Transcript

Your Residual Isn't Your Payoff · The Lease End Minute

0:00
Joe: This is the Lease End Minute. I'm Joe from Champion Auto Finance.
0:04
Joe: Here's a mix-up we hear all the time. Your lease contract lists a residual value, and a lot of people think that's the check they'll write to buy the car. Usually it isn't.
0:14
Joe: Your real payoff can include any payments you still owe, a purchase option fee, sales tax, and registration or title fees. That's why the number on your payoff quote is often higher than the residual.
0:26
Joe: So before you compare anything, call your leasing company and ask for the full payoff, in writing, with every fee listed. That's the number that matters.
0:35
Joe: Champion Auto Finance is not a lender. Approvals and terms are subject to lender underwriting.