Have you fallen in love with your leased vehicle? You may want to buy the car or truck before the lease is up, but worry it’ll be too much of a hassle to get financing.
Auto Approve Auto Lease Purchase
Purchase Your Car Lease
It doesn’t have to be this way. With an online lending platform, like Auto Approve, you can secure an auto lease purchase loan with terms that are too enticing to pass up.
About Auto Approve
Auto Approve is a Better Business Bureau (BBB) A + rated entity specializing in helping consumers get the best deals on auto loans. You can use the online platform to find the best refinance deal for your car, truck, SUV, motorcycle, boat, RV or ATV. Or, if you lease a vehicle you wish to purchase soon, Auto Approve can assist you with securing a lease buyout loan.
What is a Lease Buyout Loan?
A lease buyout loan is a secured product that lets you pay off the lease agreement and purchase the vehicle outright with new terms. It’s ideal if you’re looking to purchase your vehicle before the lease term ends.
How Does a Lease Buyout Loan Work?
A lease buyout only works if a provision in the contract lets you buy the vehicle when the agreement ends. Here’s how it works:
- Step 1: Retrieve the lease agreement and confirm no verbiage indicates you’re prohibited from purchasing the vehicle.
- Step 2: Work with a credit union, bank, finance company or online lender to secure a lease buyout loan.
- Step 3: If you’re approved, the lender will pay off the balance (if any) on your lease agreement and lock you into a lease buyout loan with a new term and interest rate. It’ll include the purchase price, applicable fees and the amount the new lender paid to your old lender.
Should You Buy Out Your Auto Lease?
Here are some scenarios that would make buying out your lease a sensible idea:
- The purchase price (or residual value) of the vehicle is comparable to what it’s being offered for on the open market.
- Despite its age and condition, the vehicle’s maintenance costs are reasonable, and a newer car wouldn’t necessarily be a more affordable option.
- You’ve exceeded the allotted mileage per the lease agreement and would spend several hundred or thousands of dollars to cover the penalties.
- The car is in good or excellent condition, or it has excessive wear and tear that would result in hefty penalties and fees if you returned the vehicle.
The Benefits of Buying Out Your Lease with Auto Approve
If you choose Auto Approve to buy out your lease, you’ll enjoy these perks:
- It’s quick and easy to get pre-qualified for a loan.
- You’ll work directly with an Auto Approve loan consultant to identify the best lease buyout loan option for you.
- You can roll the cost of an extended warranty and Guaranteed Asset Protection (GAP) coverage into the loan.
Auto Approve Lease Buyout Loan Review
What You Need to Qualify for a Lease Buyout Loan with Auto Approve
It varies by lender as each has unique qualification criteria. Auto Approve will request the following from all prospective borrowers to get started with the process:
- Driver’s license, registration and proof of insurance
- Proof of income (including recent pay stubs)
- Finance contract on current loan (may be optional)
If any additional documentation is needed to process your loan application, a representative from Auto Approve will contact you directly.
Auto Approve Auto Lease Purchase
Purchase Your Car Lease
What are the Fees and Costs of an Auto Approve Lease Buyout Loan
You won’t pay an application fee to be considered for a lease buyout loan. However, you can expect to be charged for documentation fees, administrative fees, title transfer fees and applicable fees in your state of residence.
The cost of extended warranties and GAP coverage should also be considered, although you can roll them into the new loan.
What Comes with the Loan and What Can You Add On To it?
As mentioned earlier, you can add vehicle protection or GAP insurance to the loan.
Vehicle protection entails the following:
- Roadside assistance any time of the day or night
- Courtesy towing if the vehicle becomes inoperable
- Rental car reimbursement of up to $50 per day
- A low monthly payment that can be rolled into the loan
Plus, you’ll have the option to select an ASE-certified mechanic to work on your vehicle. Auto Approve will handle the payment.
If you buy GAP insurance, you’ll have protection against financial losses if your car is totaled and you owe more than it’s worth.
How to Apply for an Auto Approve Lease Buyout Loan
It’s easy to apply for a lease buyout loan with Auto Approve. Simply complete the online form to get a quote in seconds. Plus, there’s no impact on your credit score, and Auto Approve will even handle the paperwork for you if you decide to move forward with a loan product.
Other Auto Approve Products
Vehicle Refinance
Auto Approve also offers auto refinance loans that make it easy to reduce your monthly payment. The average borrower enjoys cost savings of $100 or more each month, and you can add GAP coverage and a vehicle protection plan into the loan without breaking the bank.
Motorcycle Refinance
The motorcycle refinance loans also help you lower your monthly payment and afford you the flexibility of rolling an extended warranty and GAP coverage into the loan. Even better, some applicants qualify to skip the first three loan payments and keep even more money in their pockets.
Refinance loans are also available for boats, ATVs and RVs.
Auto Approve Auto Lease Purchase
Purchase Your Car Lease
