Northeast PA purchasing from NJ Dealer
Has anyone every leased through Teachers Federal (which based on my research just collects the payments and in reality the title holder is Fusion Auto Finance)? My main concern is being able to have the lease bought out early anywhere we want as my wife always has been way under her allotted mileage and ends up with equity towards the end of her leases which we take advantage of. There website reads as follows “Purchase your leased vehicle for the residual value plus the purchase option fee and sales tax per the lease agreement if all lease payments and any other chares have been made to your credit union.” Anyone know how much this fee is? Emailed our salesman last night but obviously its after hours and I planned on asking here regardless.
Keep in mind no lessor “allows” you to sell you lease to a third party. “Allow” = grant you that right in the lease agreement. Historically most have let you do so but as we have seen over the last few months, when the RVs prove to be far too low, most leasing companies have stopped allowing people to sell to CarMax, Carvana etc… So that’s a risk you should be aware of before moving forward. Who knows what the situation is in three years but it’s not inconceivable that third party buyouts don’t come back like they did pre this used car shortage.
Thank you!! Very good explanation
That is going to be well outside your control. Market conditions will decide what lessors want to do with their assets, and whether equity will be =<$0
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