The lease on my Grand Cherokee Trailhawk is up end of this year. I’ve already taken delivery of my new 4xe Wrangler. The GC buyout is $25.6k. Carmax offered me $32k, and I was prepared to take the deal… until they initiated the process and apparently US Bank want’s an extra $6k+ for a dealer buyout, putting me in the red.
Is the only option for me to just purchase myself, pay the $2k or so in taxes, and then either take the carmax deal or sell privately? Is there some third-party solution I’m missing? Thanks.
That is your only option if you want to capture the equity. Not sure if your US Bank lease allows you to transfer it, but you could try to do a private transfer to someone who wants to buy it out for your residual and then just charge them the equity difference (or whatever agreed upon price) to make up for it.
Sounds like you are still $4k ahead by buying the car out yourself. If you don’t have the cash try to find an unsecured loan so you can get the title in your name. I recommend LightStream.
