Is it possible to purchase a leased vehicle for more than buyout? My company car is nearing lease end and it is worth more than the buyout. I am going to purchase it, but I am having trouble finding a loan for more than the buyout amount only. I view it as tapping into the equity in the car for a lower APR then other personal or credit card loans.
What would the additional amount need to cover? Sales tax? Wasn’t that already paid in full at lease inception?
The add’l amount would not be needed to cover anything. I thought it was a clever way to get a collateral-backed loan that I could use to pay down some higher interest debt.
You can take out a personal loan.
But a typical auto loan isn’t payable to you, the buyer. You cannot deposit it into your account. It’s payable to the seller.
I’ve used Lightstream (Part of Suntrust Bank) many times for auto purchases/refi but they’ve increased their % heavily with every rate hike.
Used auto loan with them now is above 8% but its non collateral. You get the cash deposited into your account and hold a lien free title.
Correct, sorry for the confusion. I currently lease the vehicle thru my company, and will be purchasing for me personally. Moving $ from one pocket to the other essentially.
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