Trying to understand how I can sell my lease to Vroom of Carvana

Ask the Hackrs
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-2019 Jeep Grand Cherokee Altitude
-Less than 10,000 miles currently

  • Lease through Chrysler Capital
    -Payoff before Tax $28,068.48
    -Purchase Option fee $350
    -Tax $1,684.11
    -Total due. $30,099.54

Vroom has offered me $30,000 for my Grand Cherokee but what happens to the tax amount. Chrysler Capital said I would be responsible for the tax amount. Can someone please give me some advice on this works?

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No taxes if a dealer is buying it

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So, i would not be responsible for the tax amount? Chrysler Capital said I would be responsible for the taxes

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You need to clarify with them if they’re talking about carvana buying the lease out directly or if they’re talking about you buying the lease out and then selling to carvana. From a tax standpoint, it matters.

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From experience have Carvana and Chrysler finance on a 3 way call. It will clarify all issues.
My friend just sold his leased Jeep to Carvana. He had it with Chrysler finance as well. No tax if Carvana buys the car directly from Chrysler. Very smooth transaction. IMO this the best way to get rid of the car if You do NOT need it anymore.

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Carvana or Vroom buying the Vehicle directly from Chrysler Cap.

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There should be no tax due

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Thanks for the input. I think getting all parties on the phone will be the best solution.

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@Frankq04 You do not owe the taxes. The person your talking to at Chrysler only knows the individuals buyout. They offer a number for a dealer to call to get their buyout, but it’s just the buyout without taxes included. Been through this already so have first hand knowledge.

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So, if i do not owe the taxes then is it really possible I could have positive equity? payoff before tax $28, 069 and Vroom is offering me $30,000. It’s hard to believe.

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Yes, you could possibly have equity. I’m not sure but some banks have been known to give different payoffs depending on who’s paying the car off.

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Is that your current payoff? Or at lease end?

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It depends. Chrysler gave you a CURRENT payoff quote, which maybe different than a dealer payoff quote. I wouldn’t be surprised if the dealer payoff is much higher than yours. They may not even tell you what that amount is, and only tell to the dealer (Carvana, Vroom etc)

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Current Payoff. I still have 2 years left on my lease

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Chrysler Cap would not give me the dealer payoff, which is steering me away from selling to carvana or Vroom. I do not like surprises.

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not sure why you do not want to make 3 way phone call. During that call You will learn what is the dealer pay off number.

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One other solution, take your carvana/vroom offer (probably not that good, IMO) to a Jeep dealer and ask them to beat it.
One secret to FCA leases, is a FCA dealer can buy the lease out “about $800” less than you can.
They ought to be able to beat your deal due to this incentive.

Bear

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