What am I missing? Buying out Jeep lease from US Bank

Ask the Hackrs
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1

I’ve been reading the forums and understand it’s a huge pain to buy out your lease from US Bank. But, I have a 2019 Jeep Cherokee with a buyout price of $21,225 and Carvana, etc. are all giving me quotes between $25k and $27k, so it seems to me that after taxes and fees I’m still looking at a profit of >$2k. However, 3 dealers have had no interest in buying out my lease as a 3rd party and I just talked to an ALGO guy who was like, “you can try, but you won’t get your title for 3 months and by then the car won’t be worth more than the buyout.”

Should I pay attention and not bother with a buy out? Or does it seem very likely that I’ll at least get $1k-2k out of this?

2

Have you tried KBB instant offer? Just sold my US Bank Jeep to a dealership through KBB. The dealership payoff was about $2k less than my payoff price as there was no tax. Dealership also matched the highest offer I had from GMTV.

Last summer I bought out my US Bank Jeep to sell to Carvana as I didn’t want to go into a dealer. It took about 8 weeks and many many calls to US Bank to get my title. Then I had to go to my DMV to transfer the title. Carvana’s offer dropped by about $1000 in that time but still made some profit. It’s a gamble buying it out yourself.