Does anyone have any experience with Velocity Community Credit Union (who seems to use Fusion Auto Finance) for leasing?
I am trying to help my sister-in-law out, she is leasing a Jeep Grand Cherokee (didn’t listen to me at the time she leased it lol) and it is leased through the above mentioned finance companies. Has anyone dealt with a 3rd party buyout with Fusion Auto Finance? They seem to be in the Ally Bank and US Bank different buyouts for different people category. Any help would be appreciated!
My sister’s Jeep was through fusion and if I remember correctly, they did allow 3rd party buyouts. I would have her call to confirm though I am not 100%.
First of all, you did not mention what exactly you or she is trying to accomplish.
Fusion allows 3rd party buyout at the “current market value”
Expect thousands more for 3rd party dealer buyot than the payoff for the lessee.
If the goal is not to lose money on this transaction, keep the car to the end of the lease.
She was exploring options to get out of her lease early. Her payoff (not sure if it includes taxes, have not dived that far in to it yet) is about $34k. Fusions 3rd party buyout was about $37.5k. The price discrepancy is just about a 7% difference, which just so happens to be the sales tax rate, so was just checking if anyone knew if fusion charges “market rate” for 3rd party buy outs. It does indeed look like they do charge market rate. Thank you.
Shockingly, the Carmax offer and her personal buyout/payoff was only about negative $1000. However, I am not sure if her personal payoff includes sales tax. Have not dug deep enough yet. She still has about a year left on the lease and she is paying about $580 a month on it now.
That’s good. Ask to get a PDF from the credit union. That should have all the taxes and fees as a breakdown. Did you line up something she likes cheaper than $580?
