Beware at Lease End, especially if you live in Florida!

Veterans of this forum already know how to handle a lease end purchase. But this article documents challenges various people have faced when they go to a dealer to execute a lease purchase. Seems particularly bad in Florida!

South Florida. Surprise surprise

1 Like

What are your options if you leased from a Florida dealer but live out of state, as is my case?

Youre subject to how your bank handles buyouts in your state.

1 Like

To the extent that your lease holder (bank/finance arm of car manufacturer) allows you to directly purchase the car from them, this is the most straightforward route. I live in California, and did that for my 2019 Hyundai Ioniq by purchasing from Hyundai Motor Finance without involving a dealer and it worked out great.

I believe some car manufacturer finance arms require you to do this through a dealer (maybe different state law?) in which case you have to check with several dealers in the nearby area and hope one of them will be willing to complete the transaction without additional fees.

1 Like

Yes you are subject to requirements of your lessor in your state. Some require you to do the payoff from a dealer and will refuse to accept wires/checks from a 3rd party. That being said, any dealer in the state can handle your buyout so it’s worth shopping around for the best doc/admin fees and pricing on any manufacturer CPO/extended warranty option if you’re looking for that.

1 Like

Thanks guys for your advice. Very useful info.