What is a lease buyout loan?

It’s a good idea to start thinking about your plans for the end of your lease term three to six months in advance. One option is to buy out your lease. A lease buyout lets you purchase the vehicle for the amount noted in your lease agreement. Review your lease contract or contact your lease provider to confirm your leased vehicle is eligible for purchase.

With a auto lease, for example, your purchase-option price is calculated as the residual value (the projected value of the vehicle at the end of the lease) plus a purchase option fee as noted in your lease agreement. The total payoff amount will also include applicable taxes, fees and any other outstanding amounts from your lease. To find out your U.S. Bank lease's total payoff amount, call 800-USBANKS (872-2657).

Why buy out your lease?

If you’re thinking of buying out your lease, do some research to help with your decision. Here are some things to take into consideration:

It’s a vehicle you love.

You’ve spent the duration of your lease driving this exact vehicle, so you know it inside and out.

Skip mileage charges.

If you’ve gone over your allowable mileage per your lease agreement, you can bypass related fees by buying the car.

It's a simple transition.

No need to coordinate inspections or dealership visits. In most cases, you can apply and finalize everything online.

Avoid excess wear and use charges.

If you had a mishap that qualifies as excess wear and use, purchasing lets you avoid additional charges.

Calculate your estimated lease buyout terms.

The terms of a lease buyout loan depend on many factors, including your creditworthiness and the market demand for the vehicle. Experiment with different realistic values in the calculator below to get an idea what terms might be available to you. 1, 2

How do you apply for a lease buyout loan?

With our quick and easy application, you could have your decision in minutes. You don’t need to have a U.S. Bank auto lease to apply for a lease buyout loan with us.

 

Step 1: Apply

Have a few pieces of information ready:

  • Your lease agreement and most recent leasing statement
  • The vehicle year, make, model, VIN and mileage
  • Registration and insurance details
  • The total payoff amount from your Lessor
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Upload lease buyout documents in the customer portal

Frequently asked questions about lease buyout loans

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Disclosures

  1. Footnote 1

    Monthly payment and annual percentage rate (APR) will vary based on the term, amount financed, model year, loan-to-value (LTV) percentage, credit history and applicable fees. Payment example: for an amount financed of $30,000 on a 3 year old vehicle over a 60-month term with a $100 origination fee, monthly payments would be $613.20 at an annual percentage rate (APR) of 8.34%.

    Return to content, Footnote 1
  2. Footnote 2

    U.S. Bank lease buyouts are available nationwide (excluding New Hampshire). Leases held by other financial institutions are available in the following states: Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, Wyoming.

    Return to content, Footnote 2

Offers are subject to credit qualifications. Rates are subject to change. Some additional restrictions may apply. Installment loans are offered through U.S. Bank National Association.