Any one try and do a lease buyout in 2022?

howster1 · Mar 15, 2022

Hi,
So I called Chrysler Capital for a lease buyout quote and they sent me a 1 page document (attached and redacted)

with the buyout cost on it. They said that's all I need and to send a check to a certain address with my account number and VIN on back of check. That's it!

My credit union however found the single page solution amusing (given they've done thousands of these) and needs me to fill out the following forms:
1. A copy of the lease buyout agreement
2. Odometer statement
3. Registration
4. Signed Registration and Title Application form listing the Credit Union as the lien holder
5. Insurance binder

...the Credit Union expects a lease buyout "pack" from Chrysler Capital with a lease buyout agreement and a Chrysler headed odometer disclosure statement at the least. Incidentally I physically went to the Chrysler dealer for a Odometer Disclosure Statement and they said they didn't have them. Ironically I have 2 Odometer Disclosure Statements from a different Chrysler Dealer when I bought my RAM and traded in my Durango in 2019.

I can get items 3-5 above from RMV and Geico.

Just wondering how others bought out their RAM/Chrysler leases with an Auto Loan? Did you just send a check with your VIN and Account number on the back to:
CCAP Auto Lease Ltd
PO BOX 660647
Dallas, TX 75266-0647
Thanks

huntergreen · Mar 15, 2022

I just mailed in a check to Chrysler for the amount per lease agreement. Title came in the mail with in 3 weeks.

BossHogg · Mar 15, 2022

howster1 said:
My credit union however found the single page solution amusing (given they've done thousands of these) and needs me to fill out the following forms:
1. A copy of the lease buyout agreement
2. Odometer statement
3. Registration
4. Signed Registration and Title Application form listing the Credit Union as the lien holder
5. Insurance binder

I know this type of transaction may work differently in various states but your Credit Union sounds like they are pushing the paperwork a bit hard. Once you send your funds to Chrysler, they will release the vehicle's title and send the title and other associated paperwork to the lienholder, your credit union. It sounds like you are going to finance the purchase of the vehicle you have been leasing from Chrysler capitol.

Your credit union may do the final paperwork for you or at least most of it. You will eventually end up at your state's SOS where you can file for a title and registration and, pay the sales tax on the purchase price of the vehicle.

This transaction is nothing more than if you were buying a used vehicle from a person. Likely your SOS will have you do all the paperwork. When I bought out a lease, I took the title to our (Michigan) SOS, they had me do all the paperwork, write them a check, and a few days later they sent me my title.

Curious why you would want to buy a used vehicle unless the residual on the vehicle was that good and well below the current fair market price.

sandawilliams · Mar 15, 2022

I found over the years that I could negotiate the buyout prior to signing the original lease agreement. Just info for next time.

howster1 · Mar 15, 2022

Thanks very much guys! That put my mind to rest a little. No wiggle room with lease buyout. I tried

Have a great day!

howster1 · Mar 15, 2022

BossHogg said:
I know this type of transaction may work differently in various states but your Credit Union sounds like they are pushing the paperwork a bit hard. Once you send your funds to Chrysler, they will release the vehicle's title and send the title and other associated paperwork to the lienholder, your credit union. It sounds like you are going to finance the purchase of the vehicle you have been leasing from Chrysler capitol.

Your credit union may do the final paperwork for you or at least most of it. You will eventually end up at your state's SOS where you can file for a title and registration and, pay the sales tax on the purchase price of the vehicle.

This transaction is nothing more than if you were buying a used vehicle from a person. Likely your SOS will have you do all the paperwork. When I bought out a lease, I took the title to our (Michigan) SOS, they had me do all the paperwork, write them a check, and a few days later they sent me my title.

Curious why you would want to buy a used vehicle unless the residual on the vehicle was that good and well below the current fair market price.

Thanks. Ya the residual is favorable. I can buy out the truck for $30k and the KBB today is $43k. Also I'm sick to death of dealing with car salespeople lying thru their teeth to me. And truck also has a topper! I like the idea of leasing a vehicle and if it proves mechanically reliable over 3yrs, I'll take my chances buying it.

howster1 · Mar 15, 2022

sandawilliams said:
I found over the years that I could negotiate the buyout prior to signing the original lease agreement. Just info for next time.

Thanks. I tried but they wouldn't budge. Maybe market forces at play

howster1 · Mar 15, 2022

huntergreen said:
I just mailed in a check to Chrysler for the amount per lease agreement. Title came in the mail with in 3 weeks.

Thanks for that! That puts my mind at rest then. Have a great day!

wsutard1 · Mar 15, 2022

howster1 said:
Hi,
So I called Chrysler Capital for a lease buyout quote and they sent me a 1 page document (attached and redacted)

View attachment 488567

with the buyout cost on it. They said that's all I need and to send a check to a certain address with my account number and VIN on back of check. That's it!

My credit union however found the single page solution amusing (given they've done thousands of these) and needs me to fill out the following forms:
1. A copy of the lease buyout agreement
2. Odometer statement
3. Registration
4. Signed Registration and Title Application form listing the Credit Union as the lien holder
5. Insurance binder

...the Credit Union expects a lease buyout "pack" from Chrysler Capital with a lease buyout agreement and a Chrysler headed odometer disclosure statement at the least. Incidentally I physically went to the Chrysler dealer for a Odometer Disclosure Statement and they said they didn't have them. Ironically I have 2 Odometer Disclosure Statements from a different Chrysler Dealer when I bought my RAM and traded in my Durango in 2019.

I can get items 3-5 above from RMV and Geico.

Just wondering how others bought out their RAM/Chrysler leases with an Auto Loan? Did you just send a check with your VIN and Account number on the back to:
CCAP Auto Lease Ltd
PO BOX 660647
Dallas, TX 75266-0647
Thanks

You aren’t doing just a lease buyout but your are also throwing financing on top. That is why your credit union is asking for those items. The credit union expects that you are already working with a dealer who will be facilitating the financing transaction. Since you aren’t you should say this to the credit union and they will probably help you with the forms. I was getting frustrated with a prior lease buyout/finance I did until I mentioned to my credit union that I wasn’t working with a dealer. They immediately started helping me.

huntergreen · Mar 15, 2022

howster1 said:
Thanks. I tried but they wouldn't budge. Maybe market forces at play

They would love to get your truck at pre COVID buyout and sell for more than you can get it for.

BNeal · Mar 16, 2022

My wife's Chevy Equinox lease is up in May. We are definitely going to buy it. It's a 2019 with only 16,000 miles on it and in mint condition. She now works from home, thus the low mileage. The residual it $21k, KBB has it at $29K. And yes, I'm sure the dealer would love to have this returned to them, so I will contact my CU and see what the process is for buying it directly from the leasing cc, rather than the dealer.

TomB 1269 · Mar 21, 2022

Just bought my 2019 Ram 1500 in out.......... $21K buy-out on $36k KBB..... Oh Ya.

Fergusontd · Apr 2, 2022

I bought my '17 Big Horn out of lease for $23K got a great deal.

LugsLeadOut84 · Apr 2, 2022

I did the opposite....Turned a truck in 3 months early and walked out with a check for the equivalent of 16 payments! Then did another no money down lease. I figured what's the sense of buying the truck if I didn't want to turn around buy out the loan and then sell it? I made almost what I would've made without the hassle. I basically had a 3 year lease with only 20 payments.

Any one try and do a lease buyout in 2022?

howster1

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huntergreen

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BossHogg

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sandawilliams

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howster1

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howster1

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howster1

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howster1

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wsutard1

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huntergreen

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TomB 1269

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