I leased a 2018 Grand Cherokee Overland in and i have about 2k miles before i reach 36k, but my term doesn’t end until September. Do dealerships offer deals if you return your car to them before the term?
I’ve been looking to upgrade to a larger SUV with 3 rows, but Illinois doesn’t seem to have many deals posted on here. Is Illinois a bad place to lease, If so, which states offer to ship or even allow me to pick up a new lease. I’m willing to go anywhere, especially if they take my Grand Cherokee.
It’s not state specific, but rather dealer dependent (if they want to do out-of-state deals). Either work with a broker from the marketplace or start canvassing/contacting dealerships with your offer.
There’s a lot going on here, and best to separate your current lease (turning it in or selling it) from your next new one.
Here’s some common advice:
You can have a third party buyout the car. In order to do that, you would call your leasing company and get the current “dealer payoff quote” which is the amount of money needed right now to payoff your car which will satisfy your lease agreement. Once you have that number you can take your car to your local Carmax and see what they would offer to buy your car. If the amount is near or above your dealer payoff quote, then you can sell it to them and you would be out of the lease. Alternatively, you can get an online quote from vroom.com or carvana.com who will give you an instant online offer. If you accept the offer, they would come and pick up the car from you and pay you on the spot. Ideally you would get a quote from all sources as they may vary significantly. For more information, please see forum discussions:
For additional information, make sure to check out Leasehacking 101: How to End Your Lease Early
I second checking Vroom, Carvana, Carmax and Algo. I also have a 2018 GC with a lease expiring in November and I currently have about $4k in equity from Vroom’s offer. If your lease is through Chrysler Capital the residuals were very low at that time, at least in my region. My current pay off is just above 26K and their offer was just under 31k.