Exactly correct information. My friend today went to dealership where she leased her car. Lease is over and she wanted to have them lay out the options. They were only courteous when they thought she might return the car to buy a newer vehicle. Once she was wanting information on buying out the lease car they started talking about mysterious unstated license fees etc that would be added to the residual cost - almost 4000 extra dollars. Also they were rude and dismissive of her once they determined she might not want to trade it in to buy something newer from them! Great information in your video! Thanks!
Thank you Adam. I bought my lease from the bank and had no problem at all. Carvana offered me $3,000 over my residual value. I appreciate your videos and took your advice and was able to buy my lease.
Thanks! I suggest they call the present lender/owner of the lease and ask for a payout statement a month or more before lease end!! Take that to lender of new loan and call lender of new loan ahead of time and get their procedures!! Thanks!
I leased my vehicle Honda Accord in Nov 2019 for 36 mo, and the dealership has been reaching out to me every other day to return the car and lease a new one . I have driven the car for 16k miles and is in top notch condition . It’s market value right now is 25-26k right now. Residual value as of today is 14k. For sure I am going to buy it in a months time .
That’s great! By paying off early you save the rent charges included in the remaining monthly payments! You can also payoff directly with the finance company and not pay any dealer fees. Thanks for watching!
Thank you Adam … amazing video … I’m watching your video at 3AM… returning this lease is driving me crazy .. I had to do Uber and Lyft during a roughy patch of my life in 2022 and 2023 and now I have saved money to buy my lease … don’t know how to approach the dealer. After watching your video I’m not going to my original dealer for sure.
Question! Looking at videos because my lease ends in a couple months and I’m new to this. Will my car payments go up since I will be buying it or how does that part work?
Great advise. I just purchased my leased car from Genesis Finance. I was $2800 over milage. They potentially could have charged me for new tires and brakes at their rates. If I purchased the same car on the open market it would cost me at least 10.000 more than what I paid for Lease Buy-Out. I'll drive it until I find another great deal and Interest rates come back down. When your car is worth far more than the residual and you are over miles ALWAYS consider buying the car instead of turning it in.
The payoff amount is the residual value of your lease is over before that the payoff is the residual value plus any remaining lease payment. Just ask for the payoff amount whenever you are ready to do to!
It’s the leasing company who grants the extension it’s not up to the dealer. It’s a continuation with same payment. Some states do have a one time up front sales tax to extend. But other than that it should just continue on with same payment. Call your leasing company
Hi Adam, love your video. I want to buy out my lease as soon the lease is up. Aside from getting the loan thru the Bank or Credit union, what are the steps? Thank you
Hi was you able to get answers? I want to also buy my lease when it’s up. I see my buyout then a fee of 500.00 also. I have no clue what that fee is. I rather pay with a check at the end. Trying to get away from any payment. Any help be appreciated. Ty
I have a 2020 Camry SE, 32,000, my lease is up in March 2023, I’m probably going to go over the 36k mileage. The residual is about $15,500, I’m figuring in todays used car market, I can finance with my Bank, buy it, then re-sell for todays used car market value, make some $$, which is way more that 15,500, make sense ?? or is there a Catch ,??, thanks
Hi Eli! That’s a great plan and can definitely be done. The issues to know are will Toyota finance sell you the car directly with no dealer. Call and ask them that don’t ask the dealer. Then if so you have to account for sales tax to transfer title on top of the residual value price so that eats up some of your equity. Good luck! Thanks for watching!
So how does that work with the mileage certification? I'm at the end of my lease & want to go thru my credit union to finance my vehicle. Will they need to verify the mileage on it?
Thanks for the video , l have 2 payments left on the lease, residual is around 17.500 , can I just paid cash for that? And if I don’t want to go back to the dealer like you stated on this video, who do I call or how can I pay for the car in cash? Thanks,
I currently lease a 2020 Toyota Tacoma SR5. Lease ends 02/2023. My current residual as of 07/2022 is $22,400. Current value of my truck is over $10,000 over residual. I would like to purchase my truck. I will be moving out of state before end of lease. Do I need to purchase through dealership I purchased from.
Hi John! You need to call Toyota finance and speak to a live rep in order to get a payoff quote you can take to your own lender. Everything they have online and through the automated phone system tries to direct you back to the dealership. The dealer charges fees as a middle man and it costs more to buy with the dealer involved. Watch this video I made. It is a thank you email I got from another Toyota customer in CA just like you that I helped do this. She was able to avoid the dealer and their fees! Watch this short video. th-cam.com/video/LkZnXKaOKeE/w-d-xo.html
Yup, just bought out my lease through my credit union. Easy process, got the lowest rate and saved a few bucks. Dealership asking me "why you buying out your lease?" 😄 Beacause we like the vehicle and don't want to get into a new or newer car and have high monthly payments. Even got an extended warranty through my credit union. Great video, thanks!
When you are able to pay the leasing company directly with you own financing or cash. The leasing company mails you the title and bill of sale and you take it to the DMV yourself to transfer and re reg. The dealer is not involved at all so no fees from them. Who do you lease with some leasing companies force you back to the dealer in certain states unfortunately.
@The Lease Guy because my car is leased by Hyundai Finance through the dealership it's my concern I'll be forced to take back to the dealership where they will try to gut me on my buyout like you talked about in your video.
Hi and thank you so much for the information. I am wanting to buy my Volvo which is at the end of the lease and I’m just confused about what involvement the Volvo dealership even has. They too told me to come in but seems to only want to discuss putting me in a new car. What do I need to bring with me to go to a bank for a used auto loan? Thank you sooo much for your help!
Have a leased 2020 Toyota and want to keep it. Lease ends next year. What’s the best course if action? Checked prices on newer cars and monthly payments are double what I’m paying now. Thanks in advance
Hi Adrian! A lot of leases can’t be sold to 3rd parties. If not the lessee has to purchase first then sell the car to you. Call the leasing company to find out if they allow 3rd party sales. Thanks for watching!
We want to buy our leased 2021 Rav4 with 21,000km on it, but want to sell it privately as we want to buy a bigger car. What would be the best way, get a loan to buy the car out right, then private sell and pay off the loan, and make a profit, or what do you suggest?
Hi you could do that get a loan yourself to pay Toyota financial off. You then have to pay sales tax to transfer the title before selling it to a private buyer. The tax eats some of your equity. The other option is to just sell it directly back to any Toyota dealer directly without buying it yourself first. They will only pay wholesale value but you don’t have to buy it and pay tax so it could be similar equity amount paid to you in the end. Get an offer to buy from a Toyota dealers site see what they offer you.
Happy Delayed New Year. Hi there Kia Ending Lease In June 2023, went to dealer and they say we buy loose 5K we gave in June 2021, 10K mint condition, love new car and need to make a new down payment, what the best option.
Are you asking if you should trade in early? Sorry I missed this comment send me an email with more details if you still need help. TheLeaseGuy@USA.com
Hi Weiwei! Yes they have a payoff page on their website you can pay them directly. You can also get a payoff quote packet to take to your own bank by calling 1800 428 4034. Unless you live in Colorado, Florida, or South Dakota then they make you go back to the dealer. Thanks for watching!
Yes you need to provide an odometer statement with the current mileage usually. Ask the leasing company for a payoff packet it should have everything you need to fill out. Thanks for watching!
thanks for the info buddie!.. i’m paying 700 a month on a lease 2020 acura mdx and i feel like i like this car and i put in so much money i do want a new high end car at the same time i think i wanna buy it out ..finance it and fix my credit for the next few years does that make sense to u?
