Chrysler Capital Lease Buyout — Private Party + Credit Union Requires Dealer?

[fmr5000]

Looking for advice from anyone who’s dealt with this:

I’m the original lessee of a 2023 RAM 1500 (leased through Chrysler Capital, based in PA). I have a private buyer in Florida who’s financing the buyout through Grow Financial FCU.

Here’s the problem:
Grow won’t send the payoff directly to Chrysler Capital. They say it has to go through a dealer, which defeats the whole purpose of a private-party buyout (and adds fees I’m trying to avoid).

Has anyone here:
1. Gotten a credit union to pay Chrysler Capital directly?
2. Found a workaround when the CU insists on a dealer?
3. Successfully done a private-party buyout with CCAP without taking on the burden yourself?

Appreciate any tips or real-world experience.

[jeisensc]

@fmr5000

Here’s the problem:
Grow won’t send the payoff directly to Chrysler Capital. They say it has to go through a dealer, which defeats the whole purpose of a private-party buyout (and adds fees I’m trying to avoid).

Correct - it’s FL state law.

Lease buyout at the dealer?

Florida law requires the bank to have a physical location in the state and a dealer license to sell out the lease. Most banks don’t satisfy that requirement, so it has to go through the dealer.

If the CCAP lease isn’t from a customer in PA — I understand has a similar law affecting lease buyouts — or FL, you might have a shot at accomplishing your goal.

[mllcb42]

@fmr5000

a private-party buyout

Pretty much no lease company allows a private party buyout as it results in title jumping which isn’t legal.

You need a dealer involved so you don’t have to buy the lease out yourself, pay sales tax on the buyout and register the vehicle, then sell the vehicle to the new buyer.

There was an online dealer that specifically handles buyouts like this that got posted a few days ago. I vaguely recall them being remarkably inexpensive.

[mllcb42]

@jeisensc

If the CCAP lease isn’t from a customer in PA — I understand has a similar law affecting lease buyouts — or FL, you might have a shot at accomplishing your goal

You’re mixing up individuals buying out their own leases and a 3rd party private party buying out the lease.

[z0lt3c]

See the Keysavvy thread.

[fmr5000]

Thanks all. I’ll dig into Keysavvy, but at first glance they “don’t work with leased vehicles”
I’ll see if there are any work arounds.

[forbs]

1. Welcome to Florida where the Dealers are possibly related to lawmakers. (Yes, forcing a dealer buyout is a law with some exceptions)
2. Contact a few FL brokers for CCAP and see if they can do it for you with a minimal fee.

[mllcb42]

@forbs

Yes, forcing a dealer buyout is a law with some exceptions

This has nothing to do with Florida in this instance.

A private party 3rd party buyout is not an option without a dealer being involved.