Leases are a great option for a lot of reasons, particularly if you don’t have the time or inclination to work on your car when it is required. But what happens when your lease period is coming to an end and you’re not quite ready to say goodbye to your ride? Should you just give it up, or does it make more sense to buy out your lease?
While every person’s situation is different, in many cases it may make sense to buy out your car lease.
Today we are talking about the top four reasons to buy out your car lease with an auto lease purchase loan.
Why do people lease instead of buy in the first place?
There are a lot of reasons for why a car lease might be a good idea for you. Car leases are great if…
You don’t drive a whole lot, and you definitely don’t want to keep up with repairs and maintenance.
You like the idea of getting a new car every few years.
You don’t want to deal with the hassle of selling a car.
You are a business owner and you want to maximize tax deductions.
And while these are all great reasons to lease a car, there are also a lot of reasons that you might want to buy your lease when the term is over.
Four Reasons to Purchase Your Car Lease with an Auto Lease Purchase
Reason #1: You Have an Asset at the End of Your Payment Period
When you lease a car, your monthly payments are usually much lower than if you chose to purchase the car and finance it. And this is great for some people, but at the end of your lease payment period, you don’t really have anything to show for it. You do not own anything and you have to restart the process of leasing from scratch.
But when you buyout your lease, you will ultimately own the car outright. When the financing payments end, you are the owner and can either sell it or drive it until it will not work anymore.
Reason #2: You Can Customize your Car (Finally)
Leasing a car means that you do not own it; the dealership does. And because of this, you cannot customize it or change it to suit your personality. No paint job, no bumper stickers, no tinting, no custom speaker system. If you love your car and dream of truly making it your own, a lease buyout is the perfect opportunity for you to do so.
When you lease a car, you are often forced to use certain mechanics and parts when your car needs maintenance or repairs. If you purchase your car, you can go anywhere to have it serviced (or just do it yourself!)
Reason #3: You Can Save Money
The end of a lease usually means you have to pony up for some fees. Those fees will vary based on your loan agreement, but usually include:
The Disposition Fee. This covers the expenses of returning your car at the end of the lease. It pays for the car to be cleaned and for any minor repairs that the car may need. Typical disposition fees run about $350.
The Wear and Tear Fees. You may be responsible for wear and tear fees. Slight wear is expected and factored into your monthly payments, but they will outline in your lease agreement anything that they think is excessive.
The Mileage Fees. Car leases always have limits to the amount of miles that you can put on the car per year, usually 10,000 or 12,000 miles per year. Once you exceed that mileage limit, you will be subject to an additional fee. Every mileage fee is different, but they typically range between $.15-$.30 per mile. If you drive a lot, this can mean you owe a lot of extra money at the end of your lease. Even at a fee of $.20 per mile, a 3,000 mile mileage fee can run you $600.
If you end up purchasing the car, you will not have to pay these fees. So you don’t need to worry about any wear and tear or any extra mileage fees. This can save you hundreds if not thousands of dollars in fees, money that you can use to purchase your car (giving you an asset in the end instead of just fees).
Reason #4: You Can Save Yourself the Hassle of Finding a New Car
Finding a new (or used) car right now is extremely difficult. There is a low supply of new cars for many reasons:
Shortage of raw materials such as plastic and steel
Shortage of microchips
Labor shortages
Shipping delays
Other supply chain issues
Because of this shortage, the cost of a new car is very high, and the competition for new cars is fierce. This in turn created more of a demand for new cars as well. And all of this means that getting a new car right now is not easy and it is not cheap. So if you are not really looking to lease another car, buying out your car lease can save you from the hassle of finding a new car.
How Can You Buyout your Car Lease
If buying out your car lease seems like a good option for you, follow the steps below to start the car lease buyout process.
Check your contract. See what your options are at the end of your lease. Some lease agreements will not allow you to purchase your car, so be sure that it is an option before you get too far into the process. You will need to tell your leasing company that you are planning on buying out your car lease. Some contracts have additional fees for buying out your lease.
