My husband and I leased a 2017 Jeep Cherokee Limited in Dec 2017–our very first lease, so we probably made some mistakes! 39 months at $359, 15k miles/yr, and with around $2600 down. We have two months left on the lease, so approximately $700. When we turn it in we will need to pay for new tires for sure as well as about $1000 extra miles at @25C. So, with the disposition fee of $400, it’s going to be a chunk. So here’s the conundrum:
Right now there are really good sales deals on Subaru Outbacks (and from the same dealer)–0% financing for 62 months or so. We’d like to buy the Subaru since we would likely keep it longer than a lease. But the financing deal is only good through Jan 4. So we would either need to turn the lease in early, which is $500, plus pay the extra wear & mileage. OR, we could try to do a buyout and sale. We have never done this before, so I’m not sure what the pros/cons might be. Jeep Cherokees have pretty good resale value here in Syracuse, so I suppose we could sell privately but that seems hard to accomplish before year’s end and the Subaru financing runs out.
Anyhow, we just are a little confused as to which is our best option. Thank you for your input! And Happy Holidays!
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
Instead of driving through the snow on bald or almost-bald tires and paying for tires at the end of your lease, just buy brand new tires tomorrow. Be smart, be safe.
Pretty sure this has been around for a while.
Every ad says “expires at the end of the month” but things like low APR offers get renewed all the time.
