Lease is up in august .. Need help with what to do

Ask the Hackrs
1

its a 2021 Jeep grand cherokee with residual around 24.5k… when I do Blue Book its says around 33k. I believe it said 28k to dealer. (ohio)

I dont know what to do. .normally we roll over into a new lease but my wife now has a new job that is farther away and will probably make it hard to stay under the mileage… With this in mind.

Do I try to sell the car privately and then pay off the lease ( can I even do that? )
Do I do carmax or carvana?
Do I try and roll some money into a new car with what the diff is with the residual?

we dont want to buy this care. we really dont like it. … help !! :slight_smile:

2

Your lease is likely with Ally or US Bank. Neither of those places will accept a 3rd party buyout from say Carvana. If you’re confident you’re that much in the black, your primary option is buying the car out yourself and then selling it. Another option, find a used car you like on a Jeep dealers lot and negotiate the buyout and positive equity to your next vehicle. If you go with the second option, you will want to politely make comments to the dealer that you may just buy your car out and stick with it, whether that is true or not.You will want to make sure they know in an indirect manner that you know you have positive equity. Otherwise, they’ll throw out a phrase like, “we’ll give you a clean slate on that one” or similar.

Last Edit. KBB is largely worthless. Run the VIN through Carvana and Carmax just to see what someone is willing to pay. For purposes of getting quotes, just select you own the vehicle and it’s not leased. That should be your target number with any dealer.

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3

Both ally and usbank allow 3rd party buyouts, but they charge a higher rate than your personal buyout.

Determining which bank this is through is a good start though.

1 Like
4

Do they? I know Carvana won’t touch either. I assume you mean other brick and mortar dealers? As you mentioned, the number is generally much worse.

5

Maximize any equity you have in the Jeep

From value retention and MPG perspective your wife’s next car should probably be a Toyota hybrid or PHEV

6

I’ll have to look. .I just thought it was Chrysler Capitol

7

Jackpot! Carvana or Carmax can buyout a Chrysler Capital lease. Take the higher bid between the two and call it a day. Most Jeep dealers almost always use Ally/US Bank these days.

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Nah, there definitely are some that do, but no where near most.

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how early should I be doing this… the buyout? and should I call chrysler credit first to let them know?

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Start right away. You will have to contact CCAP for a 10 day dealer payoff quote. You don’t need to tell them specifically what your plans are though.

11

Sell it before the last 60 day window.

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so I call CCAP and ask for a 10 day dealer payout quote… is that just do get an idea on how much I will actually owe with taxes etc to buy the car?
should I try Carvan and Carmax.to see who is Higher? (and do they stick to their quote? ).
or since I have time… just try and sell it private and go off what I the 10 day payout quote is…?

sorry for all the questions… really a noob to this

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so something happens if you get within 60 days of EOL?

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Both places will ask for a copy of your 10 day dealer payoff quote, so they know how much equity you have. Carvana and Carmax are solid. I’ve sold plenty to both. You can’t sell a car private that you don’t own like your lease. You’ll want to use Carvana or Carmax.

1 Like
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So I just did Carmax… they offered 33k… what do you think the buyout of the lease will be if the residual is 24.5K?

16

I’m in the same boat with my wife’s VW Atlas lease due in August. I believe she has $4-5k in equity on it. Some good info here.

17

you should be able to generate a payoff from the ccap website

18

Don’t guess just call them and they will email you the buyout.

There are sale restrictions on the last 60 days.

19

Who auto drafts the payment from your account each month or whose name is on the check you send them?

That info would really allow the community to better tailor advice for your specific case. As I’m sure you’ve by now noticed, their are all sorts of intricacies to leasing and lease buy outs or sellling, etc…

20

Later he confirms it’s CCAP.