I am leasing a 2020 Jeep Grand Cherokee LimitedX through Chrysler Capital. We had a baby in January and the whole family + gear couldn’t fit into my BMW 335i so I went out at the start of the pandemic and got the JGC. For those of you who are interested, it was a pretty decent deal. There’s always more money to be squeezed out of these deals but I was happy with it.
$52,330 MSRP
42mo / 10k Term
$2,000 DAS
$2,000 Rebate
Gross Cap Cost: $46,779
Adj. Cap Cost: $44,132
$458.85/Mo Payment (Pre-Tax)
0.00004 MF
48% Residual ($24,976)
With the world continuing to change, we are now considering buying a travel trailer (and eventually, a boat). We want the flexibility to be able to tow a lot more than the Jeep can so we want to replace it with a full size truck (more on that in another thread). So I called up Chrysler Capital (CC) - they do not allow lease transfers/assumptions (as many of you already knew). But I was told that a lease buyout could get me out of this lease.
I am only ~6 months into this lease and have (no joke) 1,6XX miles on the car so it’s basically brand new. The CC rep told me they could provide me with an individual lease buyout quote but that would be much higher than the lease buyout quotes they would be able to provide a dealership. After some back-and-forth, I was able to deduce that the individual buyout amount should be higher than the dealer buyout amount by, roughly, the sales tax rate (where I live, that’s 8.75%).
I got a Carvana buyout quote for $37,761.00 so that means I should only have to eat $626.11 to get out of this lease (which is acceptable). LONG story short - what am I missing here? Am I on the right track and are my assumptions mostly correct?
By “Theoretical” I just started with the amount I was quoted in writing for an individual buyout ($41,745) then backed out the sales tax (8.75%) to get to ($38,387.11).
Anyone who has experience working with CCap have some insight?
CCap could charge Carvana $100K for your car if it wanted to. They have no obligation to charge a third-party the same price as they’re obligated to charge you.
I’m in the same boat with CC. Just spoke to the Carvana rep and they said that there is a dealer tax that dealers pay which is usually a couple hundred dollars more than the individual payoff.
As a CC customer I can NOT get this dealer payoff amount. They have told me three different times through three different reps that the dealer must call CC for the dealer payoff.
I’m left here wondering why is this such a secret? Why can’t CC just give me the info vs a dealer calling in to get this info?
@Le_Feenk It’s confusing by design. They want you to give up and pay a higher payoff OR get so frustrated with CC that you go trade in for another FCA car at one of their dealers.
p.s. Update: MONTHS since my initial post, decided to just keep the Grand Cherokee since the payment is minimal. Wife is driving it now as I just bought a new Escalade.
I’m not suggesting anything specific here but hypothetically if you called and introduced yourself as a salesperson from your local Jeep store, they don’t ask any verification questions.
When I called Ally for my dealer payoff I called and used my work title to get it.
I just need some clarity for peace of mind; if the dealer offered $20k for xyz car and individual buyout is $15k and dealer buyout is $13k, the equity check is $5K?
Dealer paid $13k + $5k = $18k for total cost of the car right? What happened to the $2k difference (which I’m assuming is taxes)?
