As new car prices soar, many lessees are finding it worthwhile to purchase their leased vehicle at lease-end to keep for several years, or in some cases, to sell it immediately for a profit. It could be considerably cheaper to buy out an existing lease than to pay the market price for an equivalent used car.
The terms of the purchase option can be found in the lease contract, but in general, the purchase option amount is always the residual value of the lease. On top of that, there may be a nominal purchase option fee, plus the usual taxes, license, and registration.
Unfortunately, some lenders are requiring lessees to go through a dealer to exercise the purchase option, instead of selling the vehicle directly to the lessee.
Once at the dealer, lessees are finding that dealers are charging bogus fees and sneaking in thousands of dollars for what amounts to paperwork. Below is a list of lenders, organized by those who do and do not require lessees to go through a dealer, in order to exercise the purchase option.
Feel free to edit this Wiki directly and include any other insight you may have on the lender.
Lenders that REQUIRE Lessees to go through a Dealer for Purchase Option
- Nissan Motor Acceptance Company / Infiniti Financial Services - for owners in Illinois and Ohio only, all other states can now (10/June/2022) buy-out directly
Lenders that ALLOW Lessees to Directly Purchase their Leased Vehicle
- Audi Financial Services
- BMW Financial Services
- Chrysler Capital (Florida)
- GM Financial
- Honda Financial Services
- Toyota Financial Services
- VW Credit
Note: Ability to purchase directly from lender may depend on state. For example, GM Financial customers located in AZ, AR, CO, FL, HI, KS, NC, PA, SD and VT can’t purchase their vehicles directly from GM Financial; residents of these states will need to visit a GM dealership to purchase.
If buying out your leased vehicle through a dealership, do shop around to find a dealer that will charge the lowest fees. If the cost is minimal, it may be worthwhile to go through a dealer simply to not deal with the DMV yourself, and to explore financing and warranty options (See How To Buy Out Your BMW Lease).
This list is based on community submissions and is subject to change at any time. THIS LIST IS NOT A SUBSTITUTE FOR CONTACTING YOUR LENDER TO CONFIRM.