Car: 2019 Ram 1500 Classic Warlock
Lease matures in November
Miles: 84,500 (lease mileage allowance 42k)
Looking to purchase at the end of the lease due to significant mileage overage. Explored a buyout through Ally - details in image. Looking for feedback on this option (leasing another car would likely be out of our price range due to mileage overage and the need for a higher mileage lease).
First things first, find out your buyout/payoff vs what Carmax, Carvana etc would offer just to get an idea of how underwater you are. If you’re only a grand or 2 upside down (very doubtful) it might make more sense to dump the car and move on than to buy a financial mistake and snowball the mistake. I think you should be able to get a better used car rate than that regardless of what you decide.
Is there a credit issue? Because that rate is high.
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