Leasing a car, truck, or SUV could be an ideal way to test out the vehicle you desire and identify if it is the right one for you to purchase as your own. It could also bring down your monthly payments if you decide to buy it. Why not own the car you love driving? Camino can help you better understand if it’s the right decision for you with these 3 benefits of a vehicle lease buy out.
- Free Yourself From Lease Payments
When you lease a vehicle, you sign up for terms that can sometimes feel like an eternity. The monthly payment may seem overwhelming and you may feel like you’ll have nothing to show for it in the end. However, when you buy out your vehicle lease, you’ll own the vehicle. The longer you keep the vehicle after paying it off, the more you can save and free up your money to go toward other financial goals, such as saving up for a down payment on a home.
- Stop Worrying About Mileage Limits
It can be critical to read the fine print and understand all the terms and conditions of your lease. It’s often hard to predict how much you’ll be driving your vehicle during the term of your lease, as life can often be unpredictable, and things can change. Most leases limit the number of miles you may drive, typically 10,000 to 12,000 miles per year. The higher mileage allotment you arrange means a higher monthly payment. One thing to avoid is going over because an excessive mileage fee can be .30 cents or more per mile. You can mitigate these issues and avoid extra costs by buying out your lease.
- Enjoy Ownership of Your Own Vehicle
Of course, one perk of buying out your lease is that you’ll own the vehicle outright. Ownership comes with benefits that you don’t receive while leasing. Besides not worrying about going over the mileage allotment, you can modify the vehicle if you’d like to, such as upgrading the sound system. Furthermore, you’ll be able to sell your vehicle at any time and use those funds to purchase whatever you desire.
Additional Benefits of a Vehicle Lease Buy Out
- 125% Financing Available (Including Tax & License)
- Competitive Loan Rates
- Variety of Terms (Up to 84 Months)
- Pre-approvals for Better Buying Power
- Local, Montebello Decision-Making & More
- Mechanical Breakdown Insurance (MBI)
Is It Time to Buy Out Your Vehicle Lease? Call Camino Today!
Camino can help you own the car you’ve loved driving while leasing with our vehicle lease buy-out program. In addition to providing you the best loans and interest rates for your auto loans, we can help you get behind the wheel more easily. On top of lower loan rates, did you know Camino has a Car Buying Service? Now, you can forget the insecurity when it comes to buying your next car. Camino is your trusted partner for your vehicle purchase.
Learn more about Camino’s loan options to help with your borrowing needs. Please go online at caminofcu.org, give us a call at 800-835-3400 to speak with one of our Member Advisors, or contact us for more information. We invite you to browse our member benefits to see the advantages of joining us as a member. Love being a member of Camino Federal Credit Union? Tell your family and friends! If you want them to experience the same great service you’ve been receiving, refer them to Camino today!