I have a 2019 Dodge Ram 1500 with a year left on the lease, 15k miles per year. I normally put the truck on swapalease mid way through and move it pretty easily because there’s still decent mileage and a short term lease.
When I did the deal, it was through Chrysler Capital (Ally before that), and I didn’t realize they didn’t allow lease transfers.
So my question is, which option makes most sense moving forward?
I can sell to Vroom now, and it looks like my negative equity could be around $1600 (based on first offer). Then move into a new lease, hopefully better monthly.
Ride out the lease until just before I go over mileage and then go back to dealer and work something out. That would probably be in about 6 months. I’m on track to be over 10k-13k miles.
Any thoughts on those ideas or any other suggestions is appreciated.
sounds like selling to someone like vroom might be your best option, otherwise at 0.25/mi if you go 10k over obviously $2500. At least with vroom your given a guarantee and you don’t have to struggle with private market and the timing of trying to get someone to buy it out, paying off your lender etc. Easier to just bite the bullet and be done with it in my experience since you have an actual buyer and a lot less headache. plus tax returns are coming soon so many that will help cover the negative equity?
I’m leaning towards that. Vroom is calculating $1,300 in negative equity based on their offer and payout info.
Either way I’m going to pay, now or later. The dealer isn’t just going to make negative equity disappear. It’s just a shell game moving around the money.
If I do it now, I get a new car for the next year instead of driving the end of a lease out of warranty then get locked into whatever deal after because I don’t want to get stuck with mileage pay.
My biggest mistake originally…have to be able to assign the lease. Forget Chrysler Capital.
Lol. I got a few quotes from vroom, algo, and carvana. Vroom was the highest and proceeded to send me all sorts of paperwork even though I never spoke to anyone.
Algo was about 3k less, but I let them do a FaceTime appraisal anyway. They ended up matching vroom and guaranteed the price. Vroom could change once they got the car and that didn’t sit well.
So it’s costing me about $1300 in negative equity but less than what it would if I ride the lease out and go over miles, plus I don’t have the car for another year out of warranty.
Always better to sell to 3rd party if you can… no disposition fee, no possible charges for damage, don’t have to go to dealer, no mileage overages if applicable.
