Jump Ship or What?

BMorgan

Well-Known Member
Joined
Dec 25, 2020
Messages
50
Reaction score
140
Location
Los Angeles
Vehicle(s)
2021 JLUR (soon)
The reality is that you've made an expensive mistake. Yes, the used market had a moment where things got upside down, and back in June you might have been lucky. But I think it's a little entitled to think that because that happened in the past you should expect it to happen for you now. I think you need to swallow the pill and deal with the situation. That can be living with it or negative equity. Either way, it's not easy. But don't expect to be allowed to rent (lease) a brand new vehicle for free for 4 months. You all in got to rent a nice vehicle ordered to your spec for under $60/ day ...if I did my rough math correctly. That's not too bad.
That’s my thinking too.

Getting out of a lease is not usually easy. You agreed to 48 months of renting that Jeep with a certain mileage limit etc. You have to fulfill that agreement or you are subject to whatever early termination clause you agree to. And those are usually quite harsh from a financial loss viewpoint.
Advertisement

 

golong27

Well-Known Member
Joined
Mar 7, 2019
Messages
50
Reaction score
46
Location
glen allen va
Vehicle(s)
2018 Jeep Wrangler JLU Sport S
Call other dealerships near you and see who will give you the best deal or has the jeep you want. You already have the $47k offer from CarMax so it doesn't hurt to shop around a bit.

Used car prices have already come down a little from the peak this summer but they will probably stay at this level for a while. But new car prices will likely move in unison so it's a wash whether you make the move now or wait 6 months.
 

FloridaLarry

Well-Known Member
First Name
Larry
Joined
Jul 6, 2021
Messages
291
Reaction score
391
Location
Boca Raton, FL
Vehicle(s)
Rubi 4xe
Occupation
IT Manager
Ok so I leased my 2dr Rubi 2.0 almost 4 months ago.
.... Went to Carmax today got offered 47k but I owe about $52k, safe to say 5k Negative.
...What to do?
A few things....
Forget CarMax, like others have said, Carvana and Vroom quotes costs you nothing. Put in the specs and get an instant quote online. In any case, DO NOT BUY FROM THEM. The tax savings is not enough cover their markup over reasonable prices. You also have instant quotes from Kelly Blue Book. These instant quotes are sight unseen quotes, but with a nearly new vehicle, the quotes will be decent because they can know what they are getting. You may have to submit some pictures.

You got a good payment on your lease (because of high Wrangler residuals) but that means you are upside down if you want to buy it out. You also leased for 48 months, and like all 48 months leases, you should've got a 60 month loan instead. That term is just too long. Even if you had tor pay more per month with a loan, you have more options. With a lease you are stuck, and 4 years seems beyond your car-keeping range.

I don't think you've stated the real reasons you want to get out of it. Nothing you have said warrants making a change. and taking a hit. I would hold off, and make a few more payments before doing anything harsh.
 
Last edited:

gqgambler

Well-Known Member
First Name
S
Joined
Jun 10, 2020
Messages
79
Reaction score
54
Location
Beast from the East
Vehicle(s)
'19 Bright White Moab
You could try swapalease to see if someone will take over your lease, but terms need to be favorable. I would imagine that you've screwed yourself by leasing, with used car pricing so high right now I would think that the residual value on your lease buyout would be overinflated at the term end. At 4 years from now at lease end your buy-out value will be way higher than market value as we anticipate used car prices will drop; opposite of what we are seeing now with cars being worth more than their lease buy-out price.
 

LongTimeListener

Well-Known Member
Joined
Jul 8, 2019
Messages
485
Reaction score
1,391
Location
Arizona
Vehicle(s)
JKURHR
You’re in a tough spot with that lease. It happens. Don’t make it worse by accumulating even more negative equity now. Just enjoy your Jeep and forget about this kind of obsessive thinking. Sounds like you’re talking yourself into a bad idea.

Been there. Resist. Relax. Maybe even try taking your Jeep on a few fun adventures. Eventually this idea will recede from your thoughts.
 

omega145

Well-Known Member
First Name
Eric
Joined
May 9, 2019
Messages
131
Reaction score
290
Location
NH
Vehicle(s)
2020 Rubicon Recon
Occupation
Engineer
I'd say that now is the highest price (or that ship may have sailed) but who really knows. I was almost in the same boat but realized that the 4 door Wrangler just isn't for me. Maybe one day I'll make that change. I've had a 2 door TJ and a 4 door JK. The 2 doors, including my current JL Rubicon, have been by far my favorite with the 4 door feeling more like another SUV. I'll say that some days when my wife wants more space and we are bringing the whole family on a nice day that I wish I had a 4 door but there are more days that I'm happy driving my 2 door as a daily driver. You may feel a downgrade in what you have also if you go from a Rubicon to a Sahara or something along those lines. Sure you may not need all of the Rubicon capabilities but it is nice to have it and not need it rather than need it and not have it.
 

JeepLeap

Well-Known Member
First Name
Craig
Joined
Jun 20, 2021
Messages
100
Reaction score
90
Location
Glen Head, NY
Vehicle(s)
2021 Jeep Wrangler Willys
My advice would be to put a $1,000 deposit down on a new 4dr Jeep and place a factory order. And then enjoy your current Jeep while you wait for the build.

Once the new Jeep finishes the build and arrives at your dealer (it could be 6-8 weeks minimum), you sell your “old” Jeep to CarMax, Carvana or whoever else gives you the best price.