Shop around. Once you determine if you are eligible to buyout your loan, start shopping around for a loan (unless you have the capital to buyout your lease outright). You aim to apply with 3-5 lenders.
Gather your documents and apply. Gather any and all paperwork you may need for your loan applications.You will most likely need the following:
A Photo ID, such as a passport or driver’s license.
Your vehicle’s information, which may include the bill of sale, VIN number, make, model, and year of your car.
Proof of income and financial history, which may include pay stubs, banking information, and your credit report.
Proof of residence, such as a mortgage statement, lease agreement, or utility bill.
Proof of insurance.
Once you have all of your documents together you can apply to the lenders you selected. If you choose to use a company that specializes in car lease buyouts, like Auto Approve, they can help streamline the application process and save you from a lot of tedious paperwork.
4. Compare offers. Once you apply, it won’t take long until you start getting offers. Compare all of the terms and see what works best for you. Be sure to consider the following:
The car loan APR. This will depend on the market rates, your income, your credit score, and the vehicle you are purchasing.
The repayment terms. How long is the repayment period? In general, the longer the repayment period is the higher the APR will be.
The fees. Every loan agreement will have fees listed. Are there prepayment fees? How much are the processing fees? Are there any extra fees?
The customer ratings. Before signing any paperwork, be sure that you check out the customer ratings of each lender. What are their current customers saying about them? Signing on with a company that has bad customer rating and bad customer service can spell major trouble later on.
If you use Auto Approve to look for your car lease buyout loan, we can help you sort through the offers and decide what lender will be the best fit for you.
5. Sign on the dotted line. Once you pick a loan offer it’s just a matter of completing the necessary paperwork. You will need to sign on for the loan and transfer the title. Visit your local DMV to determine what steps you need to take to complete the transfer. Typically the vehicle will be in the lender’s name until the loan is paid off.
And that’s it! Buying out your lease is pretty simple, especially when you use Auto Approve to assist you. We can save you hours of paperwork and can guide you through any questions or concerns that you may have. Our experts know the ins and outs of auto lease purchases, and with a 96% would recommend rating on LendingTree, you can be sure that you are in good hands.
Those are the top reasons you should buy out your car lease with an auto lease purchase loan (and how you can get the process started!)
If you are interested in an auto lease purchase loan, don’t wait! Get a quote from Auto Approve today to get started!
Thinking about a road trip this year, but not sure which of the many amazing classic American road trips to take? You’re in the right place.While it’s hard to say that any one singular road trip is the best most beautiful roast trip to take – the United States has tons of interesting terrain, stunning vistas, and cultural landmarks from sea to shining sea – we’ve compiled three favorites that you can start planning right now.There are many more great options. Traveling Route 66 or visiting the Grand Canyon are evergreen classics. But these uniquely excellent drives were selected for weather, accessibility, and combination of natural wonders and modern conveniences. American Road Trips to Take In 2025What’s the best road trip to take for you? Only you can decide that, but it’ll depend on who you’re driving with (or if you’re flying solo!), where you’re starting your journey, and how long you want to spend in the day, per car and overall. Each of these road trips can be shortened or lengthened with fewer or more stops, and each has their pros and cons. And once you’ve picked one, check out our road trip planner.1. New England: Jamestown to Acadia National ParkIf you’re craving a seaside getaway, it doesn’t get much more iconic than a drive up the New England coastline. This is a great option for summer and fall road trips. During the summer, you get cooler temperatures than much of the US, sea breezes, lobster rolls, and beach days. During the fall, you get stunning fall colors, script temperatures, bonfires, and apple pie.This is a particularly great road trip for families and those not inclined to spend endless hours in the car, since the total driving time is fairly short and the stop options are plentiful, from bustling city life in Boston to the