Lease End vs Dealership: How Does the Process Compare?

One of the decisions you have to make during your car lease is whether you’d like to buy it out and keep the car at the end. It can make sense if all the numbers line up. As you’ve been making payments on your lease, you’ve been building equity, and that is a good thing. Instead of turning your car back in, you can leverage the time and money you’ve already invested in it to turn it into an asset you now own.

​The process to do this can seem daunting, but in reality is quite simple. The question is though – do you head back to the car dealership, or are there other avenues you can go through? One option is letting Lease End help you find an auto loan instead. Let’s explore these options and determine how the process compares when you consider Lease End vs Dealership.

Why Do a Lease Buyout

There are many reasons you would want to buy your car instead of turning it in.

• You really like your car and don’t want to let it go.
• You’ve had many road trips or long daily commutes, and your mileage is over the lease terms.
• You want to skip the car inspection and the added fees for dents, scratches, or any damage that was incurred on the car.
• Your market value is higher than the residual value. Buying the car can be smart in this case.

 

Pros of a Lease Buyout at the Car Dealership

Sometimes it may seem like the simplest step is taking the car back to the dealership where you’ve leased it from. Here is a list of reasons it might be an advantage to do so.

1. You’ve established a good rapport with one of the salespeople. Face-to-face, they can help you with all of your options, including the pros of a lease buyout. This is an easy way to get the answers to all of your questions, while looking them in the eye to get a feel if this is the best course for you.
2. ​You have great negotiating skills and want to talk about your contract terms. Since the price of the buyout was set at the beginning of the lease, it is not always easy to get a lower price on your vehicle. Still, it could be possible, and it doesn’t hurt to try.
3. Or maybe ​your car is in pristine condition with low mileage. If the market value is higher than the residual income, you can often negotiate a good purchase price.
4. ​If you have positive equity, then you may want to sell the car right then and there. The dealerships often want to buy leased cars because they can resell them. Depending on the numbers being in your favor, you may decide this is the best option after all.

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Cons of a Lease Buyout at the Car Dealership

There are simpler ways to complete your lease buyout. Here are a few reasons why heading back to the dealership may be the last thing you want to do.

1. Did you know that it is your leasing company that holds the title and not the dealership? You don’t need this middleman at all.
2. Time spent at the dealership is never a quick thing. It takes longer for them to gather and input your information than if you were to do it yourself. They always make you work with a salesperson first, who then has to have every issue approved by their boss, who then has to wait on the finance department to hear how your loan details played out. It is a long process.
3. There will more than likely be fees, including a purchase-option fee that was originally stated in your lease, and documentation fees just for them handling your paperwork. This means more money to put down, or a bigger loan to be obtained.
4. The dealership is looking to make a profit and is asking you to return the car, as they buy it from the leasing company themselves, and then sell it back to you. The hope is that you aren’t being taken advantage of in this process.

 

Why Use Lease End?

Many people don’t know that you don’t have to use the original car dealership where the lease was obtained. There are other options when the goal is to buy your car, and one of them allows you to do it all from the comfort of home. Here are a few reasons to give Lease End a try.

100% Online

The entire application is done online. End your lease (early if you want!), procure a loan after shopping at multiple banks, sign paperwork securely, and have title work, registration, and license plates finalized – All without getting off your couch. 

Simple Process In Just 12 Minutes

After entering a few details about the car and yourself, Lease End will let you know instantly if you have been approved for an auto loan.

No Fees

There is no haggling, negotiating price, or paying extra fees of any kind to Lease End.

Don’t Have to Pay for Extra Miles

Your lease budgets how many miles you can drive each year. Once you’ve exceeded that amount, the penalties can be harsh. Lease End does not charge end-of-mileage fees since you are keeping the car.

​No Car Inspections

You won’t have to worry about the dealership walking around your car to point out every dent and scratch. There is no inspection or excess wear and tear fees with Lease End, since again the car will now be owned by you.

Financial Specialist to Help

Talk to a real person to get all of your questions answered. Once you are approved for a loan online, Lease End’s financial experts will give you a call to explain the new terms and payment options.

BBB Approved and Great Ratings

Lease End has excellent ratings to give you peace of mind. They pride themselves on their customer service and getting the job done conveniently and seamlessly.

Free Lease Buyout Calculator

Your first question when considering whether you should buy out your lease is probably “How much would my monthly payments be?” When you head to LeaseEnd.com, you can click into the free lease buyout calculator, which is a widget that pops up on the bottom right hand side of your screen. 

It will first ask for your full name and state where you live. Entering your license plate number is the third and final step. The widget quickly calculates a payment range, and gives you an idea of what the new loan payment could be.

The Lease End Process Step-By-Step

Lease End makes the process easy, and in just a matter of minutes, you will be on the way to owning your vehicle. Before you begin their application, grab the license plate number and the current mileage on your car. You will need these for the first few steps. They will also ask for your employer information and income details.

The most time consuming section of the application is when you have to find today’s payoff quote. The good news is that Lease End gives you step-by-step instructions on how to acquire this information from your specific leasing company.

Lease End will let you know instantly if you’ve been approved for an auto loan and promise to get in contact with you soon. That “soon” is usually in the matter of minutes. Their friendly financial assistants will give you a call and go over all the particulars of the loan, including the loan term, interest rate, and whether you want to put any money down. They work with you to find the budget you are looking for.

In less than an hour from the moment you jumped online, the loan will be secured, and the hard part is over. Now, it’s just a matter of waiting for paperwork and having Lease End finalize all last minute details for you.

Final Thoughts

Buying a car can be a long, drawn-out ordeal. It can also be confusing, especially when the car has been tied to a lease. Once you’ve decided that you want to end the lease and keep the car, you have a few options. This includes taking it back to the car dealership or letting Lease End handle all the components online. 

The choice of Lease End vs Dealership is yours. Lease End will definitely save you time, but when you compare the process of the two, only you can determine which road is the right path for you.