I have about 4 months left on my lease and I’m interested in an EV before the credits disappear. My lease is though US Bank. The broker I’m working with said US Bank usually quotes really high on a payoff and basically more then anyone would buy the car for. Not shocked. I was thinking maybe I could get a loan to buy the car out now and then use it as a trade as a wash to just get rid of it now. The broker was going to see if maybe as a trade at at different dealership might make a difference but I just want to explore my options. Does buying the lease out now make sense? I was thinking of going with Ally.
1, whats the mystery car
2. The brokers usually have the best advice.
3. If the current legislation goes through, you will have roughly 24hrs notice and a buyout can take up to a month
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I doubt the EV credits will disappear that fast but I’d imagine they won’t last the summer. I’m looking at a Wagoneer S.
The new bill in the senate takes immediate effect after signature. In fact it actually says screw you, im retroing it to the week before
What car are you trying to get out of? Have you gotten your personal payoff? Dealer payoff will be higher than the person payoff through US Bank but some dealers and brokers have ways of circumventing that.
2021 Grand Cherokee L. I did get my personal payoff and I guess US Bank does lease payoff loans too. I’ll probably call them tomorrow to see how long their process takes to try and push things faster. I’m just really checking if this is a terrible idea or if someone has a better suggestion.
Odds are that an off lease Jeep is underwater. I don’t think it would be worth pursuing. If the car had any equity in it, the best way to handle it would be through a dealer or broker that would run it through a dealer auction as a “title pending” car and then “You” (wink wink) would pay it off.
The trade in amount the broker estimated is right about what my payoff is. The mileage is really low, no accidents, etc. It’s just US Bank won’t sell it low enough for it to make sense.
If it will pull payoff at auction then it is possible to do. It just might not be worth the broker or dealer’s time to do so for no money or they don’t do that kind of thing. I had a US Bank Jeep lease and I got out of it that way, made a few bucks over my personal payoff and never had any issues afterwards.
Yeah the buyout will be the residual, doubt they’ll go lower. Lease an EV before Sept 30th, that’s when the fed incentives go away.