You are welcome! It’s a good car to buy if you want to buy a used car. The issue always is trading back in any financed car before it is paid off. Financing a car is best when you keep it long term after it’s paid off. Just know if you trade it back in before then it could be upside down.
Hi Adam, Thanks for your videos. I believe that more people, including myself, would love to hear and watch more videos by you pertaining to buying their current leased auto. I believe that those who have leased a vehicle a couple of years ago which means that their lease is up in a year have a great financial benefit of buying their car and paying the residual price of their leased vehicle when the lease ends next year. I am in that situation. I leased a 2020 Ford Escape Titanium in January of 2020. I signed up for a 39 month lease that ends in March of 2023. The residual value of my leased car is incredibly low compared to the price of used cars today. I would love to see you put out another video on this same subject explaining in details the steps one needs to take to do this and the advantages and disadvantages of this action. Thanks for all you do.
Hi Ron! Thank you so much! I think buying out your lease is a great idea for all the reasons you said. Stay tuned I’ll put out more content about it for sure. I appreciate the suggestion and Thanks for subscribing!
My BMW lease is up this Oct (2022) and the residual is way below current market value so I think I'll buy it and/or trade it in later however...do you know if BMW will let me get outside financing as an instant cash Co just said their bank won't let them deal with BMW. I think that just started this year. Thanks!
Hi! Just call BMW financial and ask them if you can do a direct buyout. If so get a payoff packet and take to a lender of your choosing. If any lender doesn’t do direct payoffs then find a lender that does. Plenty of them do. Credit unions are good to check with also. Thanks for watching!
Oh, that is a great information. Since I've never bought a lease car in the past, I was thinking about bringing back my lease car to the dealer to make a negotiation for the price... Suppose that I can buy out the car online, all what I gotta do is to pay off then go to the DMV to get the title, right? If you could tell me the step by step on purchasing it, that would be great. Thank you.
Hi, Maybe you can help, my leased car might be totaled it was hit while it was parked, my question is if the insurance totals the car and ACV it’s more than the amount I owe by the contract, who gets the difference? Basically it’s the opposite of the GAP insurance. Thank you!
Hi Eugene! If ever there was a time to total your car it’s now as long as your not hurt of course. The amount paid out over the payoff due on the lease should go to you!
Hi I have a question my lease would be up in 1yr so I would like to make sure do I not bring my car in at all. I should just go to a credit union get a check and take it to lexus dealership? Lastly how do I know how much the check should be do I call lexus first ?
Hi! You call your leasing company for a payoff quote packet to give to your credit union. Lexus/ Toyota financial should be your leasing company. Thanks for watching!
Thanks that’s a great question! Typically no the lessee would have to purchase first transfer title then sell to you which would mean double sales tax. Here is where involving the dealer may help they can broker the sale but they will charge you a fee. The question is the dealer fee more or less than transferring title twice without dealer. Could go either way. Thanks for watching!
@@TheLeaseGuy1 One last question if you don't mind? I have the residual of roughly 27k and have written offers from Carvana and Driveway for up to 38k, Driveway has another car for 15k, will I have to pay sales tax on both cars and interest on both cars? Let's say I buy out the lease, I figure I have to pay the sales tax to get the registration to have the right to sell it to Driveway, but then I'll have to pay sales tax to Driveway on the other car I buy from them after selling them the lease I just bought? What about the interest on the financing of both cars?
Yes you would have to pay tax for both. You don’t have to sell the current lease at the same place you get the new car. Go to every Ford dealers website near you most will have sell us your car offers available. Get lots of offers and sell to who offers the most. They buy cars just like Carvana and then you don’t have to lose equity paying tax to buy it yourself first. I don’t recommend trading it’s better to sell and shop separately. You can leave a Ford dealer with a check.
You have to go back through the dealer to finance with them and pay the dealer fees to do it. You can also finance on your own and not pay the dealer anything.
No they are known as an indirect lender. You can only access their lending through a dealership never directly. They were created by the manufacturer to help the dealers sell inventory. If they gave direct financing it would keep people from going back to the dealer and defeat their whole reason for being.
Hi Lee! So the Turn in fee is the finance companies requirement. You can’t negotiate it off of a contract the dealer can’t remove it. However the turn in fee is only ever actually paid if you return the vehicle and walk away. For most leases if you lease again they waive it. If you trade in and dealer pays off your lease it’s waived. If you payoff the lease yourself it’s waived. So really only people who turn In a lease and walk away get charged it. The point of it is to cover the transport and auction costs to resell it.
Florida makes you go to the dealer to buy your car after lease ends. Markup of close to $2000 more than residual value. $999 dealer fee, $500 inspection fee, $500 doc fees (includes$299 electronic filing fee).
Thanks for the comment. I work for a leasing company that sells tons of lease end buyouts directly to customers in Florida without a dealer. I’d question your source especially if the dealer is telling you that. I know for a fact it’s not the case. Call the leasing company and ask for a direct payoff quote don’t go to dealer. Let me know if you find out more! Thanks for watching!
If you had a choice would you finance the car or buy it off cash? Right now with interest rate going up on everything, I have liquid funds to buy off the car. Would love your thoughts. Thank you so much!
Hi Janice! I would probably finance my own lease buyout and invest the cash if I had it. Everyone’s situation is different. If you don’t want a car payment and have the money to spare then paying off outright is not a terrible option. You can always sell or trade a car you own to recoup some of what you paid. I am not a financial advisor though. Thanks for watching!
Excellent videos. thank you. I bought one car from Nissan for 18 months lease. After 1 year I thought of buy out but Nissan is asking their own finance and they don't accept any bank checks. Only personal check they will accept. In this situation how can buy out this car from the dealer and get loan from bank/DCU instead of Nissan Finance. It is 20k residual . Now the buy out price seems to be 25k including tax, title and other all fees. I already paid 5k as emis and initial down. its Altima
Thank you! This sounds like you were trying to pay the dealer who won’t accept an outside bank check unless they set up the financing. You should be able to pay Nissan Finance directly with your banks check and not go through the dealer at all. As long as Nissan finance accepts direct payoffs in your state. Some leasing companies have restrictions in certain state and make you go back to the dealer. Thanks for watching!
I would like to buy my nephews lease and he intends to get another lease …I have access to my own funds via a home equity line of credit …my nephew was advised by the dealer that his preferred car for the next lease would take 4-6 months therefore I suppose he will have to buyout the lease before he gets into his next lease ….what do you recommend as to next steps
He could request a lease extension while he waits for his new lease. You usually can’t directly buy his lease as a 3rd party. He likely at some point would have to buy the current lease himself pay sales tax transfer the title then sell it to you once he owns it. Then you pay tax again and transfer the title a 2nd time into your name. Who is the lease with?
Hello, I have a question, what if you want to purchase a used car, when you turn in your lease car, Honda does offer this service, because I did want to get a 2021 CRV, can this be done without giving up my first born?
Hi Derrick! You can trade your lease back into the dealer for any new or used car they have for sale. Same principles apply ask for trade equity toward the used car you pick out instead of a new one. I would warn you it’s not likely any dealers have any 2021s left to sell. More likely selling 3 year old used cars like 2019s. Have to shop the used car lot at the honda dealer to see what they have. Thanks for watching!
