Car Lease Turn in Quesiton

buzztown1buzztown1 Member Posts: 4
edited December 2020 in Jeep
Hello--

I have a 2017 Jeep Wrangler Rubicon lease that will come to term in February. If I elected to buy, my price would be 28K. Based on the condition, and a quick appraisal, the car is worth roughly 32K.

I attempted to turn this vehicle into a dealer this weekend (different dealership) and request cash or use as cap cost reduction for a new lease, and I was turned away. The lease is through US Bank, and they told the dealer that if we were not going into a new US Bank lease, they had to pay 7k more than my purchase price (28K) for the vehicle. Is this common?

I then tried to contact US Bank and ask for a list of dealerships that use them as a leasing agent. They could not provide that to me.

What are my options here? Buy car outright, and/or just go around asking dealerships if they leases through USB?

Thanks!

Comments

  • kyfdxkyfdx Moderator Posts: 197,894
    buzztown1 said:

    Hello--

    I have a 2017 Jeep Wrangler Rubicon lease that will come to term in February. If I elected to buy, my price would be 28K. Based on the condition, and a quick appraisal, the car is worth roughly 32K.

    I attempted to turn this vehicle into a dealer this weekend (different dealership) and request cash or use as cap cost reduction for a new lease, and I was turned away. The lease is through US Bank, and they told the dealer that if we were not going into a new US Bank lease, they had to pay 7k more than my purchase price (28K) for the vehicle. Is this common?

    I then tried to contact US Bank and ask for a list of dealerships that use them as a leasing agent. They could not provide that to me.

    What are my options here? Buy car outright, and/or just go around asking dealerships if they leases through USB?

    Thanks!

    Almost every new car dealer could use US Bank, but for most make/models, the captive bank has better programs. So, whatever you’d manage to extract in equity, you’d probably give back in a less advantageous lease program.

    I recently turned in a US Bank lease that I would have rather sold outright to a dealer, but no luck in making that happen.

    Of course, if you buy the vehicle, you’ll owe sales tax on it. That can eat up a lot of the equity. Plus, you’ll have to wait for the title, before selling/trading it to a dealer, which could take another 4-6 weeks.

    Unless you want to buy it and keep driving it, you might as well turn it in.

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