Trade your car in
The traditional route most people take is to trade their current car in for a new one. Maybe you’ve grown weary of driving the same car for a few years now, so it’s time for a change. Remember to schedule an inspection appointment at the dealership beforehand and bring all appropriate paperwork to make sure there’s a smooth transition. Keep in mind that many dealerships still have an inventory shortage, so you may have to wait months for your new car.
Extend your lease
If you’re unsure about what new car to pick, most lenders can let you extend your expiring lease. That way you don’t have to panic and worry about making the wrong decision. However, it isn’t wise to keep extending your lease. This isn’t a good long-term solution, especially if you see yourself wanting to keep your current car. Consider a car lease buyout loan if you are having a hard time parting with your vehicle. Lease extensions should mainly be used in emergency situations.
Buy out your lease
Historically low inventory may leave you wondering what to do about getting a new car. You also might like the current vehicle you have and don’t want to go through the hassle of waiting for a new one. In this case, you may want to consider a Christian Financial Auto Lease Buyout loan! This is also a great option for you if you’ve taken good care of the car and it requires little to no repairs. If your buyout amount is less than the market value of your car, this is a great option for you. Right now, Christian Financial is also offering 60 days no payments for auto loans, which could give you a short break on payments as well. As always, our online application is quick and easy. You can apply online in five minutes or less. Click here to learn more about auto lease buyout loans with Christian Financial.
How do I buy out my lease?
If you determine that a lease buyout is the right fit for you, then that means you want to purchase the car and put it in your name. The first thing to check is your lease contract to make sure you are allowed to buy your leased car. After that, you’ll need basic information to process the loan. This includes your driver’s license, credit history, and vehicle information. We then ask you obtain a buyout letter from the dealership. Most of the time, your buyout amount is the car’s residual value (the car’s value at the end of the lease) combined with applicable taxes and fees. After obtaining the amount, we will mail the payoff check to the dealership, and the dealership will mail the title to you. You will then visit Secretary of State to apply for a new title in your name with CFCU as the lien holder.
It can seem overwhelming when it comes to deciding what to do when your lease is up, but Christian Financial will be with you every step of the way.