If I want to refinance, do I tell my credit union it's a new car (because I bought it new 4 weeks ago from the dealer), or is it now technically a used car loan? The used car rates are way higher than a new car one...
It pretty early to refinance a lease you just got. You will have to pay sales tax again to transfer the title and you refi payment will likely be higher than your lease payment. Up to you but might want to just keep it as a lease and refinance later. I’m not sure what the credit union would consider it since just got it tech it’s a used car it’s already been titled once in the leasing companies name. You will be the 2nd owner when you do refinance Lx
Hi Minji! First ask your leasing company if they allow 3rd party trades. If they say no then you would have to buy the lease first to sell it to a different dealer. You will have to transfer the title and pay sales tax before you can sell it. Thanks for watching!
My lease document says I have to go back to the dealership. Can I avoid going back or do I have to now go and get stuck with additional charges to buy out my lease?
I’ve got 8 months to go on my lease. When is the best time to look at loans from a credit union or bank? Definitely sounds like going the dealer is not the way to go.
Love the video thank you. What about this situation. Selling your soon-to-be expiring lease and getting another vehicle?? I'm looking to get rid of it and make the most money I can from it but should I buy out the lease and sell it to someone else?? What are your thoughts?? Much appreciated!!
Hi! The easiest thing is to trade the current lease in for the next one and ask the dealer for trade in equity. The dealer won’t give you as much as you could get selling it yourself, but it’s much simpler to do. If you decide to try and sell the lease yourself you first need to know if your leasing company allows 3rd party sales. Most don’t so if not you have to purchase the lease yourself first. Pay tax and title fees to transfer ownership into your name. Then sell the car to a 3rd party. The tax and title fees will eat up some of the equity. You still will likely get more money out of the car but it takes more effort than just direct trading it back to the dealer. Also it’s risky to sell your current car first before you have a new one lined up. You could end up with no car if you can’t find a good deal on a new car you like. Thanks for watching!!
@@TheLeaseGuy1 thank you very much for that info!! I really appreciate it. My situation now is that I have a take home vehicle for work and it just doesn't make sense to be paying for a truck I don't use. Looking to see maybe getting them to have it extend to going to the gym and grocery shopping aside from work. Plus I don't pay for gas with the take home. Really appreciate the information 😎
In California you have to do a dealer assisted buyout, something to do w dealership laws, prevents Nissan from selling it to you through a credit union or bank.
That’s a Nissan thing not a California thing. Some leasing companies do have certain states they won’t do direct payoffs in, but that doesn’t apply to all leasing companies in that state. Honda Finance does direct payoffs in CA and all other 50 states for example.
I recommend calling around to multiple Nissan dealers ask them what fees they charge it varies by dealer and choose the one with the smallest fees. You can decide which Nissan dealer you use.
My Nissan rouge lease is ending in July and I called finance company of Nissan. I have been told that I have to go to any Nissan dealer to purchase the car plus the three hundred dollar fees. I wanted to know what should I do in this case? What do I need to be aware of?
Hi Karen! If Nmac won’t sell you the car directly then $300 dealer fee is not that bad. They will likely try to sell you more products to add to that like extended warranty and service packages up to you if you want those things. You will also have to pay tax, title, and registration so expect that. Good luck! Thanks for watching!
I want to buy out my leased 2020 Chevy Equinox with cash,I dont need a loan, GM wants me to go to a dealership, you said dont go to a dealership, well what do I do. GM doesnt handler buy outs.
It can’t always be done it can depend on what state you live in. If the leasing company operates as a dealer in your state they may not be able to sell it to you directly without their dealer involved to do the paperwork. I’m sorry if that is the case for you it sounds like it is. Thanks for watching!
Do I have to buy from the dealer in colorado? Edit I've got a hyundai tuscon it's rad, but I HATED Arapaho hyundai in centennial colorado so much I haven't been back for 2 years.
Yes for Hyundai in Colorado they make you payoff at a dealer. You don’t have to go to the same Hyundai dealer you can use a different one if you want .
I’ve heard that Florida requires you to go through the dealership to do a lease buyout. But when I go to the specie finance company they go through (Southeast Toyota) it shows on their FAQs that you can go through them directly and that they allow most (not all) third party banks. ??
The rule to have to go through a dealer comes form a particular leasing company it’s not mandated by the state for everyone who leases. It just an individual leasing companies rule for that state. if your leasing company allows direct payoffs with no dealer you can do that in Florida.
Hi can you please tell me my buy out is 20,681 and documentation fee of 500. What is that fee exactly? I want to buy my lease when the time comes, but I don’t want to get ripped off by the dealership either. even though my daughter and son-in-law keeps leasing from them, but I’m getting up in age where I just don’t want no more car payments I’d rather purchase my vehicle. Is it hard to buy from the leasing company and then what happens after that I any help would be appreciated. Ty
The documents to buy a lease are usually pretty simple. Call your leasing company for a Payoff packet it will have everything you need to either pay out of pocket or get a loan from a bank or credit union. Odometer statement and address to mail the payment too is usually all you need and should be in the payoff packet.
I have a question. I watched other videos and some say to try to negotiate with the company that has the lease to see if they can offer a good deal to finance with them? Good first step or just try with like the bank I’m with or other finance institutions?
question,im trying to get a tacoma.i see on their page 2800$ due at signing at 309 for 36 months...if i were gonna go that route and decide to keep it which i most likely would.does that money go towards the buy out? once i try to get it finance through my credit union .?
Hi! No money spent to start the lease goes toward the buyout at the end. Any down payment is applied to the initial purchase price of the car. It pays down your monthly lease payment not the final buyout price. Also be aware the advertised monthly payment does not include tax, title, or fees. So the actual payment is not $309 it’s likely closer to $500. Thanks for watching!
Thanks for useful information, could you please give some info about leasing option how to negotiate the MSRP, hold back $, and money factor, and dealer delivery and destination charges. Thanks in advance
Hi Adam,I will buy my Toyota lease but could I bring it to say a ram dealer,would they buy the lease and I can use my equity towards the ram or should I buy it from Toyota?
Hi Larry! If you could trade your car directly to a 3rd party dealer that would be great, but most lease contracts don’t allow that. You would need to ask Toyota financial if that is allowed. If not you would have to purchase it yourself first before you sell it. That means you also have to pay sales tax and transfer the title into your name. Once you own it you can sell it to anyone. You get the most selling it yourself to a private buyer. Dealers will give you about $5K less when you trade to them because they need toy leave room to to mark it up for resell to make a profit. Thanks for watching!!
I have a question. I have a 2020 Hyundai Sonata Limited and the lease is up in March 2023. If i finance using a credit union will Hyundai drop all warranty that came with the car? For instance, I know that they offer 100,000 miles or 10 years warranty, which ever comes first. But I am thinking maybe i can only get this offer if i buy the car through Hyundai. Thoughts?
You get any original warranties that came with the car the bumper to bumper and power train. If you are wanting to buy an extended manufacturers warranty you have to purchase through the dealer. I am not a big fan of extended warranties.
All new cars get the same warranties. Leases and financed vehicles have identical manufacturers warranties. It doesn’t matter how you pay for the car when it comes to warranties.
great video, thanks for the tip but other question I have my lease is up in September, should I wait or should I start the process now and just buy my lease out soon as possible?
