Awesome, that is how I would expect it to go. I just don’t understand the purpose of the contract language, and when/how that is actually executed. Do you have a copy of your contract - for the early termination section? Wondering if yours matches what is above.
So, the original dealership took your leased car 6 months early? Did you have any equity? Did they hold it on their lot for 6 months and then, send it off to auction? I’m trying to understand what would motivate them to take your car 6 months early.
BTW, do you live near Cleveland? I’m in North Ridgeville. Go tribe!
Really appreciate you coming back here to respond. I confirmed with my selling dealership (weeks ago) about the early turn in situation. They advised that I would owe the remaining payments, turn-in fee, and obviously any excess wear/mileage. They claimed I wouldn’t be liable for any auction value mess. OTOH, my contract is with CCAP and not the dealership lol.
Your experience is what I would expect… but it seems like a chunk to gamble with, when there is this level of uncertainty.
Again, I understand that I’m paying for the remaining payments either way. The insurance expense is rather minimal. I don’t really care about either of those, I just want to be done with the vehicle for good lol.
This would be for WI as well, so the scenario should be similar.
That is the early termination section of A ccap contract. They are not all the same. The language in the early termination section varies by jurisdiction, etc.
There is not a singular answer to this question for CCAP.
There is a whole matrix with ccap of different dealer buyout/grounding methods that all trigger different liability scenarios.
Yup, I’m aware of it. This applies to many, if not all, finance captives. Should have cautioned the OP but he has already referenced his own CCAP contract. Thanks for the heads-up anyway.
There’s absolutely zero equity in these 4xE’s. I could’ve had 100 miles on it and it still would have been upside down.
As far as the dealers incentive to take the car back, I do not know, but they took it back without any issues. This was in Florida.
@delta737h I am originally from Kent, Ohio but I now live in Florida. I come up every summer and still love my Cleveland sports, even if they don’t love me back. Go Tribe!