amazing restaurants of Portsmouth, NH, and Portland, ME, to the lighthouses, ocean views, and sprawling forests of coastal Maine and Acadia National Park. Driving time (one way without stops, approx.): 6 hoursStop ideas: RI: Jamestown, Providence; MA: Cape Cod, Boston, Salem; NH: Portsmouth; ME: Ogunquit, Portland, Freeport, Augusta, Bar Harbor, Acadia National Park You won’t want to make all these stops in a row, but if you’re driving round trip, you can always see the LL Bean boot in Freeport one way and make time for Salem’s witches (or lack thereof) on the way back.One word to the wise: This road trip won’t work in the winter due to the weather in the Northeast. Driving in winter conditions doesn’t make for a relaxing vacation!2. Smoky Mountains: Asheville to MemphisIf you’re interested in a road trip through classic Americana, a trip from North Carolina to Tennessee might be just the ticket. By stopping in Nashville and Memphis, you can see much of the heart of American music history, and the barbecue across the region is iconic. And the culture isn’t half of it – this drive takes you through the stunning Smoky Mountains and is widely considered one of the most beautiful road trips you can take.Driving time (one way without stops, approx.): 8 hoursStop ideas: NC: Charlotte, Asheville, Great Smoky Mountains National Park (crosses multiple states); TN: Johnson City, Pigeon Forge, Knoxville, Chattanooga, NashvilleA few of these are out the way from the others – stopping Charlotte would really mean starting or ending in Charlotte, and Johnson City’s out of the way, but a fine place to stop if you choose to focus on exploring the Smoky Mountains.This trip is going to have the hottest weather of the options on this list in the summer, but nothing compared to what you might experience in Zion or Big Bend. The Smoky Mountains and Asheville stay pretty cool, but by the time you get to Memphis, depending on the time of year, it can get into the 90s Fahrenheit. The good news is, all these places stay relatively temperate through the winter, so there’s no bad time of year to visit.Be prepared: Cell service is weak or non-existent in some parts of the Smoky Mountains, so you’ll want to make sure you have a paper map and a well-stocked car emergency kit, just in case.3. Pacific Northwest Meets Big Sky Country: Seattle to YellowstoneWhen it comes to iconic American experiences, Yellowstone National Park is high on the list. But to get the full flavor of the Pacific Northwest and Big Sky Country, start or end the drive in Seattle. Taking time to stop in Washington’s wine country and see Puget Sound adds another incredible set of sights and experiences, and Seattle makes a great jumping off point to visit any one of Olympic, Mount Rainier, or North Cascades National Park. From there, you’re diving into the heartland, whether you want to head up to Glacier National Park, down to Grand Teton, or straight to Yellowstone.Driving time (one way without stops, approx.): 11.5 hoursStop ideas: WA: Seattle, Puget Sound, Washington Wineries, Spokane; MT: Glacier National Park, Butte Historic District, Bozeman, Big Sky; ID: Boise; WY: Grand Teton National Park, Yellowstone National Park:This is clearly the most time-consuming, robust road trip of the three. If you’re looking for a big trip, this is the one. Yes, it’s a commitment, but worth it for the stunning views and once in a lifetime experiences. Just remember, when you’re spending a lot of time in National Parks, you want to make sure you plan your road trip meticulously. Gas stations and places to stay the night can be few and far between, and some things may book up months in advance.Don’t have a ton of time but want to see Big Sky Country? You can also fly into Yellowstone Airport (WYS) and land just two miles from Yellowstone National Park.Which of These 3 Beautiful Road Trips In The United States Sings to You?There’s no wrong choice – you want to choose something that fits the amount of time you have, your budget, and your interests.Want to spend more on your dream road trip and less on your monthly car payment?Most people are paying more than they need to on their auto loan, thanks to dealership rate markups! AutoApprove can help you find a better rate in just a few clicks. Tell us a bit about your vehicle – no commitment required – to find out how much you could potentially save through refinancing. An AutoApprove representative will help you find the deal that’s right for you, and once you’ve selected your refinance, we do the paperwork for you, easy as that!That means more money in your pocket for the things that matter most – whether that’s a soul-searching solo trip or an unforgettable family vacation.Get your free quote now.