Hi Ralph! Need to just ask the leasing company. I would hope you save the remaining rent charges like saving remaining interest if you pay off a loan early. A current payoff quote would cover the rest of your lease. Hopefully your lender won’t charge any early termination fees. Just need to ask. Thanks for watching!
Hi Adam,I’m going to buy my lease car,here’s my question,my loan will be approximately 29k,I plan on trading it in for a truck, I plan on put down 10k,do I put it down on my lease car to make the loan 19k or do I put it down on the new truck?please help
Hi! We just got our first car. Which is lease. Day one! We already decided to continue to buy it. What’s your suggestion. Should we wait until the lease expires which is 3yrs from now then buy it? (credit score is just 645) or any other option?? Would love to hear your recommendations
To payoff a lease requires you to pay sales tax and transfer the title again. If refinancing you would likely increase your payment from what it is as a lease now. If it were me I would wait to purchase it closer to the end of the lease. Ot really depends on the terms of your lease and what interest rate you qualify for but since it’s already leased switching this early is a lot of extra effort for likely a higher payment.
Hi Adam, I leased a car for 3 yrs with 10K per year and i have gone over the mileage by 20470. The value is per dealership 13,897 and they want me to pay for non tax fees and taxable fees of 249.50. the loan will be for 15,600 approx,., Should i just go thru with this or talk to the lease people because i dont think they called them since it is Saturday and their closed?
This was so reassuring!! My lease with Honda ends in a few months:) Question: The process would be to get a payoff quote from Honda and then get a low interest auto loan from my credit union to pay for car outright?
Hi! You got it that’s exactly right! Take your quote to a lender of your choosing don’t let the dealer broker your financing. Save all the fees the dealer would have charged you. Thanks for watching!
@@TheLeaseGuy1 I've got 2 months left before lease end. I've read if you finance at a lender on your own, there could be a lapse in the registration where it's in limbo for several days and perhaps not be able to use the car, (yeah, sounds crazy to me), so is that true, if so, how do I avoid that? I've always owned my cars, so this is the first time I'm in this situation. I'll make a car pymt in 4 days which leaves me one more pymt on my lease. Kind of hoping to maybe get something done by the end of this week and be done with it? I plan to keep it.
If you know when your current registration expires then payoff the lease a month or so early to give the title time to come so you don’t have a lapse in registration. Current lease payoff quote should just cover the remaining lease payments so you don’t pay them. Its the same difference as paying the payments they are just included in the payoff. If you plan ahead it’s easy to avoid registration GAPs. Good luck! Thanks for watching!
Great video Lease Guy. Quick question. Buying my leased 4Runner. Sent payoff check to US Bank. 4 days since UPS confirmed delivery of check, but US Bank still has not cashed it. How long before they deposit it and send me vehicle title?
Thank you! Typically takes 2-5 bus days for processing of the check. You definitely want to see it clear that tells you they have it. Then it takes another few days to get title ready and mail out. Volume is very high right now bc of the market conditions they may be a little behind. It normally takes 2-3 weeks total to get your title. If your check is not cashed soon you need to calm them. Thanks for watching?
Hi i leased a Lexus IS 300 2020 3 yrs ago. High monthly payment 810.00 a month lease is over in may but they want 5000 down & 20,000 still on loan to buy i can’t afford it any longer & credit score gone down. What do you recommend i want to get rid of it & finance another car. Do i just sell it to dealers i owe 26,000 on lease trying to get 21,000 / 24,000 to pay most of 26,000 never will lease again. Waste of money 🤦🏻♀️😩 Help!!
Hi Matt! No you can payoff Honda/Acura finance directly with a loan from your own lender. You don’t have to go to the dealership at all. The only way to finance with Honda finance is back through the dealer and it cost more because you have to pay the dealer to set it up for you. Just get your own financing and avoid the dealer.
@@TheLeaseGuy1 ah ok thank you. We have some time before it is up, but with the market the way it is I want to give myself plenty of time to do the research and make the decision that’s going to be the most financially responsible. I will definitely have some equity in the car since the mileage is way under the agreement so I’m weighing my different options.
That makes perfect sense. Here is the phone # to the Acura Lease Maturity center when you are ready. 866 777 6495. Call them and ask for a payoff packet.
You can pay it off whenever you want. however many many months early you pay off you save that many months of rent charge. Same idea as paying off a loan early and saving future interest. You could however have a higher payment after you refinance. I’d keep it on lease longer if the lease payment is the smaller payment.
linktr.ee/theleaseguy
Exactly correct information. My friend today went to dealership where she leased her car. Lease is over and she wanted to have them lay out the options. They were only courteous when they thought she might return the car to buy a newer vehicle. Once she was wanting information on buying out the lease car they started talking about mysterious unstated license fees etc that would be added to the residual cost - almost 4000 extra dollars. Also they were rude and dismissive of her once they determined she might not want to trade it in to buy something newer from them! Great information in your video! Thanks!
Thanks Jay Cutler!
Thank you Adam. I bought my lease from the bank and had no problem at all. Carvana offered me $3,000 over my residual value. I appreciate your videos and took your advice and was able to buy my lease.
i’m so happy to stumble upon your video. We are about to go back to our dealerships and process to buy our lease car. Thank you much.
the change in attitude when I mentioned I wanted to purchase the vehicle in cash, he is right
Thanks! I suggest they call the present lender/owner of the lease and ask for a payout statement a month or more before lease end!! Take that to lender of new loan and call lender of new loan ahead of time and get their procedures!!
Thanks!
That exactly right you got it!! Avoid those dealer fees!
I leased my vehicle Honda Accord in Nov 2019 for 36 mo, and the dealership has been reaching out to me every other day to return the car and lease a new one . I have driven the car for 16k miles and is in top notch condition . It’s market value right now is 25-26k right now. Residual value as of today is 14k. For sure I am going to buy it in a months time .
That’s great! By paying off early you save the rent charges included in the remaining monthly payments! You can also payoff directly with the finance company and not pay any dealer fees. Thanks for watching!
I was about to call my dealership to inform them of my plans. Thank you for the heads up!
I’ll do what you said and buy it out outside the dealership.
Thank you Adam … amazing video … I’m watching your video at 3AM… returning this lease is driving me crazy .. I had to do Uber and Lyft during a roughy patch of my life in 2022 and 2023 and now I have saved money to buy my lease … don’t know how to approach the dealer. After watching your video I’m not going to my original dealer for sure.
Absolutely great advice
😊 thank you and thanks for watching!
Question! Looking at videos because my lease ends in a couple months and I’m new to this. Will my car payments go up since I will be buying it or how does that part work?
Great advise. I just purchased my leased car from Genesis Finance. I was $2800 over milage. They potentially could have charged me for new tires and brakes at their rates. If I purchased the same car on the open market it would cost me at least 10.000 more than what I paid for Lease Buy-Out. I'll drive it until I find another great deal and Interest rates come back down. When your car is worth far more than the residual and you are over miles ALWAYS consider buying the car instead of turning it in.
Hi Adam, thank you for sharing your knowledge.
From Florida.
Good straight to the point video👍
Thank you and Thanks for watching!
Thank you I will be going through my credit Union I have a 2019 Nissan 17k miles my lease mileage allowances was 48k definitely buying out my car
What about a warranty?
Do residual values that are determined at the beginning of the lease usually match the true market value at the end of the lease?
