Continuing the discussion from Here’s a deal I’m working on for a 2018 Jeep Grand Cherokee Limited (SoCal):
Hi all,
I’m new to this site and new to leasing. Here’s my situation:
Car: 2015 Jeep Grand Cherokee Laredo
Miles: 36600 (6600 over allowed miles on lease terms)
Lease end: June 19, 2018
Residual: $19,346.10
Live in Southern California
Loan owned by Ally Financial
We were thinking of handing in the lease/trading in for a Chrysler Pacifica Hybrid however, after identifying the Pacifica we want had a really unpleasant interaction at the dealership when they low balled us on the trade in for the Jeep ($17,700) stating that the tires will need to be replaced, etc. Car max valued the car at $18,000. It’s in great shape, no scratches, damage, accidents, etc The KBB value is $19,432.
So, I’ve been doing my research and I’m still coming up short with some answers.
I want to avoid paying the ~$1300 in mileage overage.
Questions-when dealers call Ally do they get a different buyout amount than is offered to me? How does the mileage over come into play?
Is my best bet to 1. buy out the vehicle and keep it or 2. find a buyer on the private market, buy the vehicle from Ally and sell to private buyer within 10 days to avoid paying sales tax and registration?
Appreciate any advice or suggestions.