Useful Skills You Can Learn While Driving
Have you ever considered learning while you drive? Whether you want to make better use of a daily commute or are heading out on a long solo drive, if you want to learn a skill from behind the wheel, we have some ideas for you!The key to learning on the road is to choose something you can do with just audio media – and to make sure nothing you do is so engrossing that you lose focus. It’s important that you still drive safely, no matter what. Essentially, we recommend skills you can learn from an audiobook or podcast and repetitive activities that allow you to build up your knowledge or talents over time.Let’s take a look.Things You Can Learn While DrivingThe average American driver spends, according to a AAA survey, just over an hour in their car every single day. Why not find ways to be productive with all that time? Here are some things you can pick up while you drive.1. Learn a LanguageThis is probably the most popular skill to tackle in the car. Whether you’re brushing up on a language you learned in high school, preparing for a trip, trying to improve your chances at a new job, or learning just to stay sharp, there are tons of good reasons to learn a language while you drive. And, yes, while you’ll also need to supplement with written lessons, you can work on your listening and speaking skills in the car.Depending on which language you want to learn and your level, you’ll need different resources, but here are a few ideas for ways to get started:Starting from 0: Listen to podcasts that teach you the basics (for example, Pimsleur and LanguagePod101 both have podcast-based language lessons)For skill building: Listen to programs designed for language learners (for example, News in Slow is designed for people currently learning at a beginner to intermediate level to practice listening comprehension) For advanced learners: Grow your vocabulary and get closer to fluency by listening to music or news in your target language and trying to capture any unfamiliar words, phrases, or ideas2. Listen to the Sounds of NatureIf you’re interested in the natural world, you could use the time to learn things like the calls of birds local to your area. Avid birders in particular might find this interesting – and there are many resources for birders, since it’s such a popular hobby (BirdNote Daily is a good option) – but resources exist for frog fans and other animal lovers as well, dependent on your region. And there’s no reason you need to stick to your own backyard! Noisy by Nature is a kid-focused podcast that introduces the sounds of Australian wildlife (and is, frankly, fascinating for all ages).As an added bonus, nature sounds can also be relaxing, which is helpful when you’re stuck in traffic in a 20 minute slowdown.3. Write Better EmailsWhether you’re an English learner, a complete word nerd, or someone who struggled with writing in school and wants to up their email game, there are tons of great podcasts about English grammar, word usage, and how people speak. A few top recommendations include: Grammar GirlThe AllusionistVocal FriesYou’re Saying It WrongWebster's Word of the DayExpanding your vocabulary, mastering complex grammar rules, getting into the nitty-gritty of style, and discovering common malapropisms and mistakes can make you a better writer, reader, and conversationalist.4. Level Up Your Financial LiteracyThere are tons of great personal finance podcasts being made right now. If you’ve never spent much time thinking about budgeting, saving, or your own attitudes toward money, learning about the basics of finance while you drive could be a huge help!Planet Money, which covers current events in the world of money and investment, is a fascinating and informative podcast, while So Money, Money For the Rest of Us, and Afford Anything are a few of the many long-running hits in the finance space. Read reviews and find a podcast that fits your taste – and just remember, no podcast gives specific advice, so ask a professional before making big money moves!Trying to be smarter with money?You don’t need to learn any new skills to refinance your vehicle and start saving money. Most people are paying more than they need to be on their auto loan. A refinance can help you secure a lower rate and pay less. Plus, it’s easy! AutoApprove can help you find the right deal for your unique situation – and do the paperwork for you.Get a free, no-commitment quote to see how much you could save.5. Practice Using Your VoiceWhether you’re a nervous public speaker or thinking about getting into amateur opera, the car is the perfect place to get vocal reps in. There are tons of voice teachers making content online – you could find a vocal warm-up to try while you drive, or look up exercises in advance and put them into practice when the car door is closed.Whether you rehearse a presentation or sales pitch, practice improvising speeches, or sing do-re-mi, the car is a rare place where you can let yourself be as noisy as you want, take advantage of it!6. Build Your Understanding