If I want to buy my lease out with cash and not finance, any tips for that?
if you go to your own bank or credit union can you negotiate the price just as if you were buying a used car?
What about safety inspection fees ? Dealer requesting before buying my leased car
What is the amount that we should ask for finance? Just the residual value?
The payoff amount is the residual value of your lease is over before that the payoff is the residual value plus any remaining lease payment. Just ask for the payoff amount whenever you are ready to do to!
Thank you for this information. This was very helpful.
Adam do dealerships allow a lease extension (such as adding another year) and would this happen to add extra fees ?
It’s the leasing company who grants the extension it’s not up to the dealer. It’s a continuation with same payment. Some states do have a one time up front sales tax to extend. But other than that it should just continue on with same payment. Call your leasing company
🔥🔥🔥🔥🔥🔥🔥 thank u!!!
THANK YOU. Much needed info right here
Thanks for watching!
Hi Adam, love your video. I want to buy out my lease as soon the lease is up. Aside from getting the loan thru the Bank or Credit union, what are the steps?
Thank you
Hi was you able to get answers? I want to also buy my lease when it’s up. I see my buyout then a fee of 500.00 also. I have no clue what that fee is. I rather pay with a check at the end. Trying to get away from any payment. Any help be appreciated. Ty
thank you very much for your info.
Once i get my loan through a credit union, doni have to go back to the dealer to buy out the car?
I have a 2020 Camry SE, 32,000, my lease is up in March 2023, I’m probably going to go over the 36k mileage.
The residual is about $15,500, I’m figuring in todays used car market, I can finance with my Bank, buy it, then re-sell for todays used car market value, make some $$, which is way more that 15,500, make sense ?? or is there a Catch ,??, thanks
Hi Eli! That’s a great plan and can definitely be done. The issues to know are will Toyota finance sell you the car directly with no dealer. Call and ask them that don’t ask the dealer. Then if so you have to account for sales tax to transfer title on top of the residual value price so that eats up some of your equity. Good luck! Thanks for watching!
@@TheLeaseGuy1
Thank you Sir, great channel to find at these times👍, I subscribed , Be well and thanks again 👋
Happy to hear that. Thank you very much!
Also same strategy in Canada? Thank you so much for these info! Subscribed for sure.
Hi Jeff! Yes it should apply in Canada too! Thanks for watching!!
Is it good to lease a car through a broker there is any hiding fees we don’t know. Let me know. Thank you.
Does this hold true in 2023?
So how does that work with the mileage certification? I'm at the end of my lease & want to go thru my credit union to finance my vehicle. Will they need to verify the mileage on it?
Super helpful video - thank you!
My pleasure! Thanks for watching.
Thanks for the video , l have 2 payments left on the lease, residual is around 17.500 , can I just paid cash for that? And if I don’t want to go back to the dealer like you stated on this video, who do I call or how can I pay for the car in cash? Thanks,
I currently lease a 2020 Toyota Tacoma SR5. Lease ends 02/2023. My current residual as of 07/2022 is $22,400.
Current value of my truck is over $10,000 over residual.
I would like to purchase my truck.
I will be moving out of state before end of lease.
Do I need to purchase through dealership I purchased from.
Hi John! You need to call Toyota finance and speak to a live rep in order to get a payoff quote you can take to your own lender. Everything they have online and through the automated phone system tries to direct you back to the dealership. The dealer charges fees as a middle man and it costs more to buy with the dealer involved. Watch this video I made. It is a thank you email I got from another Toyota customer in CA just like you that I helped do this. She was able to avoid the dealer and their fees! Watch this short video.
th-cam.com/video/LkZnXKaOKeE/w-d-xo.html
Thanks Adam I’ll keep you informed how things shake out after my purchase.
Yup, just bought out my lease through my credit union. Easy process, got the lowest rate and saved a few bucks. Dealership asking me "why you buying out your lease?" 😄 Beacause we like the vehicle and don't want to get into a new or newer car and have high monthly payments. Even got an extended warranty through my credit union. Great video, thanks!
Joel that’s great!! I love to hear that! Thanks for sharing and thanks for watching!!
Joel, once you got approval did you need to go into the dealership to do the paperwork and was there a processing fee of $500 or more?
When you are able to pay the leasing company directly with you own financing or cash. The leasing company mails you the title and bill of sale and you take it to the DMV yourself to transfer and re reg. The dealer is not involved at all so no fees from them. Who do you lease with some leasing companies force you back to the dealer in certain states unfortunately.
@@TheLeaseGuy1 Yes, Florida is one of the states that makes you go back to the dealership to finish the transaction. But it's all good.
@The Lease Guy because my car is leased by Hyundai Finance through the dealership it's my concern I'll be forced to take back to the dealership where they will try to gut me on my buyout like you talked about in your video.
Great info,
What if you had the truck for two months and haven't made the first payment yet?
Hi and thank you so much for the information. I am wanting to buy my Volvo which is at the end of the lease and I’m just confused about what involvement the Volvo dealership even has. They too told me to come in but seems to only want to discuss putting me in a new car. What do I need to bring with me to go to a bank for a used auto loan? Thank you sooo much for your help!
Have a leased 2020 Toyota and want to keep it. Lease ends next year. What’s the best course if action? Checked prices on newer cars and monthly payments are double what I’m paying now. Thanks in advance
You can buyout your lease. I’d be happy to help you the link to book a call with me is in my page description!
Is this similar if I would like to buy out someone else's last?
Hi Adrian! A lot of leases can’t be sold to 3rd parties. If not the lessee has to purchase first then sell the car to you. Call the leasing company to find out if they allow 3rd party sales. Thanks for watching!
What is your experience with LeaseEnd?
who do i call to send that payment to?
This was good
Thanks bro this was very helpful for my girlfriend in this exact scenario
We want to buy our leased 2021 Rav4 with 21,000km on it, but want to sell it privately as we want to buy a bigger car. What would be the best way, get a loan to buy the car out right, then private sell and pay off the loan, and make a profit, or what do you suggest?
Hi you could do that get a loan yourself to pay Toyota financial off. You then have to pay sales tax to transfer the title before selling it to a private buyer. The tax eats some of your equity. The other option is to just sell it directly back to any Toyota dealer directly without buying it yourself first. They will only pay wholesale value but you don’t have to buy it and pay tax so it could be similar equity amount paid to you in the end. Get an offer to buy from a Toyota dealers site see what they offer you.
Happy Delayed New Year.
Hi there Kia Ending Lease In June 2023, went to dealer and they say we buy loose 5K we gave in June 2021, 10K mint condition, love new car and need to make a new down payment, what the best option.
Are you asking if you should trade in early? Sorry I missed this comment send me an email with more details if you still need help. TheLeaseGuy@USA.com
Can I buy my car out of lease online without going to the dealer? How that works? I am leasing with Volkswagen credits
Hi Weiwei! Yes they have a payoff page on their website you can pay them directly. You can also get a payoff quote packet to take to your own bank by calling 1800 428 4034. Unless you live in Colorado, Florida, or South Dakota then they make you go back to the dealer. Thanks for watching!
Nice information. Many thanks
Thanks for watching!
Is there any paper work that needs to be done in terms of tittle ??
Yes you need to provide an odometer statement with the current mileage usually. Ask the leasing company for a payoff packet it should have everything you need to fill out. Thanks for watching!
