Buy The Car You're Leasing

Review Your

Learn about the details you should review before starting an auto lease buyout


Learn about the options you have to get pre-approved, or work with a partner dealership


Options to protect your loan should something like an accident happen

Asked Questions

Answers to frequently asked questions about the auto lease buyout process

Review Your Lease First

Before you get started in the buyout process, be sure to review your lease agreement for some important details. Below are a few important things to know as you begin the lease buyout process.

How To Terminate The Lease

It’s important to know the details involving a buyout in your lease contract. We recommend you contact your dealership or leasing agency to find out how to terminate the lease.

Residual Value

Also known as buyout amount, the residual value is non-negotiable, and depends on vehicle year, make and model, and other lease details.

Vehicle Condition

The amount you owe when the lease expires can increase if your vehicle exceeds the mileage limits set in the lease agreement. You can also be charged for excessive wear and tear. If you complete a lease buyout, you won’t be charged for excess miles or wear and tear.

Financing Options

Once you know the details of buying out your lease contract, there are a few ways we can help you finance a loan to purchase the vehicle. If you leased your vehicle through one of our partner dealerships, we encourage you to get pre-approved prior to heading to the dealership to ensure your financing is ready to go! If you didn’t lease through one of our partner dealerships, no problem! Simply apply for the loan directly with us to complete the process.

Rates As Low As

6.74% APR*

Fast Online

Terms Up To
96 Months

No Pre-Payment

Purchase Through a Partner Dealership

Get Pre-Approved

Auto Loan Rates

We want you to have all of the information you need to make a decision about whether or not to buy out your vehicle lease. View our rates table, and use our calculators to help you. We offer competitive low rates on all of our loans. 

Auto, Light Truck, Motorcycle Rates

Term Rates as low as
Up to 48 months 6.74% APR*
49 - 60 months 7.04% APR*
61 - 75 months 7.44% APR*
76 - 84 months 8.34% APR*
85 - 96 months 9.24% APR*
Rates accurate as of Jul 18, 2024
*APR = Annual Percentage Rate. Advertised stated rates reflect 0.25% APR* rate discount for borrowers with credit score of 750+ at time of loan application. Your rate may be higher depending on your credit history, loan purpose, amount, term, mileage, vehicle year, and other underwriting factors. 61-75 month financing requires a minimum loan amount of $10,000.00. 76-84 month financing requires a minimum loan amount of $20,000. 85 - 96 month financing requires a minimum loan amount of $30,000.00.

Payment Example: $30,000 at 7.04% APR* for 60 months equals $594.60/month.

Payment Calculator

Use this calculator to determine your monthly loan payment, or get an estimate of your total purchase price.

Early Payoff Calculator

Use this calculator to determine how much interest you could save by increasing your monthly payment.

Loan Protection

When you have an auto loan with Honor Credit Union, not only are you receiving excellent member service and a great rate, but also the peace of mind that comes with our loan protection options.

Guaranteed Asset Protection (GAP) Insurance can help you be prepared for these things when your normal insurance policy may not completely cover what you owe. If your vehicle gets wrecked or stolen, GAP Insurance will pay the difference between what your insurance company is willing to pay and what you actually owe on the vehicle.

Depreciation Protection (DPW) is similar to GAP, but instead of protecting you against loan deficiency balances in the event of a total loss of your vehicle, it protects the equity you have in your vehicle. If you put a lot of money down on your vehicle when you purchased it, or you received a high value on a trade-in putting your loan amount well under the value of your vehicle, DPW protects that investment.

We have various SafetyNet packages available to protect your loan, family, collateral, and credit rating against the possibility you may no longer be able to pay it. In that unfortunate situation, you would have enough to focus on, so let SafetyNet help.  If you choose to take advantage of SafetyNet, the fee for this program will be included in your monthly payments.

Mechanical Breakdown Protection (MBP) offers nationwide protections, 24-hour roadside assistance, rental vehicle assistance, trip interruption coverage, and so much more, so that if your car breaks down your life doesn’t have to break down, too. Plus it’s all transferable in case you sell your vehicle before the agreement expires.

Payment Assistance

We know that life take can take unexpected turns you just can’t budget for, from employment changes to medical emergencies. We want to be by your side throughout your journey, good or bad, so we have several payment assistance options to help you when times get tough.


Holiday shopping, unexpected life events, and other personal situations can leave your account balance a little short when it’s time to make a loan payment. Our Skip-A-Pay program helps you navigate those times.

Financial Planning

Our financial wellness partner at GreenPath Financial will work with you on-on-one to evaluate your situation, put a budget in place, establish a payment plan, and help you get back to achieving your financial goals!

Auto Loan FAQs

Anyone can apply! Approval is not guaranteed, but all applications are reviewed by our team.

Nothing! We do not charge any application fees.

Yes! Honor can finance a vehicle purchase in all 50 states as long as you qualify for membership with us.

If you’re interested in purchasing a recreational vehicle, chances are we can finance it, whether it’s new or used. Here are just a few examples:

  • Boat
  • Jet ski
  • Personal watercraft
  • Motorcycle
  • ATV
  • Golf cart
  • Snowmobile
  • Motorhome
  • Camper trailer
  • Horse trailer

Not sure if Honor can finance the recreational vehicle you want to buy? Simply give us a call or shoot us a message and we can help!

No. We will try to help you finance nearly any type of vehicle!

Yes. Insurance is required on all types of vehicles and equipment financed by Honor.

No! There are no prepayment fees or consequences.

Zero Down Payment Offer

To make the process as simple as possible with our Zero Down Payment mortgage offer, we encourage you to speak with a mortgage expert so they can explain the requirements and guide you through the process!

Find An Expert Near You

Need Help? Contact us at 800.442.2800 and we will help you get started with the application process.