Buying Out a Leased Car

We can help you buy out a leased car, whether it's held by you or a private seller.

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
• To complete your purchase, call (800) 462-8328, ext. 8250, or visit a branch.
• 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
• To complete your purchase, call (800) 462-8328, ext. 8250, or visit a branch.
• 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.