Dear Hackrs,
I currently have a leased 2022 Jeep Grand Cherokee L that I need to be returning in April. I have 5 months of payment left @ $567.55 a month, plus a residual value of $28,465.65. I reached out to CCAP and they quoted me a private buyout price of $31,277 (this is inclusive of taxes). My question is - if I were to sell the vehicle to a dealership, what would their buyout price look like? Is it simply my purchase price minus the tax rate? I’m in Illinois, my tax rate is 7%, so basically $31,277 / 1.07 = $29,230? Or is there something else I’m missing? The CCAP rep wouldn’t tell me and said the dealership needs to inquire directly. I’m looking to replace the vehicle with an XC-90 T8, but don’t want to eat any negative equity on the trade-in. Carvana offered me $28,200 for the car. If it helps, the VIN is 1C4RJKAG2N8599360. Thanks in advance.
Renaughty93