Advice Please! Lease Assumption on 2020 Jeep GC Laredo E


Hello! Yesterday I came across a private seller’s ad (posted in a Facebook group that I am a member of) regarding a lease assumption on a 2020 Jeep GC Laredo E Sport Utility 4WD. The seller is looking for someone to take over his 39 month lease which started on January 15th, so only 4.5 months in. According to the ad, he’s no longer in need of the car and has decided to let it go. Turns out we live within 4 miles of one another which makes this even more appealing… I’m waiting to receive the car sticker but here is what I know so far:

Payments - $245 per month
Required Deposit - $1000
Lease assumption fee - $300
Miles per month - 800
Current mileage ~ 3300
Kelley Blue Book Condition- “Excellent” (I’ve requested more pictures and will assess the car in person as well…)
Exterior - Granite/Cloth Interior - Dark grey
Apple CarPlay/Android Auto

Given this is my first lease assumption, would love to know the “do’s and don’ts” so I know what to look out for through the process. Top of mind here are a few questions for you:

  1. Since the lease will remain in the same state, is there a tax component that I should be aware of?

  2. Is it common to pay a security deposit on lease assumptions or is that typically negotiable?

  3. Any other hidden costs that I should look out for?

  4. Overall, does this seem like a good deal or can I find better elsewhere?

Thanks so much!

Since you are leasing in the same state, you should be able to assume the current payment without any additional tax obligations.

Who is requiring the security deposit? I am assuming this is a US Bank lease since FCA does not permit transfers. I have transferred US Bank leases in the past and have never come across a required security deposit. However, it’s possible due to the current owner’s credit he had to put a MSD down to get into a certain rate tier. In this case the deposit is refundable when the lease is returned, so maybe he just wants to be reimbursed? I had to pay 1 MSD with FCA for my Gladiator lease.

As far as hidden costs, if you keep the lease to the termination you will be responsible for the disposition fee, condition and wear/tear. Make sure he hasn’t done anything stupid to cause pre-mature wear of the tires or brakes and that the car hasn’t had any bodywork. Otherwise, these would be the same costs of taking any lease to termination.

This does seem like a very good deal. The lease program was much better earlier this year then it is right now, I do not think you could duplicate this deal with the May program, it would be at least $100/mo more. I would be concerned with the low miles per month, but you should know if you can live with that or not.

I will point out, this is an aging body style about to be replaced by the WL. Original release date for WL was end of this year, so in a few months you may be driving around in a previous generation vehicle that nobody else will want (or will depreciate substantially). So make sure you are happy driving around in such a stripped down trim package for the next 3 years. From my experience, I would try to find a Limited instead if you can swing a slightly larger payment.

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