Chrysler Capital Lease Buyout- How long until title in hand?

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Hello fellow Hackrs,

Hope I tagged this properly.

I’m looking to buy out my lease and sell to Vroom or some other similar website. Chrysler Capital told me that the whole process should only take about 2 weeks and I should have the title in hand by then. However, a Honda salesperson told me yesterday that I should take that with a grain of salt, and that in the current market these transactions can take significantly longer. Has anyone had experience with this one way or another? I’d appreciate any feedback!

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11 days from account paid/closed. Southeast region.

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If CCAP allows third party buyouts, why would you purchase it first, pay taxes, etc…when you can skip that step? Admittedly I do not think Vroom buys leases but most still do from CCAP and CCAP currently allows for that.

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Maybe in the last 60 days

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Vroom gave me the best offer, and - as you mentioned, they do not buy out leases. The other offers I received would either just cover the payoff or leave me underwater.

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Who all did you get purchase quotes from? I’m surprised vroom would be thousands higher to cover the sales tax/buyout fees.

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Thank you!

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Carvana, Algo, Equityhacker. Also, from my understanding the payoff quote includes tax and fees. is that not accurate?

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You need to check at least 7 other sources for offers.

Paying sales tax to sell it to Vroom is very unlikely to generate the highest net proceeds.

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You will have to pay taxes and fees if you buy it and then sell it to vroom. If it’s sold to a 3rd party dealer, they will not, so your cost will be much higher to buy it first.

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Is the state of NV or your county going to charge any fees for you to get the title in your name? Most of these purchasers will not purchase a vehicle with just a lessor released title. What is the time frame at your DMV to turn around a new title?

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Another thing to keep in mind when you get your title you then need to bring it to your DMV and get a new title put into your name. That will add more waiting. Vroom will not buy from you with a title with your lender still on it.

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Can you recommend some other sources? I haven’t seen any in the forums but I am probably not looking in the right place.

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I am not sure, these are good questions.

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Thanks much.

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I’m hours away from completing a deal with GivemetheVIN for my Wrangler… They have been the highest bidders. They’re working with CCAP lease on this deal… Give them a shot.

Having good pictures help for when they come.

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Thank you - their initial offer just barely covers the payoff at the high end. It could be my vehicle is just not as popular a model and that is why I am seeing offers way below KBB.

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Try Autonation and Shift. They were the highest offers when I sold my 2019 Jeep Grand Cherokee last week.

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Vroom’s stock is in the toilet today (Down 80% in 6 months) so don’t count on that offer being good.