Our lease on our 2019 Chevy Traverse ends in less than 12months. We have started to look into our options. One option we are leaning towards is buying our vehicle as we are happy with it and have had the benefit of working from home and not putting it through wear and tear. Our buyout is $27,777 and currently it has ~18k miles on it. We have a 39mo/39k lease term, pandemic non use occurred for majority of the term. Anyway I am having a hard time finding out if I can get financing with a local credit union to buy our vehicle before lease end. I believe there is positive equity and have improved my credit so I think I’d get a lower payment, I’d like to get input on anyone’s experience in this situation.
The lease is financed through GM, I am aware I can’t sell my lease to a third party but unclear if I can get financing to buy the lease from GM. Thanks for the clarity, this is a great community.
Yes. Depending on the CU it may be a different type of used car loan (some differentiate based on age), but they can finance the buy-out. You are the first party on the lease, so you are eligible to buy it from GM.
There is most likely equity, but are you sure payments will be lower? Making some general assumptions and simplifying things - buyout is ~$30k (buyout + taxes), 5 yr loan at 2% comes to $500+/mth. And that’s assuming the used car rate is that low. Some things to be aware of
I have the same situation and have way more equity than the buyout price.
Going to keep her at lease end and will make the same monthly payments financed thru my CU which has the lowest rates (2%)…
