Buying your leased car is often a straightforward process, but having "9 points" on your record—which typically refers to a poor credit score or a high-risk driver status—adds significant complications. The core challenge isn't the lease-end purchase itself; it's securing a new auto loan with adverse credit. Lenders will view you as high-risk, leading to higher interest rates or outright denial. The key is to proactively manage your credit and shop for financing before your lease term ends.
The first step is to contact your leasing company for the vehicle's residual value—the pre-determined purchase price set in your original contract. This is non-negotiable. Then, you must get a payoff quote, which includes the residual value plus any remaining payments and purchase fees.
The real hurdle is financing. With 9 points, traditional banks and credit unions may decline your application. Your primary options are:
- Specialized Lenders: Seek out lenders that specialize in subprime auto loans for borrowers with poor credit. Be prepared for significantly higher Annual Percentage Rates (APR).
- Buy-Here-Pay-Here Dealerships: These in-house financing options are more accessible but come with the highest costs and require careful scrutiny of the terms.
- Co-signer: Adding a co-signer with strong credit can dramatically improve your chances of approval and secure a better rate.
Before committing, it's crucial to assess the car's actual market value using tools like Kelley Blue Book (KBB). If the residual value is higher than the current market value, you are effectively overpaying. Here’s a simplified cost comparison to illustrate potential financial outcomes based on different credit tiers:
| Credit Tier | Estimated APR on a $20,000 Loan (60 months) | Total Interest Paid | Likelihood of Approval with "9 Points" |
|---|
| Super Prime (781-850) | 5.5% | $2,928 | Very Low |
| Prime (661-780) | 7.5% | $4,044 | Low |
| Non-Prime (601-660) | 11.5% | $6,334 | Possible |
| Subprime (501-600) | 16.5% | $9,412 | More Likely |
| Deep Subprime (300-500) | 19.5% | $11,520 | Most Likely (but costly) |
Ultimately, improving your credit score before your lease ends is the most cost-effective strategy. Check your credit report for errors, pay down existing debt, and make all payments on time to increase your financing options.
