m
84 months seems really long, especially for a lease buyout. The car will be underwater after a few years.
m
I don’t think anyone would do 84 months for a lease buyout
t
we got a capital one lease buyout loan. this was a few years ago though
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