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Discussion Starter #1
In the past when I've leased from Ford/GM, they would be contacting me wtih about 3-4 months left on my lease to jump in to a new lease/buy and allow me to end my lease early (no fees). Does Chrysler do the same? I won't have any mileage, damage, wear issues at end of lease. Just curious how Chrysler usually handles it and if they advertise to get you in to a new vehicle.
 

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My dealer contacted me 6 months before my lease on my 2016 Summit was up. 2 months later I traded it in for a new SRT. I leased the SRT to get a $6700 discount that was only available with a lease. 2 months later, I bought out the new lease for a whopping $195 fee.
 

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Discussion Starter #3
My dealer contacted me 6 months before my lease on my 2016 Summit was up. 2 months later I traded it in for a new SRT. I leased the SRT to get a $6700 discount that was only available with a lease. 2 months later, I bought out the new lease for a whopping $195 fee.
My plan was to go in about 4 months before lease end and start the discussions while the Jeep was in for regular service. Plant the seed. My issue is I'm not sure the 2021s will be off the line yet by the time my lease expires (End of April 2021). So if it looks like I'll be in the current generation for my next lease, I'll jump in to something new when a good deal pops up.
 

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Early lease out deals are most often something that the dealer facilitates, not FCA or the leasing company if it's third party. If the ACV of the ride is greater than the residual at that point in time, there's equity there that pays off the remainder of the lease funds due so the lease can be terminated early. It's technically a "buy out" since the vehicle goe to the dealer rather than back to the leasing company.
 

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Always can happen, and depends on the bank, but is largely managed by the dealer. Payoff vs. remaining payments vs. trade value, there are multiple options.

6 months before end of a lease is the time to start looking, then 3-4 months, more options open up. Depends on the car, and the deal. Ask the dealer, and always check, by the 6 month mark to get an idea of what you want...then see when the best time to switch is, cost wise.
 

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depends on the bank, but is largely managed by the dealer. Payoff vs. remaining payments vs. trade value, there are multiple options.
The leasing company, bank or otherwise, doesn't care what happens as long as they get their expected payout for the calculated value at the end. They either want the vehicle (at or under mileage or with payment for extra mileage at rates in the lease) or the money for the residual. But this is generally managed by the dealer and they have the opportunity to, well...deal...on a new vehicle for the lessee if they want to and the numbers work. The dealer will never choose to lose money, however, so positive equity from ACV vs residual is going to come into play. Otherwise, they are going to roll existing remaining lease cost into their transaction and the lessee/buyer is going to be on the hook for it if they want to do the deal.
 

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I used to sell for a GM dealership. I can remember every few months GM would come out with a lease pull ahead program. As long as you were within 6 months of the end of your lease and under the total allotted miles they would let you out of it. Obviously the other stipulation was that you leased another vehicle through them (at the time it was GMAC). This program was through the bank, not trading in to the dealer.
 

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My dealer contacted me 6 months before my lease on my 2016 Summit was up. 2 months later I traded it in for a new SRT. I leased the SRT to get a $6700 discount that was only available with a lease. 2 months later, I bought out the new lease for a whopping $195 fee.
how are you able to buy out your lease? Does that mean moving it from a lease to actual purchase? Is it still considered a new car for new rates? I’m curious to this as I leased just before the Corona induced panic came about.
 

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Discussion Starter #9
how are you able to buy out your lease? Does that mean moving it from a lease to actual purchase? Is it still considered a new car for new rates? I’m curious to this as I leased just before the Corona induced panic came about.
You can always buy out your lease. You just pay Chrysler (or whoever the leasing bank is) the remainder of the lease payments, plus the buyout price (which is stated in the lease), plus any fees (stated in the lease). You now own the leased vehicle. That is why some people at the end of their lease will trade it in because the trade in value is more than the buyout price. They make some money on the trade.

I'll make a decision with about 2 months left what I'll do with my lease. If the dealers aren't offering any good deals, I may just buy it for $24k which is the stated end of lease buyout price.
 

