Considering buying out your lease?

If you are interested in buying out your lease, you have options!

As the economy begins to settle and many go back to work for the first time in over a year, the demand for new cars is at an all-time high. CNN Business reports that due to a computer chip shortage caused by the pandemic, automotive suppliers have had to either close or run at limited production¹. Now, vehicles are in short supply; new car inventories at dealerships have decreased 25% compared to this time last year. Which means, prices of new cars have increased by 8%. 

Those who chose to hold off on making large purchases during the pandemic are now faced with surging prices. However, for those who are nearing the end of their vehicle lease, this supply and demand problem could mean great news. With the value of all vehicles increasing, lessees are finding they may be able to buyout their leases for less. 

According to Marlon Katrell of Lease Buyout Center, “the amount of equity lessees are receiving for their vehicles is unheard of. We have seen as much as $29,000 of equity earned on a lease!” 

If you are leasing your vehicle, consider buying out your lease with Lease Buyout Center and Southland Credit Union. You can avoid the costly supply and demand issue new car buyers are experiencing, and you won’t have to worry about your mileage allotment, excess wear and tear or a never-ending lease cycle. Lease Buyout Center and Southland have streamlined the lease buyout process for you. We’ll do all the paperwork online and secure your financing with Southland’s low rates, and you won’t have to visit an office or dealership. The process only takes a couple of days.

To get started, all you have to do is visit our Lease Buyout page and fill out the online form. Be sure to enter “Southland CU'' in the comment box section. Once you enter in your vehicle information and submit, a Lease Buyout Center representative will give you a call. Lease Buyout Center will walk you through the process and you will receive a financing quote from Southland. If you choose to accept, you will send in the required stipulations, including copies of your driver’s license, insurance, a picture of your current odometer and VIN.

Then, you will receive an e-contract to be signed through email, which will include your rate and term for your financing with Southland. The next day, you’ll visit your nearest UPS Store to pick up your DMV documents. Since the DMV requires documents signed in ink, you can simply sign them in the UPS Store and send them back with the included pre-paid return label. Then you’re done!

After receiving all the required signatures and paperwork from you, Lease Buyout Center gets to work. They will quickly pay off your lease and get your car title transferred in about three weeks. It’s that easy with Southland and Lease Buyout Center. Instead of getting caught up in the lengthy and expensive process of buying out a lease at the dealership, continue enjoying your car and save your valuable time and money!

For more information on how to buy out your lease with Southland Credit Union and Lease Buyout Center, visit our Lease Buyout page.

Source: CNN Business