Lease Buy Out Loan

Located in Tampa Bay FL.

Looking to buy my lease. Got a payoff quote from Chrysler Capital for $18,516. This includes the residual value of $16,725, last months payment of $412.75, purchase option fee of $350 and sales tax.

Applied for a lease buyout loan from BOA, and SunTrust Credit Union which I already have a separate loan with. BOA offered me the lowest APR of 3.89% for 48 months @ $417.17. It’s almost $5 more than the current monthly payment I have now with the lease.

With a credit score of 791, is this APR considered good? My understanding is that lease buyout loan do carry a higher APR than new or used car loans. But I’m not exactly sure how good this offer is.

Looking for input/feedback/advice. Not many options aside from going through the dealer which just from speculation, don’t think they’ll be able to get me anything better since they’ll be looking to somehow make money themselves.

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BofA does do discounts if you have status with them. If you can move $100k+ in cash/securities the Platinum Honors status is worth it. It includes APR discounts.

Moving to off ramp since this isn’t for a new lease.

+1

Also I skimmed wallethub quick:

  • BofA has a longer term at the same rate
  • Penfed and Rate Genius may have 1.99 for 60?

https://wallethub.com/car-loans/refinance-excellent-credit?ra=19000&ld=48,60,72&loc=Tampa,%20FL&pr=bank,cu

In FL, I’m almost certain you need to process the buyout at the dealer, but agree bring your own financing. Check your credit unions as well.

Thanks for the info.

Pretty much got everything set to go. Forgot to ask, as for DMV, would I have to do anything with the DMV, like re-registering the vehicle? As for sales tax, since it’s included in the payoff amount, I should be good there right?

Chrysler Capital said I didn’t have to go through the dealership. I would just have the bank send them the payoff amount and that would be it. Did they not provide me the correct info? Should I be calling them back to confirm this? I’m trying to avoid the dealership altogether. Not a fan of them. Unless I absolutely have to go through them, I will stay away.

It’s slightly different than that. The bank can do the buy out if they have a physical location in FL and a dealer’s license. Most banks do not, so it goes through their affiliated dealers. If CCAP can handle the buy out directly, that’s probably why.