Learn what Depreciation Protection Waiver (DPW) is and how it can help you if your vehicle is totaled or stolen.
Buy The Car You're Leasing
If you love the vehicle you are currently leasing, you have the option to keep it and buy out the lease. Honor Credit Union can help make it happen with competitive low rates, flexible terms, an easy online application, and team members ready to help every step of the way.
Anyone Can Consider
Avoid The Hassle
Of Car Shopping
You Like The Vehicle
You Are Leasing
Buyout Process Is
Easy With Honor
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.
Also known as buyout amount, the residual value is non-negotiable, and depends on vehicle year, make and model, and other lease details.
The amount you owe when the lease expires can increase if you 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.
Rates As Low As
Terms Up To
Purchase Through a Partner Dealership
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||3.24% APR*|
|49 - 60 months||3.79% APR*|
|61 - 75 months||4.24% APR*|
|76 - 84 months||5.24% APR*|
|85 - 96 months||6.39% APR*|
|Rates accurate as of Aug 08, 2022|
|*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: $20,000 at 3.24% APR* for 60 months equals $361.51/month.|
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.
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.
Learn how SafetyNet can protect you in the event of illness, injury, death, or involuntary unemployment.
With Mechanical Breakdown Protection you get 24/7 roadside assistance, rental car assistance, and much more!
Learn how GAP insurance coverage can protect you from paying more than your vehicle is worth in the event of a crash or theft.
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.
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:
- Jet ski
- Personal watercraft
- Golf cart
- 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.