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  #1  
Old 01-28-2016, 05:03 PM
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To buy out my lease or not???

I leased a 2014 Limited (base Limited except for NAV) in March of 2014 and am starting to wonder what the best end game for my lease is going to be as I know I'll be getting calls from the dealer soon to get me into something new. This was my first time leasing a vehicle and I think I did a pretty good job negotiating so my buy out price is decently low. I'm looking for some advice from experienced lease people (not looking for the age old buying is better than leasing argument; everyone has their preference and reasons for doing so). I really like my 2014 and wouldn't mind financing it for a few a years to own it, however I also wouldn't mind getting into a new lease with a higher trim level. Would buying my current Jeep at the end of my lease and trade it in on a new lease or just turn it in and see what the dealer can offer me? I'm trying to be strategic so any advice would be much appreciated. Thanks in advance.

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  #2  
Old 01-28-2016, 05:27 PM
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Re: To buy out my lease or not???

Leasing is better on higher trim levels of vehicles in most cases because of better value retention, so before you make a decision, you'll want to ascertain what terms you could get on a new lease for "nicer" and more current vs the cost to finance the vehicle you have now.
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  #3  
Old 01-28-2016, 05:50 PM
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Re: To buy out my lease or not???

Its hard to comment without knowing what your buyout is, your monthly payments were, and how much you put down. You could have put down 10k so your buyout is minimal or zero.

The second part of the equation is how long are you planning on keeping it? Are you going to finance it and then sell it in a year, thus accumulating another years worth of depreciation and mileage. OR are you going to drive it until the wheels fall off in which case purchasing would be the sound decision.
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Old 01-28-2016, 07:31 PM
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Re: To buy out my lease or not???

Quote:
Originally Posted by protect1989 View Post
Its hard to comment without knowing what your buyout is, your monthly payments were, and how much you put down. You could have put down 10k so your buyout is minimal or zero.

The second part of the equation is how long are you planning on keeping it? Are you going to finance it and then sell it in a year, thus accumulating another years worth of depreciation and mileage. OR are you going to drive it until the wheels fall off in which case purchasing would be the sound decision.
My buyout is just about $24k, my monthly payment is $362 plus sales/use tax so $384 total and I put $1k down.

The longest I've ever kept a vehicle was 7 years and that was my WJ (loved that Jeep), my last WK was a 2008 and fell apart on me at 63k miles so I got rid of it 3 years to the day I bought it. I'd probably only keep this Jeep 3-4 years before I would start looking for a new one, especially with the new generation only a couple of years out, I've already had a wandering eye toward the 2016 but what I think are down grades (losing dual exhaust on the v6 and I'm not sold on the shifter) are steering me away.
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Old 01-28-2016, 07:41 PM
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Re: To buy out my lease or not???

Quote:
Originally Posted by Impy5 View Post
My buyout is just about $24k, my monthly payment is $362 plus sales/use tax so $384 total and I put $1k down.



The longest I've ever kept a vehicle was 7 years and that was my WJ (loved that Jeep), my last WK was a 2008 and fell apart on me at 63k miles so I got rid of it 3 years to the day I bought it. I'd probably only keep this Jeep 3-4 years before I would start looking for a new one, especially with the new generation only a couple of years out, I've already had a wandering eye toward the 2016 but what I think are down grades (losing dual exhaust on the v6 and I'm not sold on the shifter) are steering me away.

I think all Overland V6 continue to have dual exhaust.
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Old 01-28-2016, 08:46 PM
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Quote:
Originally Posted by Impy5 View Post
Would buying my current Jeep at the end of my lease and trade it in on a new lease or just turn it in and see what the dealer can offer me? I'm trying to be strategic so any advice would be much appreciated. Thanks in advance.
I think you are asking for the best way to get the pseudo-equity out of your current lease, right?

Who is your current lease with?
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Old 01-28-2016, 09:06 PM
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Re: To buy out my lease or not???

Many dealers will offer an upgrade to a new vehicle in a higher trim for at or just above your existing lease payment. And you end up not having to pay any up front costs like with the first lease. I would definitely talk to your dealer and see what they are willing to do to keep you as a valued, upstanding leasee.
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Old 01-28-2016, 09:35 PM
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Quote:
Originally Posted by ElLobo View Post

I think you are asking for the best way to get the pseudo-equity out of your current lease, right?

Who is your current lease with?
For the most part yes. My lease is with Chrysler Capital.
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Old 01-28-2016, 09:37 PM
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Quote:
Originally Posted by DriverDave View Post
Many dealers will offer an upgrade to a new vehicle in a higher trim for at or just above your existing lease payment. And you end up not having to pay any up front costs like with the first lease. I would definitely talk to your dealer and see what they are willing to do to keep you as a valued, upstanding leasee.
This scenario would be ideal. Hopefully my dealer would be willing to go this route, I had a great experience with them on this lease and would like to keep doing business with them.
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Old 01-29-2016, 12:54 AM
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Re: To buy out my lease or not???

What's your Jeep worth, realistically, on trade-in?

I just recently bought out my '14 Overland off lease and traded it in two days later on a '15 High Altitude. Long story as to why I had to buy it out, rather than just trade it in, but I had to because Ally Financial had me by the balls on trade-in value -- that's a one-off scenario, though, and is irrelevant here.

Either way, I was 30 months into my 39 month lease and knew I was in a good spot with it, dollar wise. There comes a time every lease where you need to look at the numbers and see how things stack up.

I've leased several cars and have never kept it for the duration of the lease. I've always traded it in early (and always without buying it out first, except for this time for that rare reason).

I've also always got something out of the trade-in. I got a couple grand this time towards my High Altitude.

I got into a '15 High Altitude V8 that MSRPd almost $7k more ($54,000) than my '14 Overland did and my payment only went up by $7/mo. And I didn't give them a single penny when I signed. Not a dime. My first month payment was even covered by trade-in credit and rebates. And I pay no sales tax on the lease payment because I got sales tax trade-in credit from trading in my Overland (I believe this law varies by state). I was thoroughly satisfied.

Know that right now you could sell you Jeep to your neighbor, trade it into the dealership, keep it, or buy it out. All options are viable. Weigh them out. You don't need to buy it. I'd only do that if you wanted to keep it long-term.
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Old 01-29-2016, 03:06 AM
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Re: To buy out my lease or not???

You could always take it to Carmax and see how much they are willing to offer. If they offer more than your buyout from your contract than you have positive equity. If not then you can take it to a dealership and see how much credit you can get it for a trade-in. Weigh your options to see which one gives you maximum value.


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Old 01-29-2016, 07:48 AM
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Re: To buy out my lease or not???

Quote:
Originally Posted by jgc4ever View Post
I think all Overland V6 continue to have dual exhaust.

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.
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