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how are you able to buy out your lease? Does that mean moving it from a lease to actual purchase? Is it still considered a new car for new rates? I’m curious to this as I leased just before the Corona induced panic came about.
I actually paid it off in full. Banks differ on options and cost to get out of a lease really early like I did. You typically can't get out of a lease that early without paying it off in full (you can't just "convert" it to a purchase loan).
 

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Thanks for the feedback! That’s what I thought was the case but wanted to make sure I wasn’t missing something.
 

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Discussion Starter #12
I actually paid it off in full. Banks differ on options and cost to get out of a lease really early like I did. You typically can't get out of a lease that early without paying it off in full (you can't just "convert" it to a purchase loan).
When shopping for rates, did you see a difference in "Lease Buyout" rates vs regular used car rates?
 

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I honestly hadn’t considering purchasing used as the advertised leasing deals seemed very good to me for a new vehicle.
 

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Discussion Starter #14
I honestly hadn’t considering purchasing used as the advertised leasing deals seemed very good to me for a new vehicle.
I really enjoy leasing a vehicle because I don't put many miles on my vehicles (12k a year max between the two), I get the new car bug every few years, I treat my cars very well so no worries about excessive damage, I always have a warranty, I wont' have to replace wear items (tires/brakes), and at the end of the lease I decide to buy something used....I have a vehicle that I know everything about and has been taken care of really well that I can buy at a predertimed price.
 

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I am in a similar boat - My lease is up in Jan 2021 and I have no idea what my options are going to be. My goal was to order my next Jeep exactly how I want it, but with that time frame being right in between the WK2 and WL who knows. I do not see the point in trying to get out early since dealer inventory is very limited and production hasn't restarted yet. Weird times huh?

I am just going to wait it out and see. Maybe the WK2 will run through 2021 also (or at least half)?
 

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i have three lease payments left and so far the dealers wont budge they just roll my current payment into my new payments per month,
 

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Discussion Starter #17
i have three lease payments left and so far the dealers wont budge they just roll my current payment into my new payments per month,
Have you looked at trading it in or selling it to a carvana or carmax? You may be able to jump out of that lease by selling it instead of dealing with Jeep/dealer.

When I leased my GC I wanted to be at 1% MSRP per month, 1st month down only, 36/12. I threw the numbers out to an annoying dealer who wouldn't give me numbers over email and said meet these terms for stock #12345 PLUS a check for $750 to pay of my current Ford lease and I'll be interested. This was end of month. He came back quick and said come in today and I can do that deal. Right place. Right time.
 

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i have three lease payments left and so far the dealers wont budge they just roll my current payment into my new payments per month,
Medina Auto Mall paid off 3 of my lease payments totaling around$825 when I bought my 2014 GC from them. From what I could tell they even lowered the asking price on the vehicle I bought and took less of a down payment. Some dealers will work with you and some won’t.
 

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Have you looked at trading it in or selling it to a carvana or carmax? You may be able to jump out of that lease by selling it instead of dealing with Jeep/dealer.

When I leased my GC I wanted to be at 1% MSRP per month, 1st month down only, 36/12. I threw the numbers out to an annoying dealer who wouldn't give me numbers over email and said meet these terms for stock #12345 PLUS a check for $750 to pay of my current Ford lease and I'll be interested. This was end of month. He came back quick and said come in today and I can do that deal. Right place. Right time.
i gotta look into this, it sounds promising. i also figured dealers would be more eager to sell during this but from what i have read on the forum that does not seem to be the case
 

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Discussion Starter #20
i gotta look into this, it sounds promising. i also figured dealers would be more eager to sell during this but from what i have read on the forum that does not seem to be the case
It all depends on the location and the dealer. Some are eager to move units. Some are sitting tight and not budging on the prices. If you get a good appraisal from someone and can unload your current vehicle at no cost to you, then you are in a great position to start looking for a deal you can move on fast. I usually figure out what I want to pay (for me it is 1% of MSRP/mth for a 36/12 lease and only 1st month down at signing). Then i find something a dealer has in stock that I'd want. Start getting quotes from multiple dealers. Then see who is wanting to sell/lease something quick. Sometimes it takes patience. I'm gonna say Memorial Day sales are going to be pretty darn good this year.
 
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