'22 Ordered. Best Deal for Trading my '19 Rubi?

[AZpueblo]

So I ordered a new '22, and planning to trade in my leased '19 JLUR Bikini Pearl. Trade value is about 48K. I have 2 choices here:
-I could buy it out directly from Chrysler Capital for 38K total, then trade it in, or....
-I could trade directly into the dealer and they would buy it from Chrysler Cap (and I would get the positive equity but would they get the same buyout price as I would?)

Has anyone been down this road? Which choice is most cost effective?

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[dgoldenz]

Not sure about CC but with US Bank I had to buy out my lease and then trade it in otherwise I would have lost $5k for the "Market pricing" buyout price BS. The lease buyout is only for the lessee, not for third-party dealers. At least with many of the banks these days....they don't want you capturing the equity, they want it for themselves.

You should also check with Carmax, Carvana, driveway.com, Vroom, and Rodo to get offers. Driveway gave me $2k more than any of the others. I actually sold my leased JL Sport for $3k more than I paid for it brand new 3 years and 25k miles ago. Wild.

 

[atlasnoir]

Take it to Carmax. I just sold them my leased JLU and their offer was insane. They paid CCAP directly for the buyout and wrote me a check for the overage. CCAP account showed paid in full and closed within the week.

 

[AZpueblo]

Take it to Carmax. I just sold them my leased JLU and their offer was insane. They paid CCAP directly for the buyout and wrote me a check for the overage. CCAP account showed paid in full and closed within the week.

Thanks! That's the answer I was thinking! Carmax quoted like 5K more than I paid for it, so there will be equity.
One more thing, did you get the CCAP buyout price from CC yourself or did Carmax do that part?

 

[R3TRO]

Take it to Carmax. I just sold them my leased JLU and their offer was insane. They paid CCAP directly for the buyout and wrote me a check for the overage. CCAP account showed paid in full and closed within the week.

So CCAP lets 3rd parties buyout leases? I just did this with my Corvette but had to have the dealer buy it out as GMC financing wouldn't let a 3rd party.

 

[Ja87sm]

I leased with us bank in may. I traded in last month to a non Jeep dealer without issue. Their buyout price was lower, as the dealer doesn’t pay the sales tax.

 

[dgoldenz]

I leased with us bank in may. I traded in last month to a non Jeep dealer without issue. Their buyout price was lower, as the dealer doesn’t pay the sales tax.

US bank charges “market pricing” for third party dealer buyouts though. For my car that was $5k more than my personal buyout price.

 

[guarnibl]

Not sure about CC but with US Bank I had to buy out my lease and then trade it in otherwise I would have lost $5k for the "Market pricing" buyout price BS. The lease buyout is only for the lessee, not for third-party dealers. At least with many of the banks these days....they don't want you capturing the equity, they want it for themselves.

You should also check with Carmax, Carvana, driveway.com, Vroom, and Rodo to get offers. Driveway gave me $2k more than any of the others. I actually sold my leased JL Sport for $3k more than I paid for it brand new 3 years and 25k miles ago. Wild.

It's different for CC unless I'm misunderstanding the 3rd parties thing (I might be). But yeah, I second Carmax/Carvana/Vroom/etc as well. Ultimately in my case, the Jeep dealer gave the most (that I did not buy the vehicle from originally).

 

[atlasnoir]

Thanks! That's the answer I was thinking! Carmax quoted like 5K more than I paid for it, so there will be equity.
One more thing, did you get the CCAP buyout price from CC yourself or did Carmax do that part?

I asked CCAP directly for it and brought it with me to Carmax, but they still called and had to verify directly with CCAP so it doesn't really matter if you have it beforehand. They just told me the number CCAP gave them and asked if that sounded right. It was an exact match so everything was good to go.

 

[atlasnoir]

So CCAP lets 3rd parties buyout leases? I just did this with my Corvette but had to have the dealer buy it out as GMC financing wouldn't let a 3rd party.

Yes, they currently allow it. Carmax just called them to verify the buyout price and I was out of there with a check in hand in an hour.

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