So I have a 2019 Dodge Challenger RT scat pack widebody with around 22,000 miles on it. I have it leased through Chrysler capital at $550/mo and I my lease maturity is august 2nd. (38k buyout price)
I’m hoping to flip this car to someone like carvana, but with Chrysler Capital I know I have to do that 2 months out.
I’m wondering, if I ask them to extend my lease, does that 60 day rule then also get pushed? If that’s the case, it would give me more time than my current 4 months (I know with this market we have to act early).
I a 2022 bronco ordered & a 2023 lyriq ordered. Basically was going to go with whichever comes first, but things have obviously not been going as expected and neither will be here by May.
I don’t want to buy my challenger and hold it to lose more money on it, especially since I’d be holding through the summer and possibly past this bubble.
I’m wondering if I should just lease the cheapest new car/truck/SUV (Michigan) I can find and then get out of it once something I like comes in and/or once the market settles? Or would I be risking the same/more $ loss if I tried to sell / pull out of a good lease deal very early in the 24-36 months?
Any suggestions or advice would be greatly appreciated!
You could sell the scat, put that money in your pocket, then lease a frontier for $250-280 for 18 months with $0 out of pocket. That’ll give you flexibility and the short term lease means you won’t have to pay as much to terminate it early (if you’re even allowed to do so) if one of your ordered cars gets here before that
To answer some of these questions the offers I’m getting are just above 38k sadly. But, breaking even is better than paying Chrysler Capital a termination fee & whatever they try to charge me for the tread level on my tires (lol).
Any other ideas besides the Frontier?
Also, if I lease something soon and then want to get out of it once one of my orders come in, do you think I wouldn’t lose much money on it considering the market? Or is it possible I might be stuck with that lease?
well, there is a fee whether your buy it or turn it in, so that is a wash. Yes, selling it rather than paying for tires is good. But, the point here is you aren’t giving up equity by waiting like some folks around here who might lose thousands by waiting if the market corrects. You, on the other hand, would only be out the cost of tires if the market crashes and you need to turn it back in. So my suggestion is to extend the lease.
Is it common for Chrysler Capital to allow lease extensions? If so, how long do they typically allow?
A big question I’m curious about that wasn’t answered above was: If ask them to extend my lease, does that 60 day rule then also get pushed? If that’s the case, it would give me more time than my current 4 months.
Also, the last time I turned in a challenger lease they charged me $1100 on tire cost, which I got them to lower to $600, but that was still pretty excessive. I don’t even drive the car that hard lol. The pictures they sent were just below the 4/32 measurements…
So, you’re saying I’m better off to extend my lease, continue paying $550 a month for as long as I can, then pay the tire cost & termination fee and leave the lease?
As opposed to buying the car out 60 days before the end, selling it for a tiny bit of net profit and then leasing something cheap while I wait (then hopefully getting out of the lease early once I get a vehicle I ordered)
interesting quandry. I would hope you’d have some warning your next car is coming. I would say it is best to keep extending at like 65 days. That way, when you get warning that your car will arrive in 4-5 weeks (saying this based on my experiences thus far with factory orders through CDJR and Ford), you’ll have minimal overlap. For example, you extend at day 65 to now have 95 days, then 5 days later you hear that your car is in production, then maybe 45 days later, new car arrives and you turn yours in just 45 days early. Know what I mean? Or, if market still good, you’ll get to sell it as long as you keep going from 65 to 95 days.
with all the scat’s in michigan (i’m here as well) i’m sure you could find used tires that are just above the required tread level to throw on when you turn the car back in, right? I did this for my challenger a few years ago, rather than buying completely brand new tires
Yeah I could see that working. But I also run the risk of what if I wasn’t going to get charged for my tires? Then all that effort and money spent would be a waste. I’ll double check the tread on my summer tires when I put them back on haha because I guess if they’re super worn out then it makes sense.
What if I sell to someone like carvana before my 60 days? Would they charge for worn out tires? Or are the inspection rules less strict when selling a lease?