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Challenger SRT Hellcat Widebody
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Discussion Starter · #1 ·
Ok so I LOVE my Hellcat, but honestly I live in the SF Bay Area, always traffic and with COVID there's really no place for me to go that exciting. Plus when I can start travelling again I'm going out of the country.

I ordered mine from the factory and it only has 5000 miles and is in perfect condition. I leased it and turn in date is July 4, 2022, about a year left. I leased it as I wasn't sure what the 2020 model was going to be for the 50th anniversary. I think I put $5k down.

So what would you suggest I do?

1. Buy out the entire car and sell it?
2. Turn the lease in early?
3. Sell the lease?

I've never done anything like this before nor have I leased a car, I usually purchase outright, so I have no idea what would be the best choice.

Thanks in advance. Hope this is the right section for this.

I've attached the window sticker. WindowStickerPDF.jpg
 

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Charger SRT Hellcat
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I'd do cash, and check CarMax, Vroom, and Carvana. There's a war going on between those places now.
 

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Challenger SRT Hellcat Widebody
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Discussion Starter · #3 ·
hmm interesting. Ok thanks.
 

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2016 Bright White Challenger
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hmm interesting. Ok thanks.
How does one sell a lease? Wouldn't the new lease owner have to be credit worthy to be able to take it over? Might limit your demographic

I would buy it outright and then sell and hopefully profit depending on how much you end up paying. Your car is a desirable color and WB should bring quick and big money.

I love it so much I'd sell mine and take over your lease :)
 

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Seriously, we cannot answer your question, there are too many specific numbers to know and analyze.

Taking a general stab here, I'd bet unless you have a killer lease deal you aren't going to make much buying it out and selling it. More hassle than it's worth. Handing it in early or just keeping it the term is going to result in the same cash out of pocket I believe so you might as well keep it in your possession.

But I can tell you if it's an FCA lease, you CANNOT simply sell your car to Joe Blow from the classifieds.
 

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I privately sold a car that still had some lease time on it once. The money from selling the car pretty much covered the buyout on the lease. I maybe had to throw another couple hundred bucks in but worked out great for me. Could be different now since used car prices are going up. What’s your residual on the car? Could be more than the current used retail but depends on how much a year left in the lease costs. I’ve heard of guys buying out the lease then flipping for a profit.
 

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Challenger SRT Hellcat Widebody
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Discussion Starter · #7 ·
Ok good to know. I went to Carmax, they offered $56K, I owe $58K. So I'll post it for sale on craigslist and see what happens.
 

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Maybe Carmax would go up to 58K if you remove the splitter protector?
 

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Challenger SRT Hellcat Widebody
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Discussion Starter · #9 ·
Very funny.

I listed it on craigslist for $67,500 and we'll see if i get any hits.
 
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2021 Charger Hellcat
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Seriously, we cannot answer your question, there are too many specific numbers to know and analyze.

Taking a general stab here, I'd bet unless you have a killer lease deal you aren't going to make much buying it out and selling it. More hassle than it's worth. Handing it in early or just keeping it the term is going to result in the same cash out of pocket I believe so you might as well keep it in your possession.

But I can tell you if it's an FCA lease, you CANNOT simply sell your car to Joe Blow from the classifieds.
You CAN sell your car if it’s leased through CCAP. I sold my Scatpack in July, a lease, with no issues. Just see what your buy out is. Good luck!
 

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Discussion Starter · #11 ·
Cool. thanks for the info. So how does it work. Lets say a buyer comes to buy the car do we call up Chrysler Cap and they either take his payment for the balance or give him a loan for it and then he pays me the remainder?

Or do I just pay off the car and pay CCap myself?
 

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2021 Charger Hellcat
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Cool. thanks for the info. So how does it work. Lets say a buyer comes to buy the car do we call up Chrysler Cap and they either take his payment for the balance or give him a loan for it and then he pays me the remainder?

Or do I just pay off the car and pay CCap myself?
They treat it just like a loan. Find out what your buyout is, have the buyers bank, if they’re financing it, write CCAP a check for the buyout, and anything left over is a check to you. They’ll send you the title, took mine about a month and a half to get, then just give that to the new owner. Pretty easy.
 

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Bought my 2017 lease at the end of the term and turned around and sold it to a Maserati dealership for $3k more.
 

