Chrysler capital Jeep lease ends this month, is it too late for a third party buyout?

[FrancisK]

Hi all, my sis has a jeep compass with a few thousand in equity according to the best offer we received which was from carmax. We leased a pathfinder today to replace it and just on a whim asked them if they would be interested in the jeep as the carmax is a two hour drive, so if they had come close just give it to them instead. The dealership also owned a jeep dealership so they were interested.

They did their research and came back and said they couldn’t do it within 30 days of the lease expiry.

Is this correct? Is it now that we have to purchase the vehicle, and pay sales tax, in order to sell it to carmax? The lease is through Chrysler capital.

[Leaselurk]

Try extending the lease by a month.

[gc2a]

@FrancisK

they couldn’t do it within 30 days of the lease expiry.

Is this correct?

Yes. In fact last I checked, they don’t allow it within 60 days of lease end List of Lenders that Allow for Third-Party Buyouts

[FrancisK]

That easy to game it huh? Do you have any experience doing that?

Going to call carmax up and see what they say, maybe they will have some further insight on it.

[Leaselurk]

I have personally not done it but I’ve seen others report using this loophole.

[FrancisK]

Okay, so carmax couldn’t give me an answer in regards to extending the lease which I don’t blame them for, they told me to talk to Chrysler.

The thing is though if I call Chrysler and tell them what I’m trying to do I assume they wouldn’t be very receptive to extending the lease. What do you guys think?

[Abe_Lefko]

Why would you tell them what you are doing just call to extend lease

[FrancisK]

Yea that’s the plan, first going to call and see if it’s 30 or 60 days and act undecisive then going to call back a couple days later and try to extend it.

[Laker]

Might need to place a no deposit order and cancel it lol

[FrancisK]

Bit of an update here, spoke with someone at the nearest Carmax with experience…not some random person in a cubicle reading a script.

I was told that they actually need 90 days out for CCAP and extending the lease would not circumvent that. So the dumpy Jeep has about 4k in equity according to the carmax offer and I’m assuming that offer will go down by the time we receive the title even if we bought it out today. Then of course there is the 6% sales tax, the buyout is around 17k. Not so sure what to do here…

[Ttxi]

I’m not sure if the 30 day restriction applies to CDJR dealers. May want to get quotes from AutoNation and CarShop as they typically use their CDJR dealers to facilitate buyouts.