End of Lease - ugh

[chargedup78]

Last payment is September. The area dealerships are calling/texting/e-mailing daily wanting the truck. There is NO inventory on the lots. The truck is worth a LOT over my residual. I only have 18,000 miles. I guess orders are back open, but honestly I'm not feeling purchasing anything built during these crazy times. Everyone I know who's bought a new vehicle in the last year (brand doesn't matter) is having issues. Seriously thinking of buying it out and seeing what happens in the next year or so. Better the devil you know?

 

[mikeru]

Sounds reasonable to me if you're happy with the truck.

 

[rule18]

I agree, if you're happy with it why tempt fate? Enjoy the truck you've built.

 

[Treburkulosis]

Id buy it back. If the chip shortage doesn't end by next August I will be doing the same with my wifes Pacifica until we can get what we want.

 

[BNeal]

My wife's lease is up in two months. We are absolutely buying it - even if we just turn around and resell it. And just like the OP, the dealer is going nuts trying to talk us out of keeping it.

 

[sandawilliams]

I would check with the dealer and ask what they would pay if you let it go.

 

[retired]

yup buy it and if you want sell it yourself. Dealership would love for you to turn it in.

 

[PoMansRam]

If your residual is less than current market value and you like the truck, it's a no-brainer to buy it. Search for a sweet credit union loan rate if you're not paying cash.

 

[Southern Ram]

Buy it because if there is no inventory on the lots plus the shortage with the chips and you give it back, you're going to have no luck trying to get another.

 

[aces-n-eights]

Last payment is September. The area dealerships are calling/texting/e-mailing daily wanting the truck. There is NO inventory on the lots. The truck is worth a LOT over my residual. I only have 18,000 miles. I guess orders are back open, but honestly I'm not feeling purchasing anything built during these crazy times. Everyone I know who's bought a new vehicle in the last year (brand doesn't matter) is having issues. Seriously thinking of buying it out and seeing what happens in the next year or so. Better the devil you know?

I might buy it for your residual if you decide to turn it in - lets talk numbers!

 

[RandomRam]

I’d keep it. 3 years and 18k is more than enough to work out the gremlins.

 

[Scottly]

Tell the dealer you may buy it...Then offer to sell it to them and see how much they offer you.

 

[Informal]

Tell the dealer you may buy it...Then offer to sell it to them and see how much they offer you.

Why? You know it will 30-40% less than you could sell it for private party.

 

[Scottly]

Why? You know it will 30-40% less than you could sell it for private party.

The OP didn't state what he owed, but did say he owed about two more payments. So, pay it off and sell yourself for a potential higher profit, or have them offer you cash so you can take it and spent it how you wish in the immediate. Upsides to both, and downside to both.

 

[chargedup78]

wow - you folks won't believe what I was told/shown this past Saturday - truck is a 2019 Rebel, 18K miles - according to edmunds, kbb, pick your value - its right around $50K trade-in, and only goes up for private party/dealer pricing. My local dealer just got a 2021 rebel on the lot, so called me to check it out. I was fine with the new truck, and we sat down to talk numbers. They called Ally for a buyout number, and were told they would have to pay ally $60K to get that truck. CAN YOU BELIEVE THAT!!?? So, I'm buying my truck out

 

[LugsLeadOut84]

I just turned in my leased 2019 Bighorn 3 months early. They paid my remaining 3 months and cut me a check for $4,200. Honestly I wonder why they would even give me money? It would've been their truck in 3 months. Before I actually turned it in, I made sure there were some trucks in local dealer inventory and put a deposit on a 2021 that I'll be picking up this week.

My dealer was interested in buying the truck but learned the bank that holds the lease recently added a 15% load on dealers wanting to purchase it to discourage them from buying it. It actually worked out better for me to return it to the bank.

I thought about buying it then trading it, but I would've had to apply for the loan, purchase it and wait at least 6 weeks for the title to clear and be sent to me before I can trade it. There may have also been some sales tax ramifications, so I said forget it. It just wasn't worth it to me. It worked out pretty good for me anyway.