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They treat it just like a loan. Find out what your buyout is, have the buyers bank, if they’re financing it, write CCAP a check for the buyout, and anything left over is a check to you. They’ll send you the title, took mine about a month and a half to get, then just give that to the new owner. Pretty easy.
This is news to me then. I know dealers have been able to do this but I believe in the past CCAP required a dealer to be a middleman for such transactions between private parties.

I wouldn't be surprised if the pandemic and handling lease turn ins made them change policy. I know last year when the crap fest started they were backlogged in getting people to dealerships to pick up turned in cars.
 

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Discussion Starter · #15 ·
Good to know.
 

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Ok so I LOVE my Hellcat, but honestly I live in the SF Bay Area, always traffic and with COVID there's really no place for me to go that exciting.
Um, you have some of the best West Coast race tracks around SF - Laguna Seca, Sonoma & Thunderhill! East Coast tracks are open so I'd assume it's the same across the Rockies...but it is California.
 

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Ok so I LOVE my Hellcat, but honestly I live in the SF Bay Area, always traffic and with COVID there's really no place for me to go that exciting. Plus when I can start travelling again I'm going out of the country.

I ordered mine from the factory and it only has 5000 miles and is in perfect condition. I leased it and turn in date is July 4, 2022, about a year left. I leased it as I wasn't sure what the 2020 model was going to be for the 50th anniversary. I think I put $5k down.

So what would you suggest I do?

1. Buy out the entire car and sell it?
2. Turn the lease in early?
3. Sell the lease?

I've never done anything like this before nor have I leased a car, I usually purchase outright, so I have no idea what would be the best choice.

Thanks in advance. Hope this is the right section for this.

I've attached the window sticker. View attachment 569612
I am in the same boat. I have a 2019 charger HC, triple nickel, Hk, Nav, matte vapor 5 spokes, sepia interior.
I have been thinking about selling it since used values are up and my residual is very low. I bought it June of 2019 and it had been sitting unsold since January of 2019 so it was heavily discounted. This is the only reason I am considering this. It had 7 miles on it when I took delivery.
I'm looking to get into something a bit more refined but I love the thing so much it's so hard to find something to justify its replacement.
All your options are valid. I guess you could negotiate a good trade deal if you found its replacement but I think that's the hardest part!
569650
569651
569652
 

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Discussion Starter · #18 ·
Sweet interior. I always debate whether to go with that color. I thought it might clash with the Plum Crazy.

I've already been offered $61K by a couple of private buyers and the same from Vroom. I'm holding out for 65K. It's hard to let go as you say. If it was a money thing then it'd be easy, but it's not. I just don't like things that sit around gathering dust. I built a school bus ( a short one, but not the true short bus) for burning man when I was on the man base crew. I made it into a sick RV. 2 Built in Tables, Cots for sleeping, Solar on the roof, batteries for the solar and power converter. Better sound system. It was awesome. After 2016 Burning man I used it as a mobile office as my business needed something for the yard as the building I was renting was an old navy brig and the concrete was not inspiring. Then I moved the business to a new location and didn't use the bus for almost a year so I sold it.
 

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^^^
Something to think about. If you sell the car privately....you have to buy it from the lease bank (C. Cap?) and you'll get hit with sales tax on that--which should be included in YOUR buyout price though. THEN you can sell the car to the next person,and then they'd have to pay tax on it whenever they register it.

If you sell it to a dealer though, the lease bank will have a different (and lower) buyout price since it won't include tax. The dealer passes the sales tax onto the next buyer.

So YOUR buyout might be $58k that you would have to cut a check for to buy the car & then sell for private sale.

But the dealer buyout (like if you sold it to CarMax or another dealer) will be lower & might only be $54k...depending on whatever your tax rate is.

My buddy sold his leased Challenger WB to Vroom and they went by the dealer buyout/payoff and he got a check back for $8k or whatever (due to the crazy used car market) from them.
So Vroom is considered a dealer too, FWIW.
 

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Discussion Starter · #20 ·
OOO interesting. Thanks. I'll call CCap and see. Also for whoever mentioned Vroom, Carmax and Carvana, none of them match other dealers. I called them all after I had my quotes and they don't budge on the price they give. It was worth a shot though.
 
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