[Goalie]

Given the current crazy prices on cars, I was wondering if I can sell my leased 2019 HCWB to a dealer? Between the lease and residual there’s about $57k left on it. Most of the listings around here have used HCs at around $70k. Would a dealer payoff the lease/residual and give cash on top? My goal is to buy an RE, but I don’t mind waiting until prices come back down.

 

[snobrdrdan]

Yes, you can!
You need to figure out the payoff (have the dealer pull that/find it out) and then take whatever value they give on the car and minus the payoff = your profit

 

[Tannehill]

Given the current crazy prices on cars, I was wondering if I can sell my leased 2019 HCWB to a dealer? Between the lease and residual there’s about $57k left on it. Most of the listings around here have used HCs at around $70k. Would a dealer payoff the lease/residual and give cash on top? My goal is to buy an RE, but I don’t mind waiting until prices come back down.

1. Dealer payoff is different than your payoff.
2. You could be waiting a long time until prices "come back down", which is a very open ended statement. If by down you mean below invoice and power Dollars, don't see that happening again. But you can get a pretty close deal now from a forum sponsor.

 

[Gotgap]

Yep dealer payoff is significantly lower, it’s BS no matter how you spin it, the leaser gets the shaft on D day

 

[Tannehill]

Yep dealer payoff is significantly lower, it’s BS no matter how you spin it, the leaser gets the shaft on D day

And I don't believe they are required to tell you what it is, so you're basically in a take it or leave it guessing game

 

[snobrdrdan]

The dealer payoff is typically your payoff MINUS the sales tax. Their might be a fee for them to buy the car too from the bank in that dealer payoff.

BUT I should point out though that when I tried trading in my Charger (but sold to Vroom)....the dealer payoff was the same as my payoff thru Ally...no difference (first time I've ever seen or noticed this though & I've always traded in my leased cars early).
They were charging them tax too, for whatever reason. And when I asked the sales manager about that, he didn't know anything about the payoff being different & said it's always the same for the customer or the dealer -- which I had never experienced or seen before.
I think the banks wisened up

 

[aeshare]

Sold my HC Charger to vroom back in November and the dealer payoff to Chrysler was the same. It was fully paid... Residual + few months left. With the current you should get some positive equity so get a quote from vroom first

 

[ArchGE]

I once sold my lease privately then paid off the lease myself.

 

[baabootoo]

Is Swap-A-Lease still out there?

 

[Gotgap]

I just spit coffee all over…. ROTF

 

[frictioncircle]

I have a relationship with my dealer. Very simple..The dealer and I agreed on a value of my SRT at time of transaction.You get the lease payoff amount from leaseholder, usually good for a week.You then have that equity in trade.Some lease have a clause that the payoff amount agreed to at lease start goes out the window less than 1 month from term, and gets recalculated at fair market.. so make sure you do your homework.

 

[Tannehill]

Is Swap-A-Lease still out there?

Can't swap Chrysler Capital leases.

 

[Tannehill]

I have a relationship with my dealer. Very simple..The dealer and I agreed on a value of my SRT at time of transaction.You get the lease payoff amount from leaseholder, usually good for a week.You then have that equity in trade.Some lease have a clause that the payoff amount agreed to at lease start goes out the window less than 1 month from term, and gets recalculated at fair market.. so make sure you do your homework.

I've never heard of this in my life.

So a the residual, at contract signing, is no longer a valid residual one month after starting?

 

[frictioncircle]

I've never heard of this in my life.

So a the residual, at contract signing, is no longer a valid residual one month after starting?

No less that 1 month before it ends...also called terming/maturing....depends on servicer...