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The Lease is Up-Should You Buy the Car?

The Lease is Up-Should You Buy the Car? | Man Thinking About Car

Your auto lease gives you a right to buy the vehicle for a fixed price at the end of the lease. But should you? If you have less than three months remaining on a lease, now’s the time to decide. So, find your lease and read on.

How To Decide

1. Do you like the car? If it’s performed well with a minimum of unexpected cost and repair, then it might be good to renew the lease.

2. Will it still fit your needs? If you’re driving a 2-door sports coupe but are expecting a baby, you probably need a new car.

3. What is your lease-end buying price? You’ll find the purchase option price in your lease. Let’s assume it’s $14,000.

Is it Worth It?

4. What is your vehicle actually worth? Check websites such as Kelley Blue Book ( and Let’s assume your highest wholesale value is $15,000.

5. How does your vehicle’s wholesale value compare with its lease value? If it’s higher than the lease value, then it’s a good deal. In our example, your lease says you can buy for $14,000. You’ve confirmed wholesale value is $15,000. You’re buying a car you know and like for $1,000 less than its wholesale value. Buy the car.

6. What if the wholesale value is less than the lease value? If it’s a lot less, don’t buy the car. It doesn’t make sense to buy the car if your lease’s buy-out price is $14,000, and the car’s wholesale value is only $11,000.

7. What’s the bottom line? If your lease car is a good friend, and you can buy it for no more than $1,000 over wholesale value, that’s a smart buy. Your next smart decision is to finance it at Mid Oregon Credit Union. We have affordable financing with low rates and flexible terms.

Protect Your Investment When You Finance

We have additional loan protection choices such as MEMBER’S CHOICE TM Borrower Security, Guaranteed Asset ProtectionAD&D Insurance and Mechanical Repair Coverage. These additional products our members can add with their loan offer insurance against many of life’s unexpected situations.

Visit any of our seven Central Oregon branches, email us or call us at (541) 382-1795 to talk to one of our Contact Center loan officers to learn more about how Mid Oregon Credit Union can help you make a good decision on your leased vehicle.

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