of MathRegardless of your current level of math expertise, you can skill build while in the car. Some people work on basic skills like solving simple number problems, memorizing multiplication tables, or learning more of the digits of pi. Or, if you prefer to simply listen, there are many engaging math listens that can make you fall in love with math. A few top podcast options include: The Joy of XBreaking MathMy Favorite TheoremOpinionated History of MathematicsLeveling up your understanding of math can help you see the world in a new light! And hey, maybe you can impress your friends with your new intel.7. Learn About the WorldLast but certainly not least, there are so many great educational podcasts about all manner of things, from history to economics to niche scientific fields. Taking the time to simply learn broadly about different topics that interest you wherever you can is a very productive way to spend your time in the car. Some of the best options happen to overlap with our recommended podcasts for long drives, like Ologies, 99% Invisible, The Happiness Lab, and Revolutions. But the thing that interests you most when you set out on the road is always the best option, whatever that may be – even if it’s something silly like the workings of ‘90s cars or learning to understand Morse code. Whatever you choose, expanding your worldview and learning something new is always a good choice!And Those Are Seven Useful Ways To Spend Your Driving TimeMost of us spend quite a bit of time behind the wheel, trying to make something of that time is an admirable pursuit! From language learning to amateur opera performance, there’s always something interesting to do to pass the time and challenge your mind.But refinancing your vehicle doesn’t take any time at all.You could be paying less monthly on your auto loan, putting more cash back in your pocket for the things that matter most. Find out how much you could save with just a few clicks and no commitment. Get your free quote now.
5 Things Every Car Owner Should Know
Let’s talk about five of the essential things every car owner should know.There are tons of skills you come by naturally as you start driving. Some things you learn for your drivers license exam, some skills you pick up as you start driving. But there are a few things not everyone knows how to do that can make you a better car owner and help you feel more confident on the road.These are some of the top skills you need to take time to learn once you own a car. Let’s take a closer look.Essential Skills for Drivers and Car OwnersTake a peek at the list. Do you know how to do all of these things? Most people will have learned at least some of these skills naturally, but taking time to really master them can help you drive safer and keep your car in great condition longer.1. How to Check and Change a TireIt’s important to get to know your tires, and recognize the right tire for your vehicle. But buying the right tires is only the beginning – tire maintenance and tire changing are super handy skills for every driver. The same is true for recognizing, checking, and changing or replacing fluids like engine coolant, brake fluid, windshield washing fluid, transmission fluid, and engine oil. If you see a liquid coming out of your vehicle, being able to recognize what fluid it most likely is and whether or not it constitutes a safety hazard is key.To get you started here are the essentials of changing a tire:Find somewhere safe to park on a level, firm surface.Turn on your hazard lights.Gather your tools: spare tire, car jack, lug wrench, and your owner’s manualReview any important information in the manual about tire changes for your specific vehicle Loosen but do not remove the lug nuts (which may be under the hub cap)Position the car jack at your vehicle’s jack points based on the instruction in the car owner’s manual (sometimes marked with a notch on the chassis)Slowly raise the car with the jackFinish loosening and remove the lug nuts, keeping them somewhere you can easily find them again where they can’t roll awayRemove the flat tire and replace it with the spare, lining the spare up with the wheel studsReplace the lug nuts and gently start screwing them in by handLower the car Use your lug wrench to tighten the lug nutsPut all your equipment back where you usually keep itCheck tire pressure for all tires (you may want to go to a garage to make sure everything’s good to go and your tire pressure is even)Return to the road, driving slowly and carefully if you’re driving on a donutPracticing changing your tire a few times at home can make it much less stressful if and when you need to change one on the road.2. How to Deep Clean Your Car YourselfWhile automatic car washes are handy and typically fairly affordable, deep cleaning and detailing your car can get expensive and time consuming. Knowing how to keep your car clean and how to handle stains and wear and tear on the inside and outside can improve your driving experience. After all, according to AAA, American drivers spent an average