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Lease Problem/Options - 14 GC Overland

2K views 17 replies 9 participants last post by  Steeler 
#1 ·
Im in a 2014 overland that i'm supposed to be giving back end of august with 39K miles. My buyout is about $23,500. Currently I'm at about 49k miles so I'm well over. My original intention was to buy the car out but I've had some minor issues with the car and am getting the feeling I just don't want to do that now if it can be avoided. I'm new to leasing so I'm looking for advice if anyone else has been in a similar situation with such an overage. i'd go back into a new overland lease if that was an option for the same price, but I assume that's not going to happen.

Thanks in advance!
 
#2 ·
Talk to your dealership. They can probably put you in a 2017 Overland and forgive your excess miles while maintaining your current monthly payment. They are trying to move the 2017 as the 2018 will be hitting the lots in about a month. Your other option is to wait for the 2018 to arrive and see what lease specials are going for then. Sort of depends on how good the deal you originally received was.

Most car brands will forgive mileage overages, dents, dings, etc if you choose to lease another vehicle with them.
 
#6 ·
I've actually "sold" a few leased vehicles. It's the easiest way to get out of a lease early so long as you have positive equity.

Torifile actually had a great idea. I highly recommend going to carfax and seeing what they will offer you for the jeep. If the amount they offer is higher than what the current vehicle buy out is (you have to call for that specific number) than they will pay the lien holder and cut you a check for the difference.

From there you can either use that check as a downpayment on your next vehicle or find something that is "sign and drive" and pocket the cash. Worth looking into
 
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#8 ·
Your best bet is to go find a dealer that has great discounts on 2017s right now. They'll dump you into one with no issue and same payment I'm almost certain. Make sure you get the 15k/year mileage this time.

Otherwise selling it isn't that bad of an option either. Selling a leased vehicle is as easy as selling a traditionally financed vehicle.
 
#17 ·
There's no down side to telling them it's a lease (unless they feel like you're urgently in a need of a car). In fact, that may be an asset since you're required to perform regular maintenance on a leased vehicle to avoid voiding the lease agreement. That means they are likely to get a vehicle that is in better condition.
 
#12 ·
Tell them its a lease. That doesnt diminish the value of the vehicle at all. Its something they are extremely familiar with dealing with. There are two things that will happen:

1) They will find out the buy out of the vehicle. If the vehicle has positive equity then they will either cut you a check for the difference or ask if you want to apply the positive equity to your next lease (dont do this. never put money down on a lease).

2) If you have negative equity in your lease they will either absorb the payments to get you into a new lease OR roll the negative equity into your next lease. If a 2017 jeep is going for 36 months at $300/month but you have $5000 negative equity in your current vehicle then they will take that $5000 and divide it over your lease term. Basically the lease payment would increase from $300/month to $439/month ($5000/36 = $139. $139 + $300 = $439).

I would walk into that dealership and tell them to treat me as if I dont have any vehicle. I want to negotiate the price of the new vehicle and thats it. Once you agree upon those numbers then discuss your trade issue. It keeps it simple and avoids them using the "four square" trick to convolute the numbers and take you to the cleaners
 
#14 ·
Car Max is a good option to sell a car if you don't want to hassle with private party sale. They paid more than the dealer was officering for trade in value. Just as a point of reference I sold my 2014 Overland with 33K miles 1.5 years ago for $30K. Dealers were offering high 20's.


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#16 · (Edited)
I got $25,750 in April for my 2014 Overland 4x2 with 38,691 miles on trade in from the Jeep dealer. I was the second owner. Carmax wanted to pay me 25k. Plus I saved some money on the taxes towards the new one with this trade in. Btw the dealer turned around and put it up for sale at just over $28,000.
 
#18 ·
I always lease a car for my wife, mostly Jeeps. Every Jeep we leased, trade in value was higher than the buyout. We just traded it in, and used the money for the upfront fees, and the rest we pocketed. I'm sure even with the mileage, you'll have some equity in it.
 
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