Flexible financing meets real ownership
Drive the car you want with lower monthly payments and the freedom to buy when the time is right. Lease Plus puts you in control from day one.
Benefits:
- No down payment required
- You own the vehicle, it's titled in YOUR name
- Reduces your risk of negative equity
- Flexible loan terms of up to 72 months
- No early payoff penalty
How Lease Plus Works
Eligible Vehicles
Future year, current year, and used vehicles up to five years old
Financing Terms
24 to 72 months
Residual Value
Established based on the term of the loan using industry approved guidelines similar to leasing
Payments
The difference between what you pay for the vehicle and the residual value is used to determine the principal portion of your payment, which results in a lower monthly payment than conventional financing
Options
- Sell the vehicle, pay the loan balance (including residual value) and keep any difference
- Use the vehicle as a trade-in, and the loan balance (including residual value) is paid as part of the transaction
- Keep the vehicle and refinance the loan balance (including residual value) as a used vehicle loan
At loan maturity:
- Return the vehicle and “walk away” from the residual value
Disclosure:
APR = Annual Percentage Rate. Rates listed as “as low as” are based on the applicant’s credit score and the model year of the vehicle. Other account requirements and conditions may apply. Rates are subject to change at any time. All Lease Plus balloon loans are subject to credit approval and membership eligibility.
At the end of the term of the Lease Plus balloon loan, the borrower will have four options to satisfy the final payment: (1) refinance the remaining balance, including the Guaranteed Future Value (GFV), into a conventional used auto loan; (2) trade in the vehicle and apply the value toward the final payment; (3) sell the vehicle and use the proceeds to pay off the remaining loan balance; or (4) return the vehicle and walk away from the remaining balance, including the GFV, provided all return conditions are met.
If you elect to return the vehicle, you will have the following obligations: (1) all original equipment that came with the vehicle at the time of purchase must be returned with the vehicle; (2) a mileage charge of $0.10 per mile will apply for any mileage in excess of the selected allowance (7,500–18,000 miles per year); and (3) the condition of the vehicle must comply with the Loan Addendum provided to you at the time of loan disbursement. If the vehicle is returned in accordance with the Loan Addendum, a $195 disposition fee will be charged, the residual amount will be considered fully satisfied, and the loan will be closed. Additional end-of-term fees may apply. Contact Michigan United Credit Union for full program terms and conditions.