Lease-End FAQs – Get All Your Questions Answered
Lease Buyout Basics
A car lease buyout is when you purchase the vehicle you’re currently leasing instead of returning it to the dealership at the end of your lease. Essentially, you’re buying the car you’ve been driving. Many people finance this purchase with a lease buyout loan, which is specifically designed for this purpose. This type of loan spreads out the cost of the buyout into manageable monthly payments, making it easier to move from leasing to ownership.
You don’t have to wait until the lease is almost up to start the process, but a lease buyout is often most cost-effective toward the end of the lease term. If you still have the car, we can guide you through the steps to make the transition as easy as possible.
At the end of your car lease, you have three options:
- Return the car to the dealership
- Renew or extend the lease
- Buy out the lease by paying the predetermined buyout price and taking ownership of the car. Buying out your lease can be a smart move—especially if your car’s buyout price is below market value, you know its history, and you want to avoid extra fees or inflated replacement costs.
Lease End Department can help you with this. You can also begin your lease buyout online with us through our VIN Checker.
To find out if you can buy out your car lease, check your lease agreement for a buyout clause. Most leases include this option. You can also reach out to our Lease End Department team and we’ll be happy to assist you.
Yes, you can choose to buy out your lease by paying the full remaining balance in cash. However, it’s essential to consider the impact on your credit score, as early lease terminations or large cash transactions may affect your credit profile.
We recommend consulting with our Lease End Department and a financial advisor to explore the best options for your situation!
It’s not necessary; however, if you’d like to add someone, after completing your credit application, you will have the option to add a co-buyer. This individual will also need to complete their own application. Please contact Lease End Department for any further questions and we can assist you further!
What’s the difference between a co-signer and a co-buyer?
While both a co-signer and a co-buyer can help you qualify for better interest rates and loan terms, the key distinction lies in their legal roles. A co-buyer has equal legal ownership of the asset as the primary buyer, while a co-signer does not have any ownership but agrees to be responsible for the loan if the primary borrower fails to pay. Understanding this difference can help you decide which option aligns best with your financial and ownership goals.
Yes it’s possible. Contact our Lease End Department team directly so we can assist you further!
Working with Lease End Department
Lease End Department is your independent, fully-online, one-stop-shop for the entire lease buyout process.
We help you find the best buyout options based on your financial status, arrange financing through trusted lenders, handle loan paperwork, and even process titling and registration for you.
Most of our process is done online so you don’t have to leave the house or deal with any dealership hassle.
The duration of the lease end process can vary depending on several factors, including the leasing company’s procedures and the condition of your vehicle. Typically, it may take a few weeks to complete the necessary paperwork and inspections.
Getting started with Lease End Department though, only takes 8-10 minutes!
As with any loan request, submitting a loan application involves a hard credit check (commonly referred to as a “hard pull” or “hit”), and the applications we submit for our clients are no different. However, it’s worth noting that multiple credit inquiries of the same type—such as for an auto loan—conducted within a specific timeframe (usually 30-45 days) are typically treated as a single inquiry. This timeframe allows consumers to explore and compare loan options without excessive impact on their credit score.
What we do to help, is to weed out all your loan options and give you the options that fit your finances the best.
Yes, our Lease End Department can assist you with terminating your GM lease without the need to return to the dealership. We provide comprehensive lease-end services, including facilitating lease returns and exploring alternative options.
Getting started is as easy as visiting our Get Started web page. In this section, we will ask things like:
- Basic information about you and how we can contact you
- Basic information about your car (VIN, mileage, etc)
- Residential details
- Employment details
From there, the Lease End Department team will guide you through the rest of the process, including financing the purchase, car registration and titling.
Lease End Department handles everything, even up to car registration and title transfer so you don’t have to. We support our clients from end to end.
Yes, Lease End Department offers Major Guard and GAP coverage to keep your peace of mind intact after a lease buyout. This means that you get to keep your vehicle protected from unexpected repair costs and financial gaps in case of a total loss, even after the lease ends.
Lease End Department Vs. Dealerships
No, that’s not correct.
Dealers or leasing companies may insist you work through them, but this is often just a tactic. Manufacturers want customers to return at the end of a lease to encourage trading in for a new one. However, unless your lease agreement explicitly states otherwise (which is rare), you don’t have to return to the dealer to buy out your lease.
You can legally complete the process easily from home through Lease End Department.
Yes, our Lease End Department can assist you with terminating your GM lease without the need to return to the dealership. We provide comprehensive lease-end services, including facilitating lease returns and exploring alternative options.
Regardless of who you choose to work with for your lease buyout, if you reside in a state that imposes sales tax, you will be responsible for paying taxes on the lease payoff. Additionally, any applicable titling or registration fees will also need to be covered.
At Lease End Department, we’ll help you navigate all this with ease.
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