Hi experts I’m located in NJ. I wanted to see if anyone else has ran into a similar issue. Long story short looking to buy my 2019 JGC off of lease.
I was able to secure a great rate for 60 months with a local credit union, however, having a bit of a hang-up.
On the Chrysler buyout letter it states the following bullet:
You must set up an appointment with your originating dealer, or any other original franchised dealership, to complete the purchase of this vehicle. Note that the dealer may charge a document or other administrative fee for processing such purchase (contact the dealer for the amount of any fees).
And the following in BOLD:
The purchase price quote contained in this letter is good through XX/XX/XX and is available to you, the lessee only, for the purchase of your leased vehicle through your dealer.
The local CU says they cannot close on the transaction due to this bullet and bolded sentence. I even had a conference call today between the CU and CC and CC said this is “the standard letter” and they cannot change any wording but affirmed I can purchase directly through CC and NOT need to involve the dealer.
Doesn’t work (I’d try that), what’s missing is something from the Dealership saying they will accept a credit union check as payment. The finance manager should be able to email the CU and just say “we can accept funds from your CU and the total amount for this buyout will be X”
But you’re likely paying fees you’d avoid going directly. If you have the money, the other option would be to pay off the lease in full and then use the credit union loan to cash out refinance the car.
Do you mean they’re missing Chrysler Capital saying they’ll accept a check from a CU? The buy-out letter is from Chrysler Capital, I’m trying not to involve any dealer if I don’t have to.
I can’t describe the impasse better than you stated: your CU is only willing to do what the payoff instructions say, and CCAP isn’t changing the payoff letter. I’m sure there are lenders who will ignore this and just send the captive payment, it sounds like your CU had said they won’t.
If they won’t cut a check to CCAP as Ursus suggested:
You can process this through a dealer with the current CU (who can say they accept that as payment), or use a lender for the buyout who will process the payment directly irrespective of the (incorrect) payoff instructions, or buy it out directly (cash or unsecured like Lightstream) and refinance with the CU.
With an offer from your local CU, a dealer might be able to match what you were offered or get close, but you still have to go through the dealer.
Penfed gave me a cash out refi a couple years ago with only the vin and then gave me 5 months to get them the title, I refied that loan a couple months later without ever providing title to PF. Prehaps you could do something like that?
