Buying out a lease - work with dealer or go right to bank?

[Erievon]

I'm at the crossroads right now. Lease with US Bank ends in a month. Payout is 32500ish, USB says that includes taxes, I think I'd just have to pay DMV fees on top of that.

I was all set to buy it, but started thinking. Dealer is offering me 40 for it. It's a 20 Overland North, and only 11k miles on it, and extremely clean. I could take that 8k equity and lease a new Rubicon, the 8k would bring the lease down to a really nice price, but it also means I threw the 8k into the lease black hole and really just reduced my payments and masks what would be an otherwise unfavorably termed lease due to interest rates right now.

Or, Buy it out. It would cost me 41-42 to replace it with an identical overland, so 32,5 is a smoking deal I suppose. Keep it and see what happens when the 24 models start to show up, either way I'd still have a decent chunk of equity in it.

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[Junior88]

I'm at the crossroads right now. Lease with US Bank ends in a month. Payout is 32500ish, USB says that includes taxes, I think I'd just have to pay DMV fees on top of that.

I was all set to buy it, but started thinking. Dealer is offering me 40 for it. It's a 20 Overland North, and only 11k miles on it, and extremely clean. I could take that 8k equity and lease a new Rubicon, the 8k would bring the lease down to a really nice price, but it also means I threw the 8k into the lease black hole and really just reduced my payments and masks what would be an otherwise unfavorably termed lease due to interest rates right now.

Or, Buy it out. It would cost me 41-42 to replace it with an identical overland, so 32,5 is a smoking deal I suppose. Keep it and see what happens when the 24 models start to show up, either way I'd still have a decent chunk of equity in it.

Oh man, I feel ya big time. My lease payoff is $32k right now and with the used market taking a dip the last two month the positive equity I once thought I had has really skinnied up. Sure there are comps selling for ~$40k, but whats the realistic situation of a private party deal at that price point? Trade-in offers are coming in between $31-$34k..

In fact, if all goes as planned, I have an appt tonight to go sign on a '23 Wrangler Rubicon 4XE in Earl gray. Incentives on those are out of control right now, I'm going $2k out of pocket at signing and $550/month on it, $71k MSRP. Buying the Gladiator out of warranty with a lower equity position and loan rates around ~5.8% made the numbers considerably less favorable.

 

[ShrimpHappens]

I'm at the crossroads right now. Lease with US Bank ends in a month. Payout is 32500ish, USB says that includes taxes, I think I'd just have to pay DMV fees on top of that.

I was all set to buy it, but started thinking. Dealer is offering me 40 for it. It's a 20 Overland North, and only 11k miles on it, and extremely clean. I could take that 8k equity and lease a new Rubicon, the 8k would bring the lease down to a really nice price, but it also means I threw the 8k into the lease black hole and really just reduced my payments and masks what would be an otherwise unfavorably termed lease due to interest rates right now.

Or, Buy it out. It would cost me 41-42 to replace it with an identical overland, so 32,5 is a smoking deal I suppose. Keep it and see what happens when the 24 models start to show up, either way I'd still have a decent chunk of equity in it.

Oh man, I feel ya big time. My lease payoff is $32k right now and with the used market taking a dip the last two month the positive equity I once thought I had has really skinnied up. Sure there are comps selling for ~$40k, but whats the realistic situation of a private party deal at that price point? Trade-in offers are coming in between $31-$34k..

In fact, if all goes as planned, I have an appt tonight to go sign on a '23 Wrangler Rubicon 4XE in Earl gray. Incentives on those are out of control right now, I'm going $2k out of pocket at signing and $550/month on it, $71k MSRP. Buying the Gladiator out of warranty with a lower equity position and loan rates around ~5.8% made the numbers considerably less favorable.

I'm in the same boat as both of you guys. Mine runs out in December, so I've still got some time to see what the 2024 updates are (for rolling into new lease) and if interest rates decline any (for purchasing current).

 

[Junior88]

Well gang, the deal is done. $2k down, $550 / month. Been a blast here on the gladiator forums, and even more so with the truck! Can't say that I won't miss it, was a beautiful machine, excited to try out jeep #2 and maybe see some of y'all on the wrangler forums.

 

[mtudb24]

When I bought my 2010 JKUR lease out in 2013 (it may have been Ally or maybe US Bank, or Chrysler Capital, can't remember), all I did was goto my bank with my lease statement that had my account number etc on it and told them I wanted to get a loan from them to buy this truck when the lease runs out They did all the paperwork. My loan was approved (actually payments went down a few bucks from the lease price back then), they cut the check to the Lease company and a check made out to the Secretary of state for sales tax on purchase price and the title came back with their name as the Lien holder on it.

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