Hi, there’s been posts about this topic but nothing on exactly what I was wondering
My 2019 Challenger has 8k positive equity between MY payoff and the Carvana offer. I am worried that Chrysler Capital will have a higher payoff to the dealer to match the cars value.
Does anyone know if Chrysler Capital has a reputation to inflate the dealer payoff? If so, could I buy the car for the payoff CC gave me and then trade it in to Carvana, or is there more tax on top of that payoff number?
From my recent experience, also make sure the timing is right. Apparently Chrysler Capital won’t accept a dealer payoff once the lease-end date is within 60 days, so make sure to lock in and have the payoff on the way before you hit that mark.
No, your lease terminates when the car is purchased by the dealer. All you are doing is saying I want to add a couple of months so you aren’t in the “60 day window” and then turning around and selling the car thereby terminating the lease (assuming you are within the 60 days before turn in where Chrysler wont let you sell).
Sorry to sound snarky, but, OP, why haven’t you called Chrysler Financial and asked them these questions? Whatever answer you get here could be different than the one Chrysler gives you.
You can always buy your car and sell it…the only issue are taxes and fees, which vary from state to state and manufacturer.
My Hellcat was sold to a local Toyota Dealership last July and I gave them my payoff I got from Chrysler Capital…they sent them a check and paid me the difference. No BS, just a straight forward transaction
If you’re not already at the end of your lease, the personal payoff you got from CC should include the residual in your contract + your remaining payments + a ‘buyout fee’ (basically replacing the disposition fee).
There are at least a few anecdotes on here to suggest CC doesn’t inflate the dealer buyout past this, but the only way to be 100% sure is to have Carvana contact CC and request the dealer payoff. CC won’t reveal it directly to you. I’ve seen stories of 3-way calls being set up to get this done. I didn’t get the info about the 60-day stipulation until I was standing in the back office of a Carmax, and this was after multiple calls from me to CC about lease-end options.
Just had this issue and it’s with Carvana and Vroom. They will not buy cars with leases less than 60 days from lease maturity. Had to call Chrysler and have them extend my lease 30 days then Vroom processed the transaction. Dealer payoff was the same and wasn’t inflated.
