This ‘Lease End’ Service is basically a ‘rip off’ because there is a 90% chance or better that you could just buy your lease out directly with the leasing company or at a local dealership and get better terms on your loan then you will get here. Unfortunately, a lot of people call in thinking they are calling their leasing company and give their account number, social security number or the last four of their social, date of birth, etc – enough information for them to call the actual leasing company and get a ‘buy out figure’ or ‘lease payoff’. Then they mark it up usually from $395.00 to as high as $5000.00 and get people to agree to a payment. They figure if they can close you on a payment then the price shouldn’t matter or the cost of title fees, GAP insurance, an extended warranty, etc. – a lot of times the payment they give you is for 75 months when you could have gotten the same payment at your local dealership or directly with your leasing company for 60 months or less.
If successful, they mail you out the paperwork – a lot of people see the name and address on the FedEx envelope is from Sterling 925 limited or Carbiz4U and then these people realize they have not been dealing with their leasing company and toss the paperwork. If you are smart then you will check directly with the leasing company or stop into a local dealer before returning it so you can compare it to what they have to offer.
Since they are located in Illinois they do not perform license and title work for people outside the State of Illinois and send it out to a third party at a massive premium that is ultimately charged to the you the customer. Some people have paid as much as $980.00 for a title fee which might of only been $200 at their local dealership– they assume that it is a fee they can’t get around and don’t even realize that it is way more then they should be paying for title fees. Check with your state or locally by a dealership or directly with the leasing company.
Now if you are foolish enough to get their paperwork and return it then beware that if you car is leased with Audi, Honda, Acura, Mercedes or Ford that as of today they will not be paying off your leasing company directly but instead are using local dealers they have partnered with befriended most likely because those dealers charge this company a $150.00 fee or so and these dealers get a tax credit by showing they took your lease vehicle in on trade. The local dealership in Illinois then processes your payoff and this can take weeks because sometimes they want to get the payoff check (from Sterling 925 limited or Lease End Services or CarBiz4u or whatever name they might be going by these days) and ‘float’ that money –they want to use it for a while but will eventually payoff your lease and get the title back to Lease End Services (hopefully) and then they will send it to a 3rd party to complete your license and title work if you live outside Illinois. This is a much bigger deal if you wrote a check or got a cashier’s check to payoff you lease because it could add several weeks to the amount of time you are waiting for your title. There is no need for this extra step and it can be avoided by going directly to the dealer or working directly with the leasing company.
So do your homework because chances are this company is not you best option if you want to buy out your lease. They do not let people know they use local dealers and their advertising piece is very deceiving to some. It says ‘second notice’ when in fact they do not have a first notice and act like that ‘due to current market conditions’ they can negotiate down the buyout on your vehicle and they can not. Any savings you might experience is a monthly savings if they lower payment but again when they do it is usually because they have extended the term. Check your local dealer first or check with your leasing company for the best deal – a lot of local dealers here do not even charge a service fee and do lease buyouts as a courtesy. This company will tell you that you will be harassed to by new at the dealership but that is not true because they still want your business in their service department and still want you to buy from them again when you are ready. If this service saves you monthly then the dealer or leasing company will save you even more.
Also, do not let anyone tell you they can get a better rate if you include GAP coverage or an extended warranty- these are totally optional and not mandatory and if offered a better rate to include them, you should immediately bring this to the attention of the Attorney General’s office. If you have already done business with this company and grossly overpaid above your buyout and or for title fees then you should file a BBB complaint. The only reason their BBB rating isn’t terrible is because most people don’t take the time to file a complaint after they figure out they are a 3rd party vendor with nothing to offer.