My husband leased a 37k Jeep Wrangler base unlimited in 2018, and then got a job that required a 80 mile round trip to work. He’s currently 12,000 miles over his lease miles and the lease doesnt end until Aug 2021.
I’ve done the math and it would probably be 10k to end the lease early now with the remaining payments, mile overage and lease end fees. Or turn it in at the end and end up paying 6k or little more for mileage overage.
I recommended just keeping jeep and buying out at the end even though he will be overpaying for a jeep that isn’t worth 27k, we could try negotiating it down.
He wanted to try to trade the jeep in early to just get rid of it and buy another car from same manufacturer, do you guys think this is a legitimate option? i feel like the negative equity would be too great.
Also can someone explain how a payoff is calculated for my education? I need him to call to see what it is but with residual value at the end being 27k and 13 payments remain at 468 a month it should be in 30s?
Your best option right now is to get the buyout amount from Chrysler and a purchase.quote from carvana, shift and vroom.
Buyout, at bare minimum, is RV + the remaining depreciation portion of the payments. Some manufacturers charge the whole remaining payments it seems. There are also tax implications depending on if you buy it out and try to sell private party vs selling it to a dealer.
Also for a lot of banks you can just pull up your account online and get a payoff quote, no need to call.
As mentioned above get some trade-in quotes from Carvana, local dealers, etc. Compare that to your payoff. The difference is how much negative equity you’d have to roll into a new lease/finance.
Then weigh how much negative equity you have vs. your estimated mileage overage fees if you keep the Jeep till lease end and turn it in.
Don’t count on renegotiating the RV at the end - no one here has any success with that, other than the extremely rare email that automatically came within the last 30 days of the lease.
