Hello, my car lease is coming to an end in January. I have not had any luck getting another one. First, there were no cars, now the payments have increased by at least $200 due to the interest rate increases and dealers not wanting to go under msrp. The new models have nothing different to encourage me to pay more and the current pickings are slim. As such, I have decided to buy out my car since the residual value is pretty good. I have equity and the car will still have another year’s worth of warranty. My mileage is also still on the lower side. I have looked at companies that will help you finance the lease end. I am looking at Leaseend.com and Nerdwallet as well as personal loan options. I really do not want to take out cash for this. I am wondering if any of you had any experiences or can share advice if you had a similar situation.
No advice @lia_b - I just think you’re wise to keep the car you have.
Do you belong to a credit union, or have one around you? You might be able to finance that way. What is the dealership offering for fianancing (to compare it to). The other option I did with my lease is that I extended it by a year, as opposed to buying it out, and kept my same payments. (yes I did end up buying it out anyway, due to unforeseen circumstances, but this gave me time)
We just did this. Our credit union offered the best option. I would encourage you to explore that route.
We just did this as well. We just contacted the automaker’s financing dept. directly (the dealership was the worst!) and they offered us a great rate (compared with the others we found) so we financed through them (same story- great residual value, low mileage thanks to Covid!) and are happy. Maybe you can try the same? Good luck!
Thank you for the feedback. Good to hear the credit union is a good option. My CU does not offer this but maybe my husband’s does. I don’t think the automaker’s financing will offer a good deal. In fact, the sales person sort of implied that.