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Buying Out Your Lease with a Credit Union | MembersFirst CT FCU

Buying Out Your Lease with a Credit Union | MembersFirst CT FCU

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Why Buy Out Your Lease?

When you lease a car, you rent it for a fixed period of time, two to three years. While leasing can have benefits, such as lower monthly payments and the ability to drive a new car every few years, it also has some downsides. For one, you don't own the vehicle, so you can't make modifications or sell it without going through the leasing company. Additionally, you're limited in the number of miles you can drive, and you may face penalties if you exceed that limit.

By buying out your lease, you can avoid these restrictions and gain ownership of your car. You'll be free to drive as many miles as you want, modify the car to your liking, and sell it whenever you please. Plus, if you've taken good care of the vehicle, it may still have significant value, so buying it outright can be a smart financial move.

Why Use a Credit Union?

When financing your lease buyout, using a credit union like MembersFirst CT FCU can offer many advantages over going through a traditional bank or leasing company. Credit unions are not-for-profit organizations, so they often provide more favorable loan terms and lower interest rates than for-profit banks. Plus, credit unions are more flexible and accommodating when it comes to lending, so you may have an easier time getting approved for a loan.

At MembersFirst CT FCU, we offer competitive rates and a streamlined application process that can get you approved for a loan in no time. Our loan officers will work with you to find the best financing option for your unique situation and budget. We'll make sure the entire process is as stress-free as possible.

How to Get Started

If you're ready to buy out your lease and take ownership of your car, the first step is to contact the leasing company and get a payoff quote. This will tell you how much you need to pay to buy out your lease and take ownership of the car. Once you have that information, you can apply for a loan with MembersFirst CT FCU and use the funds to pay off the leasing company.

To learn more about lease buyouts and how MembersFirst CT FCU can help, visit our website or stop by one of our branches today. Our friendly and knowledgeable staff are always here to answer your questions and help you make the best financial decisions.

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