Can I finance a car coming off a lease?
The short answer is yes.
You have two options related to a leased vehicle. You can simply turn the vehicle in at the end of the lease or purchase the vehicle. Your original lease document has the purchase price on it at the end of the lease. The price is referred to as the “residual value”. This is predetermined at the time you originally leased the vehicle.
The best advice is to research how much your vehicle is actually worth as you get to the end of the leasing period. There may have been market conditions that increased or decreased the value versus what was estimated at the time of the original lease. It is always recommended to only consider a purchase at the end of your lease period. Typically doing it with several lease payments still due does not make sense economically. You can always call the company you make your lease payments too as you approach the end of your lease to get a payoff amount.
A typical rule of thumb is to only purchase a leased vehicle at the end of the lease period if the purchase price is less than the current value of the vehicle. By completing our application below we can research the current value of your vehicle to help in your decision-making process. The process to finance the leased vehicle is the same as if you were purchasing a new or used vehicle.