How a lease buyout works for Lakewood drivers

The six steps, from payoff letter to New Jersey plates

1. Get a dated purchase payoffThe number that matters is the payoff your leasing company quotes for a purchase, with a good-through date, not the residual printed in your contract or an estimate in an app. It usually includes the residual, any remaining payments and a purchase-option fee if your contract has one. We tell you exactly what to ask for, or we request it with you on the line.
2. Decide whether keeping it makes senseWe put the payoff next to what the car would sell for today. If the car is worth more than the payoff, you are holding equity. If you are over your miles, buying out also avoids the per-mile charge you would pay at turn-in.
3. See the full cost, including New Jersey taxA buyout is a purchase, so New Jersey sales tax applies to it, plus MVC title and registration fees. We add these up front so the loan covers the real total and nothing surprises you at the MVC counter.
4. One credit applicationYou fill in one application. We work to get you the best rate possible for your credit situation. Approvals, rates and terms come from the lender’s underwriting, and we explain the offer in plain terms before you sign anything.
5. Sign, and the lease is paid offOnce you accept, the lender sends the payoff to your leasing company before the quote expires. You keep driving the car the whole time.
6. Title and register it in your nameThe leasing company releases its ownership and the car is titled to you, with the lender recorded as lienholder. We walk you through what the New Jersey MVC needs so the title and registration are done right the first time.

What to bring to our Lakewood office

If you would rather do this in person, bring these to 1935 Swarthmore Avenue, Suite #103. Not sure you have them all? Call (732) 618-2036 first and we will tell you what is missing.

• Your lease contract, or at least the page with the purchase option
• Your most recent lease statement, which shows the leasing company and account number
• A driver’s license
• Proof of income, such as recent pay stubs
• Your current insurance card

How long it takes

The loan is rarely the slow part. Timing mostly depends on how quickly your leasing company issues the payoff and, afterwards, how quickly the title paperwork moves. Start about 60 to 90 days before your lease ends and you will have room to compare and decide without a deadline pushing you.

More for Lakewood drivers

Get a lease buyout quote from our Lakewood office

Tell us the car and the approximate payoff. Our team at 1935 Swarthmore Avenue comes back with a realistic financing picture within one business day. No obligation.

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