BUYING OUT A LEASED CAR

If you’re looking to buy out a leased car, whether it’s held by you or a private seller, call us at (800) 462-8328, ext. 8250 to get started.

Things you should know

  • You don't have to wait until the end of the car lease period to buy out the lease.
  • Some lease buyouts may have DMV restrictions that prevent us from helping with the transfer of title.
  • Review your lease agreement to check if:
    • The lease buyout needs to be completed at the dealership.
    • The sales tax will be included in the final payoff amount.

What you'll need

  • Copy of current registration (not expiring within the next 90 days).
  • Lease buyout documents from the lease company.
  • SchoolsFirst FCU Authorization for Payoff form signed by the lessee.
  • Smog certificate, when applicable (dated within 90 days).
  • Payment for sales tax and DMV-related fees (can be financed into the loan).

Required documents vary.

How it works

Buying out your lease:

  • Review your lease agreement to confirm you can buy out your vehicle.
  • Apply for an auto loan with us.1
  • Call (800) 462-8328, ext. 8250 for the best way to complete your purchase. You may be able to visit a branch or fund over the phone.
  • By phone: Loan documents will be emailed to you to sign. Please be sure your email address is updated.
    • We'll mail the check and documents to the lease company to end the lease.
    • DMV documents will be mailed to you to complete and return to the Credit Union.
  • In person: Contact the leasing company to obtain the lease buyout documents prior to branch visit. Bring your lease buyout documents provided by the lessor and meet with a branch representative to fill out the forms and sign your loan documents, including DMV forms. Please plan for a longer visit to complete your loan.
    • We'll mail the check and documents to the lease company to end the lease.

Buying out a private seller’s lease:

  • Confirm with the seller that their lease agreement allows for the vehicle to be sold.
  • Ask the seller to contact their leasing company to obtain the buyout documents prior to branch visit.
  • Apply for an auto loan with us.1
  • Once you've negotiated your price, call (800) 462-8328, ext. 8250 for the best way to complete your purchase. You may be able to visit a branch or fund over the phone.
  • By phone: Loan documents will be emailed to you to sign. Please be sure your email address is updated.
    • We'll mail the check and documents to the leasing company to end the lease.
    • DMV documents will be mailed to you for you and the seller to complete, and then return to the Credit Union.
  • In person: You'll review and sign your loan documents, including DMV forms and buyout documents, with a representative. Please plan for a longer visit to complete your loan.
    • We'll mail the check and documents to the lease company to end the lease.

If you have questions about buying a leased car, contact us at (800) 462-8328, ext. 8250.

  1. All loans subject to approval.