Hellcat owner no longer/ Lease turn in thread

[SilverBillet]

We leased a Jeep Grand Cherokee Trail Hawk. MSRP was over $46,000. I put $3,000 down and my buyout is $22,000. Someone at the dealer told me they would pay me more for it than the buyout. I have 1 yr left on the lease. If that’s the case, I don’t just want to turn it in when the lease is up but I was also planning on getting a new one when the lease is up. If it’s worth more than I owe, how can I get the benefit?

 

[2pac]

We leased a Jeep Grand Cherokee Trail Hawk. MSRP was over $46,000. I put $3,000 down and my buyout is $22,000. Someone at the dealer told me they would pay me more for it than the buyout. I have 1 yr left on the lease. If that’s the case, I don’t just want to turn it in when the lease is up but I was also planning on getting a new one when the lease is up. If it’s worth more than I owe, how can I get the benefit?

100% agree, asking the right questions.

So your current buyout will be $22,000 + the sum of your payments (possibly minus interest/tax.... both depend on captive)

You should call your captive, in this case Chrysler capital and ask them for your current buyout, then ask them how to facilitate a 3rd party buyout.

Essentially if it's a company buying the vehicle from you, they cut a check for the buyout to your captive and cut you a check for the positive equity.

I have never done a buyout with a private party aka a person, but Essentially it should be the same process if the captive allows it.

How much did they offer you?

 

[SilverBillet]

I didn’t get an offer. The used car manager just told me they would give me more for it than the payoff if I wanted to sell it back to them. I didn’t ask any questions because I was not that interested in getting rid of it right now. I do plan to get another lease on one next year. I assume it will still be worth more than $22,000 when it’s 36 months old with under 36,000 miles on it.

 

[2pac]

I didn’t get an offer. The used car manager just told me they would give me more for it than the payoff if I wanted to sell it back to them. I didn’t ask any questions because I was not that interested in getting rid of it right now. I do plan to get another lease on one next year. I assume it will still be worth more than $22,000 when it’s 36 months old with under 36,000 miles on it. View attachment 32641

Used market is at an all time high.

No idea what next year will bring.

The upside to leasing is if it's worth less than $22k there's no harm no foul. If it's worth more then you profit. Essentially a win win for you.

But now you know how to go about collecting the positive equity, so it really depends on what the market looks like.

 

[Jimmy N.]

Used prices are through the roof making leasing much more attractive for new as the starting point is fixed.

Yeah, on Ram pickups it's starting to look as if it might be cheaper to order a new one (at a good dealer) than to buy a used one. It's nuts.

 

[Piening2150]

Yeah, on Ram pickups it's starting to look as if it might be cheaper to order a new one (at a good dealer) than to buy a used one. It's nuts.

It absolutely is. Got my Big Horn early this year.
Sticker was $46.5k
Leased it for 24 mo/10k mi (zero out of pocket, $169/mo inc taxes, etc)
'Purchase' price $32k in Jan
Residual is $28k
Carvana would buy it right now for $34k!

 

[2pac]

It absolutely is. Got my Big Horn early this year.
Sticker was $46.5k
Leased it for 24 mo/10k mi (zero out of pocket, $169/mo inc taxes, etc)
'Purchase' price $32k in Jan
Residual is $28k
Carvana would buy it right now for $34k!

Insane, assuming thats on a classic?

 

[Piening2150]

Insane, assuming thats on a classic?

Nope. '20 DT Quad Cab, eTorque Hemi, 4x4, Level 2 group so it's not 'fully loaded', but it's got the important stuff like heated seats/wheel, remote start, 8.4 radio, auto climate, park sensors, etc.

 

[2pac]

Nope. '20 DT Quad Cab, eTorque Hemi, 4x4, Level 2 group so it's not 'fully loaded', but it's got the important stuff like heated seats/wheel, remote start, 8.4 radio, auto climate, park sensors, etc.

That's a crazy good deal regardless, even sweeter on a new body.