Adam, I’ve had my lease for 1 year. How can I turn the lease to a finance? I owe 48k
Is it ever TOO early to buyout my lease? I’ve only been leasing my current vehicle for about 6 months on a 36 month lease. Appreciate your advice!
thanks for the info buddie!.. i’m paying 700 a month on a lease 2020 acura mdx and i feel like i like this car and i put in so much money i do want a new high end car at the same time i think i wanna buy it out ..finance it and fix my credit for the next few years does that make sense to u?
You are welcome! It’s a good car to buy if you want to buy a used car. The issue always is trading back in any financed car before it is paid off. Financing a car is best when you keep it long term after it’s paid off. Just know if you trade it back in before then it could be upside down.
My lease is up and I’m thinking of buying it (RV=30K; MV=34). Since best rate for financing it is 6%, is it a good idea to just buy it with cash?
Hi Adam, Thanks for your videos. I believe that more people, including myself, would love to hear and watch more videos by you pertaining to buying their current leased auto. I believe that those who have leased a vehicle a couple of years ago which means that their lease is up in a year have a great financial benefit of buying their car and paying the residual price of their leased vehicle when the lease ends next year. I am in that situation. I leased a 2020 Ford Escape Titanium in January of 2020. I signed up for a 39 month lease that ends in March of 2023. The residual value of my leased car is incredibly low compared to the price of used cars today. I would love to see you put out another video on this same subject explaining in details the steps one needs to take to do this and the advantages and disadvantages of this action. Thanks for all you do.
Hi Ron! Thank you so much! I think buying out your lease is a great idea for all the reasons you said. Stay tuned I’ll put out more content about it for sure. I appreciate the suggestion and Thanks for subscribing!
@@TheLeaseGuy1 Adam, Thanks for the reply. Looking forward to watching that video.
I’m in the same situation . So my residual value is 12000 . Is that the value I pay left ?
Hi! The residual value is what’s left after you make all the lease payments. It’s the payoff at the end of the lease. Thanks for watching!
My BMW lease is up this Oct (2022) and the residual is way below current market value so I think I'll buy it and/or trade it in later however...do you know if BMW will let me get outside financing as an instant cash Co just said their bank won't let them deal with BMW. I think that just started this year. Thanks!
Hi! Just call BMW financial and ask them if you can do a direct buyout. If so get a payoff packet and take to a lender of your choosing. If any lender doesn’t do direct payoffs then find a lender that does. Plenty of them do. Credit unions are good to check with also. Thanks for watching!
Oh, that is a great information. Since I've never bought a lease car in the past, I was thinking about bringing back my lease car to the dealer to make a negotiation for the price... Suppose that I can buy out the car online, all what I gotta do is to pay off then go to the DMV to get the title, right? If you could tell me the step by step on purchasing it, that would be great. Thank you.
Hi,
Maybe you can help, my leased car might be totaled it was hit while it was parked, my question is if the insurance totals the car and ACV it’s more than the amount I owe by the contract, who gets the difference? Basically it’s the opposite of the GAP insurance.
Thank you!
Hi Eugene! If ever there was a time to total your car it’s now as long as your not hurt of course. The amount paid out over the payoff due on the lease should go to you!
Hi I have a question my lease would be up in 1yr so I would like to make sure do I not bring my car in at all. I should just go to a credit union get a check and take it to lexus dealership? Lastly how do I know how much the check should be do I call lexus first ?
Hi! You call your leasing company for a payoff quote packet to give to your credit union. Lexus/ Toyota financial should be your leasing company. Thanks for watching!
Great video. I have a question, can you buy someone else’s lease car from them?
Thanks that’s a great question! Typically no the lessee would have to purchase first transfer title then sell to you which would mean double sales tax. Here is where involving the dealer may help they can broker the sale but they will charge you a fee. The question is the dealer fee more or less than transferring title twice without dealer. Could go either way. Thanks for watching!
Basically, i get the rights to use their buyout option if they plan on returning the car.
If this leasing company allows 3rd party payoffs then that’s great!
Thank you ! This helped me 🥲
Does this work for Ford leases finance through Ford Credit too?
Hi! Yes they provide payoff quotes and provide you the address to mail in a payoff directly to them on their website. Thanks for watching!
@@TheLeaseGuy1 One last question if you don't mind? I have the residual of roughly 27k and have written offers from Carvana and Driveway for up to 38k, Driveway has another car for 15k, will I have to pay sales tax on both cars and interest on both cars? Let's say I buy out the lease, I figure I have to pay the sales tax to get the registration to have the right to sell it to Driveway, but then I'll have to pay sales tax to Driveway on the other car I buy from them after selling them the lease I just bought? What about the interest on the financing of both cars?
Yes you would have to pay tax for both. You don’t have to sell the current lease at the same place you get the new car. Go to every Ford dealers website near you most will have sell us your car offers available. Get lots of offers and sell to who offers the most. They buy cars just like Carvana and then you don’t have to lose equity paying tax to buy it yourself first. I don’t recommend trading it’s better to sell and shop separately. You can leave a Ford dealer with a check.
How about dealing with lease company acura when they give me a call. I could just finance through them right?
You have to go back through the dealer to finance with them and pay the dealer fees to do it. You can also finance on your own and not pay the dealer anything.
@@TheLeaseGuy1 Oh I assumed the finance company would do it over the phone lol. Ok so its best I find my own bank thank you
No they are known as an indirect lender. You can only access their lending through a dealership never directly. They were created by the manufacturer to help the dealers sell inventory. If they gave direct financing it would keep people from going back to the dealer and defeat their whole reason for being.
When you lease a car, can you negotiate the lease disposition fee(turn in fee)?
Hi Lee! So the Turn in fee is the finance companies requirement. You can’t negotiate it off of a contract the dealer can’t remove it. However the turn in fee is only ever actually paid if you return the vehicle and walk away. For most leases if you lease again they waive it. If you trade in and dealer pays off your lease it’s waived. If you payoff the lease yourself it’s waived. So really only people who turn In a lease and walk away get charged it. The point of it is to cover the transport and auction costs to resell it.
Florida makes you go to the dealer to buy your car after lease ends. Markup of close to $2000 more than residual value. $999 dealer fee, $500 inspection fee, $500 doc fees (includes$299 electronic filing fee).
Thanks for the comment. I work for a leasing company that sells tons of lease end buyouts directly to customers in Florida without a dealer. I’d question your source especially if the dealer is telling you that. I know for a fact it’s not the case. Call the leasing company and ask for a direct payoff quote don’t go to dealer. Let me know if you find out more! Thanks for watching!
They do. I’m leasing with lexus/toyota and i want out
I’m in Florida and Kia is telling me I a have to go to the dealership. I’d rather not, but not sure I have a choice
If you had a choice would you finance the car or buy it off cash? Right now with interest rate going up on everything, I have liquid funds to buy off the car. Would love your thoughts. Thank you so much!
Hi Janice! I would probably finance my own lease buyout and invest the cash if I had it. Everyone’s situation is different. If you don’t want a car payment and have the money to spare then paying off outright is not a terrible option. You can always sell or trade a car you own to recoup some of what you paid. I am not a financial advisor though. Thanks for watching!
