Dealership offering me Cash back to return my lease

iki4life

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So this was my first time leasing, and my JL Sahara has been quite exciting to lease for the last 2.5 years. Ive been thinking about whether I want to buy it out, or return it altogether, and until today- I got a text from my dealer saying they are -

"Looking to pull people out of their leases early to gain inventory because our stock is low. COVID helped the market, especially leased vehicles. A lot of people have equity in their trades which is unheard of. You have $3000 in equity in your vehicle".

That was the exact quote I got. Residual is $28k.

So they are basically saying they will give me $3000 to return a vehicle that I dont even own. Ive never heard of having "equity" in a car, let alone a leased one. Is this too good to be true? Or am I being played?

Furthermore, I really like the Jeep and wouldnt mind buying it out, however, I have a 2 year old and a 2 month old who are growing like crazy, and the back seat is getting quite tight with carseats.

Im in a dilemma, please help.
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JEEPIDON

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So this was my first time leasing, and my JL Sahara has been quite exciting to lease for the last 2.5 years. Ive been thinking about whether I want to buy it out, or return it altogether, and until today- I got a text from my dealer saying they are -

"Looking to pull people out of their leases early to gain inventory because our stock is low. COVID helped the market, especially leased vehicles. A lot of people have equity in their trades which is unheard of. You have $3000 in equity in your vehicle".

That was the exact quote I got. Residual is $28k.

So they are basically saying they will give me $3000 to return a vehicle that I dont even own. Ive never heard of having "equity" in a car, let alone a leased one. Is this too good to be true? Or am I being played?

Furthermore, I really like the Jeep and wouldnt mind buying it out, however, I have a 2 year old and a 2 month old who are growing like crazy, and the back seat is getting quite tight with carseats.

Im in a dilemma, please help.
It does happen but usually with a high end vehicle. I had my Land Cruiser for 2 years and went through the same thing....I had $1,500 more value than the lease still owed!!! Same thing for the Lexus LX570. Those vehicles are made in short supply and only have an average of 8 days on any dealer lot.

Yes it does happen, rarely!!!

Seems like you have a choice to make!
 

guarnibl

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I'm pretty sure I'd get cash back on my lease (put no cash down) if I turned it in today (few grand). Problem is there's literally no inventory I'd want to replace it with presently. It would still be a wash since I'd have to put PPF on it again... but I'd have two model years newer.
 

Windshieldfarmer

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Be careful - I am guessing they will let you return your Jeep now and give you a $3,000 discount off a new one...which is very mediocre at best.
 
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GtX

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All they are doing is trying to get you into a new commitment before your lease ends and you start looking around. A current customer is cheaper to keep than a new customer is to gain. Right now, your're a current customer. Their only goal is to keep getting your dependable monthly cash flows for the next 3 years. Maybe 6 or 7 if you buy and finance.
 

N8213

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Understand what you are dealing with- run a quick appraisal on vroom and carvana. Then you know what someone will actually pay for your vehicle now to compare to your dealer.
Values are crazy- I sold my two year old jlur with 28k miles for a few hundred bucks more than I paid for it.
 
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Slammed

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This is a game to get you back in. On my wife’s last lease we turned it in 15000 under what we were allowed and they don’t give you that equity back. Even towards a new lease/buy. I asked and was told the banks stop doing that a few years ago because they were loosing the money they could keep for themselves. If they are going to cut you a check for the $3000 without buying a new one from them then I’d be all over that.
 

HFA2265

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Picking up a 2021 Sahara Tuesday that I ordered and paid 5% below MSRP. As a result I'm selling my Subaru Forester that was leased in December 2020. Carvana offered me $4,000 above what I paid for the Subaru and Subaru does not limit who I can terminate the lease with. You may want to check out what Carvana, Vroom and others will give you.
 

mllcb42

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This is a game to get you back in.
This is an outdated take on the matter. Used car prices are through the roof right now and dealers definitely are paying huge amounts to buy out leases, even if you don't get a new car from them.
 
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