Lease ending in Lakewood? What should you do in the last 90 days?
Three months is enough time to make a calm decision about your leased car, and not much more. Here is the plan we walk Lakewood drivers through, followed by one family’s version of it.
About the story on this page: the Lakewood family below is an illustrative example we wrote to show how the decision plays out. They are not real customers, and the numbers are examples, not quotes.
What should you do 90 days before your lease ends?
Get the real numbers. Call your leasing company, using the number on your monthly statement, and ask for a written purchase payoff with a good-through date. Note your odometer reading and the mileage allowance in your contract.
Meet the Rosens, our example family. They live off Route 9 in Lakewood with a leased three-row SUV. Between school runs, a commute up the Parkway and weekend trips to family in Brooklyn, they are about 9,000 miles over their allowance with three months to go.
At an example rate of 25 cents a mile, returning the car would mean a mileage bill of about $2,250 on top of any wear charges. Buying it out means no mileage bill at all. That is the first number that changes their thinking.
What should you do 60 days out?
Compare the payoff with what the car is worth, and add the real costs. Get two or three offers for the car as a reality check. Then add New Jersey sales tax at 6.625% (Lakewood’s UEZ rate does not apply to cars; here’s why) and the MVC title fee.
For the Rosens, the payoff is $27,400 and offers for the SUV come in around $28,500. Even with the extra miles, the car is worth slightly more than the payoff. Add tax of about $1,815 and the $85 title fee, and they know the total they would be financing. Replacing the car with a similar three-row SUV would cost noticeably more, so keeping it wins.
If your numbers point the other way, with a payoff well above the car’s value and no mileage problem, returning it may be the better call. We will say so.
What should you do 30 to 45 days out?
Apply, and line up the paperwork. Fill in one credit application and we work to get you the best rate possible for your credit situation. At the same time, confirm your leasing company accepts payoff from an outside lender, and get the lender’s details you will need at the MVC.
The Rosens come into our office at 1935 Swarthmore Avenue on a Thursday afternoon, review the loan terms side by side, and sign. The lender sends the payoff to the leasing company well before the quote expires.
What happens after the payoff?
Book the Lakewood MVC. The NJ MVC Lakewood Vehicle Center at 1195 Route 70 handles title transfers by appointment only. Once the leasing company sends the title paperwork, the Rosens book a slot, bring the documents and leave with the car titled in their name. Our Lakewood MVC guide lists what to bring.
What if you are already inside 30 days?
Start the same plan today, in compressed form. Request the dated payoff immediately, apply the same week, and call us at (732) 618-2036 so we can see what is still realistic before your turn-in date. Some leasing companies will also discuss a short extension. Ask them directly what they offer.
Lakewood lease-end questions
When should a Lakewood driver start planning a lease buyout?
About 90 days before the lease ends. That leaves time to get a written payoff, compare it with the car’s value, apply, and book the appointment-only title transfer at the Lakewood MVC.
What if my lease ends in less than 30 days?
Call anyway. A short runway is common. The priorities become getting a dated payoff right away and applying quickly, so the payoff is sent before the quote expires.
Is it worth buying out a lease with high mileage?
Often, if the car is worth at least the payoff. Excess-mileage charges apply only when you return the car, so buying it out avoids that bill, although the extra miles do lower its resale value.
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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