Excellent videos. thank you. I bought one car from Nissan for 18 months lease. After 1 year I thought of buy out but Nissan is asking their own finance and they don't accept any bank checks. Only personal check they will accept. In this situation how can buy out this car from the dealer and get loan from bank/DCU instead of Nissan Finance. It is 20k residual . Now the buy out price seems to be 25k including tax, title and other all fees. I already paid 5k as emis and initial down. its Altima
Thank you! This sounds like you were trying to pay the dealer who won’t accept an outside bank check unless they set up the financing. You should be able to pay Nissan Finance directly with your banks check and not go through the dealer at all. As long as Nissan finance accepts direct payoffs in your state. Some leasing companies have restrictions in certain state and make you go back to the dealer. Thanks for watching!
I would like to buy my nephews lease and he intends to get another lease …I have access to my own funds via a home equity line of credit …my nephew was advised by the dealer that his preferred car for the next lease would take 4-6 months therefore I suppose he will have to buyout the lease before he gets into his next lease ….what do you recommend as to next steps
He could request a lease extension while he waits for his new lease. You usually can’t directly buy his lease as a 3rd party. He likely at some point would have to buy the current lease himself pay sales tax transfer the title then sell it to you once he owns it. Then you pay tax again and transfer the title a 2nd time into your name. Who is the lease with?
Hello, I have a question, what if you want to purchase a used car, when you turn in your lease car, Honda does offer this service, because I did want to get a 2021 CRV, can this be done without giving up my first born?
Hi Derrick! You can trade your lease back into the dealer for any new or used car they have for sale. Same principles apply ask for trade equity toward the used car you pick out instead of a new one. I would warn you it’s not likely any dealers have any 2021s left to sell. More likely selling 3 year old used cars like 2019s. Have to shop the used car lot at the honda dealer to see what they have. Thanks for watching!
If I want to refinance, do I tell my credit union it's a new car (because I bought it new 4 weeks ago from the dealer), or is it now technically a used car loan? The used car rates are way higher than a new car one...
It pretty early to refinance a lease you just got. You will have to pay sales tax again to transfer the title and you refi payment will likely be higher than your lease payment. Up to you but might want to just keep it as a lease and refinance later. I’m not sure what the credit union would consider it since just got it tech it’s a used car it’s already been titled once in the leasing companies name. You will be the 2nd owner when you do refinance Lx
Hello is it worth to buy out my lease and then selling it? Since I plan on leasing a different car brand from the one I currently have
Hi Minji! First ask your leasing company if they allow 3rd party trades. If they say no then you would have to buy the lease first to sell it to a different dealer. You will have to transfer the title and pay sales tax before you can sell it. Thanks for watching!
My lease document says I have to go back to the dealership. Can I avoid going back or do I have to now go and get stuck with additional charges to buy out my lease?
I leased from ny, but im in fl now. Can i buyout the lease right away?. And just talk with leasing compsny. Hyundai. Ty.
Yes call Hyundai finance to buyout your lease
I’ve got 8 months to go on my lease. When is the best time to look at loans from a credit union or bank? Definitely sounds like going the dealer is not the way to go.
Love the video thank you. What about this situation. Selling your soon-to-be expiring lease and getting another vehicle?? I'm looking to get rid of it and make the most money I can from it but should I buy out the lease and sell it to someone else?? What are your thoughts?? Much appreciated!!
Hi! The easiest thing is to trade the current lease in for the next one and ask the dealer for trade in equity. The dealer won’t give you as much as you could get selling it yourself, but it’s much simpler to do. If you decide to try and sell the lease yourself you first need to know if your leasing company allows 3rd party sales. Most don’t so if not you have to purchase the lease yourself first. Pay tax and title fees to transfer ownership into your name. Then sell the car to a 3rd party. The tax and title fees will eat up some of the equity. You still will likely get more money out of the car but it takes more effort than just direct trading it back to the dealer. Also it’s risky to sell your current car first before you have a new one lined up. You could end up with no car if you can’t find a good deal on a new car you like. Thanks for watching!!
@@TheLeaseGuy1 thank you very much for that info!! I really appreciate it. My situation now is that I have a take home vehicle for work and it just doesn't make sense to be paying for a truck I don't use. Looking to see maybe getting them to have it extend to going to the gym and grocery shopping aside from work. Plus I don't pay for gas with the take home. Really appreciate the information 😎
In California you have to do a dealer assisted buyout, something to do w dealership laws, prevents Nissan from selling it to you through a credit union or bank.
That’s a Nissan thing not a California thing. Some leasing companies do have certain states they won’t do direct payoffs in, but that doesn’t apply to all leasing companies in that state. Honda Finance does direct payoffs in CA and all other 50 states for example.
I recommend calling around to multiple Nissan dealers ask them what fees they charge it varies by dealer and choose the one with the smallest fees. You can decide which Nissan dealer you use.
My question . Is the car dealer is the place I went in first place to sign the lease or is it the company the auto payments go to ??
My Nissan rouge lease is ending in July and I called finance company of Nissan. I have been told that I have to go to any Nissan dealer to purchase the car plus the three hundred dollar fees.
I wanted to know what should I do in this case?
What do I need to be aware of?
Hi Karen! If Nmac won’t sell you the car directly then $300 dealer fee is not that bad. They will likely try to sell you more products to add to that like extended warranty and service packages up to you if you want those things. You will also have to pay tax, title, and registration so expect that. Good luck! Thanks for watching!
I want to buy out my leased 2020 Chevy Equinox with cash,I dont need a loan, GM wants me to go to a dealership, you said dont go to a dealership, well what do I do. GM doesnt handler buy outs.
It can’t always be done it can depend on what state you live in. If the leasing company operates as a dealer in your state they may not be able to sell it to you directly without their dealer involved to do the paperwork. I’m sorry if that is the case for you it sounds like it is. Thanks for watching!
Do I have to buy from the dealer in colorado? Edit I've got a hyundai tuscon it's rad, but I HATED Arapaho hyundai in centennial colorado so much I haven't been back for 2 years.
Yes for Hyundai in Colorado they make you payoff at a dealer. You don’t have to go to the same Hyundai dealer you can use a different one if you want .
@@TheLeaseGuy1 dood! Thank you for the reply!! I'll go to the one I get it serviced at now. Thx again 🤘🏽
I’ve heard that Florida requires you to go through the dealership to do a lease buyout. But when I go to the specie finance company they go through (Southeast Toyota) it shows on their FAQs that you can go through them directly and that they allow most (not all) third party banks. ??
The rule to have to go through a dealer comes form a particular leasing company it’s not mandated by the state for everyone who leases. It just an individual leasing companies rule for that state. if your leasing company allows direct payoffs with no dealer you can do that in Florida.
Hi can you please tell me my buy out is 20,681 and documentation fee of 500. What is that fee exactly? I want to buy my lease when the time comes, but I don’t want to get ripped off by the dealership either. even though my daughter and son-in-law keeps leasing from them, but I’m getting up in age where I just don’t want no more car payments I’d rather purchase my vehicle. Is it hard to buy from the leasing company and then what happens after that I any help would be appreciated. Ty
Can you go over what docs are needed to buy the lease
The documents to buy a lease are usually pretty simple. Call your leasing company for a Payoff packet it will have everything you need to either pay out of pocket or get a loan from a bank or credit union. Odometer statement and address to mail the payment too is usually all you need and should be in the payoff packet.
You can go online and print your own also
I have a question. I watched other videos and some say to try to negotiate with the company that has the lease to see if they can offer a good deal to finance with them? Good first step or just try with like the bank I’m with or other finance institutions?
question,im trying to get a tacoma.i see on their page 2800$ due at signing at 309 for 36 months...if i were gonna go that route and decide to keep it which i most likely would.does that money go towards the buy out? once i try to get it finance through my credit union .?