This gets you your best offer on the new Jeep with exactly what you want, gets a couple more payments done with your current Jeep, and allows you to enjoy your 2dr while you wait. I doubt prices for used Jeeps will come down much in just 2 months.
 

zrickety

Well-Known Member
Joined
Aug 7, 2020
Messages
704
Reaction score
773
Location
USA
Vehicle(s)
2020 Rubicon Sarge 2DR 3.6L 6MT
Occupation
Technician
Ok so I leased my 2dr Rubi 2.0 almost 4 months ago. That was prior to finding this forum, filled with all you wonderful & knowledgeable Jeep brothers. So yeah I paid MSRP & definitely did not get a great deal. Anyway, starting to wish I got a 4dr instead for more practical reasons. By the way, my Jeep will never rock crawl or anything close. So yeah the Rubi is way over kill for my daily driver city needs. Plus honestly wish I had the all time 4 WD system for extra peace of mind for Florida weather. Called the dealer today that I purchased from & asked if he had any 4 doors on the lot… I know now , order for under invoice is the ticket! ( don’t roast me yet) thing is , I don’t have another vehicle to use in meantime. So he told me he has plenty coming in 2 weeks. So I asked how much off msrp is he willing to do for a return customer? His answer was MSRP is the best they can do now & I should go get a price from Carmax & he will try to come as close to that price as he can on my Jeep. So here is the question or questions, Went to Carmax today got offered 47k but I owe about $52k, safe to say 5k Negative. My MSRP was $54k nicely loaded Jeep… With the market being the way it is right now, Is this my time to jump ship? Will I be in a more neg situation after used car prices decrease or better because I have made more payments & brought down my payoff price? Or will my Jeep take a much harder price hit in months too come? Really on the fence about this any input is highly appreciated. I really don’t wanna get screwed that bad again. I’m still kinda soar! 1. sell to Carmax, cut the check for the difference & start a clean slate which will hurt a bit, 2. Trade into dealer for a 4dr & roll some negative into a new lease? 3. Private list it, just suck it up & keep it? Just to add, I will do some more shopping around as far as trying to get a better deal if possible on a new 4dr but dealerships here in Florida r tough to say the least.. Man , I would luv to order & spec it out! the way I want. But that’s probably not in the cards for me. Sorry for the long thread. What to do?
I wouldn't take a bath on trading Jeeps. Keep what you're driving until you can break even. I have a family of 4 and the the 2 door works great for me. Rubicons hold value.
If you're really set on the 4 door, try to find a used JL so it doesn't cost you so much. My .02.
 

rkwfxd

Well-Known Member
First Name
Rich
Joined
May 24, 2021
Messages
386
Reaction score
522
Location
Whittier
Vehicle(s)
2020 Tahoe 4x4, 2018 4Runner 4X4, 1990 Porsche 964
If I have this right...

You are four months into a 48 month lease and you want a different vehicle.

You are going to take a huge financial hit not matter what you do. I am not going to offer advise or try to predict the future of vehicle prices. You just need to mentally prepare for a big financial hit and if you change or trade anything make SURE you get what you want this time.

You will be paying for many years and paying a premium when you factor in the initial hit. Good Luck.
 

SecondTJ

Well-Known Member
Joined
Jan 9, 2019
Messages
1,163
Reaction score
1,067
Location
Il
Vehicle(s)
Jeep
Just order a new one with exact options you want and wait it out.

Lakeland CDJR in Florida will get you upto 7% below invoice on a factory order.
 

dgoodhue

Well-Known Member
First Name
Dave
Joined
Aug 22, 2020
Messages
551
Reaction score
491
Location
Framingham, MA
Vehicle(s)
'21 80th JLU
You have 1st world problems of having a new $50k+ Jeep and wanting a different model :)

I would just suck it up and keep it unless logistically it really does not work for you. It is only a little over 3 1/2 years left. Rolling $5k of negative over into a new lease is going to add over $100 month into the next 48 month lease. You already paid transactional fees (dealer fees, acquisition fees, etc) I personally wouldn't want to be paying $100+ month for 4 years for a car I don't even own. In 6 months I don't think your situation will improve greatly either. By year 2 or 3 it might.
 

Big_Lebowski

Well-Known Member
Joined
Nov 24, 2020
Messages
105
Reaction score
200
Location
52206
Vehicle(s)
2021 JLURD, 2016 JKUR Rock Crawler
Occupation
I glow in the dark!
caddyshack.jpg
 

Steph1

Well-Known Member
First Name
Steph
Joined
Jul 21, 2021
Messages
154
Reaction score
119
Location
Quebec, Canada
Vehicle(s)
Jeep JLU Sahara, Audi Q5, Porsche 911
My recommendation would be to trade the lease for a new 4 doors and BUY this one on a 96 month loan, do not lease. Wranglers are one of very few vehicles that hold value quite well and even at a 96 month loan, the money you owe will go down faster than the value of the jeep. So even with $4-5G in the whole, you will make up for that loss within the first 2 years.

A 96 months loan will help keep the payments down. I did exactly this on my 2013 JKUR. $0 down and 96 months purchase. After 5 years, I decided to trade for my JL. I still owed $24G, but was given $41G for my trade (including the taxes I saved).

So I repeated the exercise... I put that $17G down on my JL and financed it on 96 months. The payments were a joke. So if something bad happens, your payments are low and you can manage. If all goes well, you are saving money because of the low payments. In my case, even if my loan was 96 months, after 36 months, I had saved enough money to pay it off.

I would never ever finance a vehicle for over 8 years, unless its a wrangler or Tacoma or one or 2 other value holding models.

hope this helps.
 
Advertisement

Superchips TrailDash 3
 
Advertisement
Top