Update Your Insurance After a Buyout
Insurance After a Lease Buyout: What to Update
Just bought out your lease? Why you should call your insurance company, and what to ask about gap coverage.
Key takeaways
- Your policy listed the leasing company; that changes after a buyout.
- A lender usually needs to be listed if you financed.
- Lease gap coverage typically ends with the lease.
Full transcript
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This is the Lease End Minute. I'm Joe from Champion Auto Finance.
Just bought out your lease? Call your insurance company.
When you leased, the leasing company was listed on your policy. After a buyout, that changes. If you financed the purchase, your new lender will usually need to be listed instead. If you paid cash, you own it outright.
Also, if your lease came with gap coverage, it typically ends when the lease ends. If you're financing, ask whether gap coverage makes sense for your new loan. A five-minute call now saves a big headache later.
Champion Auto Finance is not a lender. Approvals and terms are subject to lender underwriting.
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Champion Auto Finance
Thinking about buying out your lease? Learn more and get started at championautofinance.com.
Champion Auto Finance is a NJ DOBI-licensed financing partner, not a lender, coordinating lease buyout financing for drivers nationwide. Approvals and terms are subject to lender underwriting. Nothing on this site or in these episodes is legal, tax or financial advice.
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The Lease End Minute · Ep. 15 What Lenders Look AtFinancing a lease buyout? The three things lenders usually weigh, and what to do before you apply.
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