Hi! No money spent to start the lease goes toward the buyout at the end. Any down payment is applied to the initial purchase price of the car. It pays down your monthly lease payment not the final buyout price. Also be aware the advertised monthly payment does not include tax, title, or fees. So the actual payment is not $309 it’s likely closer to $500. Thanks for watching!
What if the leasing company is the dealership?
Thanks for useful information, could you please give some info about leasing option how to negotiate the MSRP, hold back $, and money factor, and dealer delivery and destination charges. Thanks in advance
Hi Adam,I will buy my Toyota lease but could I bring it to say a ram dealer,would they buy the lease and I can use my equity towards the ram or should I buy it from Toyota?
Hi Larry! If you could trade your car directly to a 3rd party dealer that would be great, but most lease contracts don’t allow that. You would need to ask Toyota financial if that is allowed. If not you would have to purchase it yourself first before you sell it. That means you also have to pay sales tax and transfer the title into your name. Once you own it you can sell it to anyone. You get the most selling it yourself to a private buyer. Dealers will give you about $5K less when you trade to them because they need toy leave room to to mark it up for resell to make a profit. Thanks for watching!!
@@TheLeaseGuy1 ok thanks for your advice.I will buy it from Toyota but I will ask them and see what they say.Larry
I have a question. I have a 2020 Hyundai Sonata Limited and the lease is up in March 2023. If i finance using a credit union will Hyundai drop all warranty that came with the car? For instance, I know that they offer 100,000 miles or 10 years warranty, which ever comes first. But I am thinking maybe i can only get this offer if i buy the car through Hyundai. Thoughts?
You get any original warranties that came with the car the bumper to bumper and power train. If you are wanting to buy an extended manufacturers warranty you have to purchase through the dealer. I am not a big fan of extended warranties.
@@TheLeaseGuy1 is there a difference in warranty between a lease and a new car?
All new cars get the same warranties. Leases and financed vehicles have identical manufacturers warranties. It doesn’t matter how you pay for the car when it comes to warranties.
@@TheLeaseGuy1 thank you very much for the information 🍻
You are welcome! Thanks for watching!
great video, thanks for the tip but other question I have my lease is up in September, should I wait or should I start the process now and just buy my lease out soon as possible?
Hi Ralph! Need to just ask the leasing company. I would hope you save the remaining rent charges like saving remaining interest if you pay off a loan early. A current payoff quote would cover the rest of your lease. Hopefully your lender won’t charge any early termination fees. Just need to ask. Thanks for watching!
Hi Adam,I’m going to buy my lease car,here’s my question,my loan will be approximately 29k,I plan on trading it in for a truck, I plan on put down 10k,do I put it down on my lease car to make the loan 19k or do I put it down on the new truck?please help
Hi! We just got our first car. Which is lease. Day one! We already decided to continue to buy it. What’s your suggestion. Should we wait until the lease expires which is 3yrs from now then buy it? (credit score is just 645) or any other option?? Would love to hear your recommendations
To payoff a lease requires you to pay sales tax and transfer the title again. If refinancing you would likely increase your payment from what it is as a lease now. If it were me I would wait to purchase it closer to the end of the lease. Ot really depends on the terms of your lease and what interest rate you qualify for but since it’s already leased switching this early is a lot of extra effort for likely a higher payment.
@@TheLeaseGuy1 THANK YOU! would do your recommendations! 🙏🏽🫶🏼
Thank you!!😊
You are welcome! Thanks for watching! 😊
Did the same with my lease. Went through the same leasing company to finance with no money down. Only had to pay registration fees.
That’s great! Thanks for watching!
Hi Adam, I leased a car for 3 yrs with 10K per year and i have gone over the mileage by 20470. The value is per dealership 13,897 and they want me to pay for non tax fees and taxable fees of 249.50. the loan will be for 15,600 approx,., Should i just go thru with this or talk to the lease people because i dont think they called them since it is Saturday and their closed?
Compare that to a payoff quote directly from from your leasing company. Call them yourself, thanks for watching!
This was so reassuring!! My lease with Honda ends in a few months:)
Question: The process would be to get a payoff quote from Honda and then get a low interest auto loan from my credit union to pay for car outright?
Hi! You got it that’s exactly right! Take your quote to a lender of your choosing don’t let the dealer broker your financing. Save all the fees the dealer would have charged you. Thanks for watching!
@@TheLeaseGuy1 I've got 2 months left before lease end. I've read if you finance at a lender on your own, there could be a lapse in the registration where it's in limbo for several days and perhaps not be able to use the car, (yeah, sounds crazy to me), so is that true, if so, how do I avoid that? I've always owned my cars, so this is the first time I'm in this situation. I'll make a car pymt in 4 days which leaves me one more pymt on my lease. Kind of hoping to maybe get something done by the end of this week and be done with it? I plan to keep it.
If you know when your current registration expires then payoff the lease a month or so early to give the title time to come so you don’t have a lapse in registration. Current lease payoff quote should just cover the remaining lease payments so you don’t pay them. Its the same difference as paying the payments they are just included in the payoff. If you plan ahead it’s easy to avoid registration GAPs. Good luck! Thanks for watching!
Great video Lease Guy. Quick question. Buying my leased 4Runner. Sent payoff check to US Bank. 4 days since UPS confirmed delivery of check, but US Bank still has not cashed it. How long before they deposit it and send me vehicle title?
Thank you! Typically takes 2-5 bus days for processing of the check. You definitely want to see it clear that tells you they have it. Then it takes another few days to get title ready and mail out. Volume is very high right now bc of the market conditions they may be a little behind. It normally takes 2-3 weeks total to get your title. If your check is not cashed soon you need to calm them. Thanks for watching?
Hi i leased a Lexus IS 300 2020 3 yrs ago. High monthly payment 810.00 a month lease is over in may but they want 5000 down & 20,000 still on loan to buy i can’t afford it any longer & credit score gone down. What do you recommend i want to get rid of it & finance another car. Do i just sell it to dealers i owe 26,000 on lease trying to get 21,000 / 24,000 to pay most of 26,000 never will lease again. Waste of money 🤦🏻♀️😩 Help!!
We have a lease through Acura/Honda financial. If we buy the car based upon the residual value, do we have to buy/finance through Acura?
Hi Matt! No you can payoff Honda/Acura finance directly with a loan from your own lender. You don’t have to go to the dealership at all. The only way to finance with Honda finance is back through the dealer and it cost more because you have to pay the dealer to set it up for you. Just get your own financing and avoid the dealer.
@@TheLeaseGuy1 ah ok thank you. We have some time before it is up, but with the market the way it is I want to give myself plenty of time to do the research and make the decision that’s going to be the most financially responsible. I will definitely have some equity in the car since the mileage is way under the agreement so I’m weighing my different options.
That makes perfect sense. Here is the phone # to the Acura Lease Maturity center when you are ready. 866 777 6495. Call them and ask for a payoff packet.
@@TheLeaseGuy1 how many months out would it make sense to do that? 6?
You can pay it off whenever you want. however many many months early you pay off you save that many months of rent charge. Same idea as paying off a loan early and saving future interest. You could however have a higher payment after you refinance. I’d keep it on lease longer if the lease payment is the smaller payment.