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  #13  
Old 01-29-2016, 08:11 AM
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Re: To buy out my lease or not???

Quote:
Originally Posted by overlanding View Post
This is correct so I'm not sure why OP is concerned if he is wanting to step up his game. Overland, High Altitude and Summit have dual exhaust regardless of engine.
The OP is currently in a Limited and is considering upgrading to a 2016 Limited, which would explain the concern about loosing dual exhaust.

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  #14  
Old 01-29-2016, 08:42 AM
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Re: To buy out my lease or not???

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Originally Posted by GreenGreySS View Post
The OP is currently in a Limited and is considering upgrading to a 2016 Limited, which would explain the concern about loosing dual exhaust.

That's not an upgrade. It's the same exact vehicle except for the new shifter and electric steering and possible options, still the same basically, a Limited.
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Old 01-29-2016, 09:07 AM
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Re: To buy out my lease or not???

LOL, just a newer vehicle.
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Old 01-29-2016, 09:50 AM
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Re: To buy out my lease or not???

So if I did my math correctly, so far you have paid $9,326 in payments for the vehicle (including the down payment and excluding the taxes). Meaning your original MSRP was around $33,326.

If you owe 24k on the vehicle to buy it out, financing that is going to get you to probably $400 or less per month (depending on your credit and interest rate).

I highly recommend what the other user stated and take it to carmax. See the value they would give because usually they are pretty fair on their offers. Plus when you go to trade it in at any dealership they will lowball your trade in value and the carmax offer will help bring it back up.

My recommendation, bring it to carmax and fill us in on what it appraises for. I would then go to your Jeep dealership and discuss with them moving into a higher trim Jeep for a lease. See what their offer is and what they would be willing to do with your current vehicle.

IMO, the easiest way to negotiate a new lease is to not have any vehicle you are trading in. When you trade in a vehicle the numbers start to get extremely convoluted and the dealerships know it. So go get the Carmax price and see if you have positive or negative equity in the vehicle. If you have positive equity, either sell it to carmax and take the check (then use that check for your next down payment). OR go to the dealership and negotiate them purchasing the vehicle from you. Get that squared away and then discuss the prices for leasing a new vehicle.
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  #17  
Old 01-29-2016, 01:16 PM
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Quote:
Originally Posted by Impy5 View Post

For the most part yes. My lease is with Chrysler Capital.
Should be easy enough to do the buyout and sell it, or just trade it in with or without the buyout, if you can get the dealer to work with you. The trade in without a buyout would probably be cleaner and less hassle. Either way will work, as long as you are not in a state where taxes will kill/complicate the value of doing a buyout.
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  #18  
Old 02-02-2016, 01:45 PM
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Re: To buy out my lease or not???

It's rarely advantageous to buy out a lease since you don't pay enough in most cases to keep up with depreciation. However it's a simple numbers game. If you want to keep your payment in the mid-$300s then you're going to have to finance that $24k for 72mths. 60mths puts you at $420 and so forth. So what that basically means is back in 2014 you bought a car on a 8-9yr loan. If you pay it down that slowly you're likely to always trail depreciation and therefore have negative equity at the time of sale or trade. Not to mention the vehicle is out of factory warranty for much of that period-so you make payments plus repairs.
You can get an idea of trade value by using KBB FAIR condition trade estimator (and don't add all of your small options). This is a fairly good gauge of wholesale price, which is what Carmax offers.
Many times finance companies will offer 3-6 month "pull ahead" programs where you can turn in the lease early if you lease/buy another (from Chrysler Capital).
I would see this lease to the end and then lease (or buy?) another.


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  #19  
Old 02-03-2016, 10:28 PM
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Thanks for all of the input, all of you gave me some really good perspective on what to do next which will more than likely end up leasing another when this one is done. Much appreciated.
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