Wife and I both have Jeep leases through Ally and want to take advantage of the equity.
2019 Grand Cherokee Limited
15,151 miles
Personal payoff $23,532 w/ taxes
Vroom offer $36,582
Potential profit $13,050
2019 Cherokee Limited
17,285 miles
Personal payoff $23.058 w/ taxes
Vroom offer $28,962
Potential profit $5,904
I know we can’t just trade these in because the 3rd party is different and plus Vroom doesn’t purchase leased vehicles. Last I checked dealer payoff was $38k for the G. Cherokee and $32k for the Cherokee
I guess my question is what do I need to sell the vehicles to Vroom? Do I need the title in hand? We live in NY and the DMV can take up to 3 months to mail you a title, which it may go directly to the bank and not to us depending on the lender.
I’m in NY and this is what I posted a couple months back.
“I finally received my title today after 2 month long process of buying out lease and transferring title. US Bank and NY DMV both took forever.
In that time the value of my Tundra decreased from 49k to 37k on Vroom. 37 is below my payoff.
Just a heads up to anyone trying to make money on their positive equity. You run the risk of losing that equity in the amount of time it’ll take to get title in your name.”