of 60.2 minutes behind the wheel every day as of 2022. Making that space clean and comfortable can help that hour of driving feel less stressful.Plus, deep cleaning your car yourself can save you money, and some people find it meditative!Speaking of saving money…Here’s one more thing every car owner should know how to do: lower their car payment quickly and hassle-free with Auto Approve!Get a free quote to see how much you could save.3. How to Read A Paper MapOnce a ubiquitous skill, knowing how to read a paper map is less and less common with the rise of GPS and digital map apps for the phone and in-car systems. However, it’s important that drivers of all ages master this skill and keep it sharp to be safe. You never know when you could lose service or battery power. Having a map in your glovebox and knowing how to read can help save headaches should you land in a tough spot. The last thing you want in the case of a breakdown is to add not knowing where you are to an already stressful situation.And reading a map isn’t all – all drivers should have on hand and know how to read their vehicle’s manual. You never want to be stranded somewhere trying to guess the meaning of an alert you’ve never seen before!While reading a map might not be absolutely essential when you’re staying close to home, it can come in handy if you want to plan a road trip – and even more so when you hit the road and venture into new areas further from home (and, depending on where you’re heading, further from robust network coverage!).4. How to Drive in Bad WeatherGiven shifting norms for how often we see major storms – and new types of storms hitting areas that once rarely saw, for example, snow storms or hurricanes – knowing how to drive, and when not to drive, in all kinds of weather is an absolute must.Driving in winter storms or heavy rain can mean different risks and challenges than, say, very strong winds or a heatwave. Prepare for all possibilities by brushing up on your driving skills and keeping an emergency kit in your truck.In general, when the weather is crazy and you’re on the road, slow down, leave extra space between you and the car in front of you, and remember that if you start to slide, the best thing to do is take your foot off the gas and gently steer the front of your car toward the direction you want it to go.5. How To Recognize Warning Signs from An Old CarLast but certainly not least, assuming you do everything right and your vehicle serves you well for over a decade, you’ll want to start keeping an eye out for signs of wear and tear that might mean a car is on its last legs. There’s a rule of thumb called the 30/60/90 rule in auto maintenance that suggests you should take your car in for servicing and preventative maintenance every 30,000 miles. This is true regardless of how long the vehicle’s been on the road and whether or not it’s showing any of the major old car warning signs. Preventative maintenance can help catch problems early and let you drive with confidence even after years with your vehicle. If everything’s looking good, you just need to keep an eye out for rusting, brake issues, bumping or bouncing, or a persistent check engine light. And One More Thing Every Car Owner Needs to Know…How to lower their car payment! Auto Approve can help you lower your vehicle payment in minutes.Most people are overpaying on their auto loanIf you got your vehicle from a dealership, there’s a good chance you’re overpaying on your auto loan, thanks to dealer markups on rates. Auto Approve can help you find out whether you’re eligible for a better rate and start paying less through refinancing. To get started, all you have to do is answer a few questions, no commitment required. Then, an Auto Approve associate can help you find the best deal for you. Once you choose your refinance, Auto Approve does the paperwork, making the process quick and easy!Get your free quote to see how much you could save today.
*APR and Fees Disclosure: Auto Approve works to find you the best Annual Percentage Rate (APR), which is based on factors like your credit history, vehicle and desired payment terms. Fees to complete your loan refinance vary by state and lender; they generally include admin fees, doc fees, DMV and title. Advertised 5.49% APR based on: 2019 model year or newer vehicle, 730 minimum FICO credit score, and loan term up to 72 months. All loans subject to credit and lender approval.
Auto Approve has an A+ rating with the BBB and is located at 5775 Wayzata Blvd, Suite 700 #3327 St. Louis Park, MN 55416-1233. Auto Approve works to find its customers the best terms and APR, which are based on factors like credit history, vehicle, and desired payment terms. Loan amounts, costs, and fees vary by state and lender; they generally include admin fees, doc fees, DMV, and title fees, depending on the lender and period of repayment. There is no fee to obtain a quote and all refinancing-related costs are included in the amount financed so there are no out-of-pocket costs! For more information, please go to AutoApprove.com.