Lease end question?

[6of36]

It's law, at least in Michigan, that if the vehicle is worth more at the end of the lease, than the stated amount at lease inception, the leasing company has to refund the lessee the difference.

 

[mikeru82]

It's law, at least in Michigan, that if the vehicle is worth more at the end of the lease, than the stated amount at lease inception, the leasing company has to refund the lessee the difference.

That's good to know. I'll have to check the laws in my state. One question I have though is how is the value of the vehicle determined? Do they use retail value? Private party value? Trade-in value? And do they use NADA, KBB, or some other valuation tool?

 

[6of36]

That's good to know. I'll have to check the laws in my state. One question I have though is who determines the value of the vehicle?

It's what the leasing company sells it for.

 

[HSKR R/T]

Do you think I was dealing directly with the leasing company?

You said VW financial is the leasing company. So if it was at a VW dealer, than by default yes,

 

[Darksteel165]

You said VW financial is the leasing company. So if it was at a VW dealer, than by default yes,

^ Lol'd

 

[mikeru82]

You said VW financial is the leasing company. So if it was at a VW dealer, than by default yes,

You missed your calling as a comedian. I wasn't at a VW dealership. So no, I wasn't dealing with anyone from VW financial.

This is my first time leasing. Which means I'm still learning stuff about it. I appreciate the information that's been posted here.

 

[PM-Performance]

I am going through the lease buyout process with Chrysler Financial. They told me I deal with the dealer directly to facilitate the process. Dealer also confirmed they give me the payoff invoice to give to my bank to cut the check.
My bank confirmed they do not buy out leases and the dealer would need to submit as I was buying from them.

 

[MarPar]

I am going through the lease buyout process with Chrysler Financial. They told me I deal with the dealer directly to facilitate the process. Dealer also confirmed they give me the payoff invoice to give to my bank to cut the check.
My bank confirmed they do not buy out leases and the dealer would need to submit as I was buying from them.

Who owns the paper? That's who you negotiate with.

 

[HSKR R/T]

I am going through the lease buyout process with Chrysler Financial. They told me I deal with the dealer directly to facilitate the process. Dealer also confirmed they give me the payoff invoice to give to my bank to cut the check.
My bank confirmed they do not buy out leases and the dealer would need to submit as I was buying from them.

Your back sounds ignorant. If you are buying out your lease and want to finance through your bank, then they do buy out leases. It just becomes a used car loan at that point, and the check from your bank needs to be written to the leasing company

 

[6of36]

I bought out my last lease in March. I sent a check to the leasing company, and they sent me payoff papers, and the title.

 

[PM-Performance]

Who owns the paper? That's who you negotiate with.

There is no negotiation, but Chrysler finance owns the note I would assume. Maybe the dealer does in some way shape or form, but I would assume Chrysler does
They said I do not buy it from them and need to deal with the dealer directly to buy out.
The dealer and bank both told me the same thing.
I can only state what all 3 parties of interest advised me.

 

[PM-Performance]

Your back sounds ignorant. If you are buying out your lease and want to finance through your bank, then they do buy out leases. It just becomes a used car loan at that point, and the check from your bank needs to be written to the leasing company

While I agree they are ignorant, I am sure there is some reason they advised me this.
Maybe it’s some fine line that they can only cut checks to dealers directly? I dunno.

 

[6of36]

There is no negotiation, but Chrysler finance owns the note I would assume. Maybe the dealer does in some way shape or form, but I would assume Chrysler does
They said I do not buy it from them and need to deal with the dealer directly to buy out.
The dealer and bank both told me the same thing.
I can only state what all 3 parties of interest advised me.

Chrysler Finance is a separate company, owned by Stellantis, the same way Ally, which used to be GMAC, is owned by GM. As soon as the dealer finishes the paperwork and delivers the vehicle, they should have nothing to do with the vehicle any more. You don;t even have to return for them for warranty work. I find it really odd they want to do it that way, being every other payment was made to the finance company.

 

[Cbty2050]

Chrysler Finance is a separate company, owned by Stellantis

It's not owned by Stellantis, the company was sold off as part of the bankruptcy. It's is now owned by Santander Company. Stellantis Financial USA is company owned by Stellantis and will replace Chrysler Capital I believe in the near future.

 

[User_3336]

I've never heard of Chrysler Finance, ever. Its called Chrysler Capital now, and correct Cbty, its owned by Santander USA.

 

[PM-Performance]

I've never heard of Chrysler Finance, ever. Its called Chrysler Capital now, and correct Cbty, its owned by Santander USA.

Sorry. Chrysler Capital .
Here is the same blurb I mentioned above with going to a dealer to buy out

 

[6of36]

Sorry. Chrysler Capital .
Here is the same blurb I mentioned above with going to a dealer to buy out

It says work with your dealer, OR contact Chrysler Capital lease serving team, to begin purchase. If you go through the dealer, they can charge a fee up to the maximum allowed by state law.

 

[PM-Performance]

It says work with your dealer, OR contact Chrysler Capital lease serving team, to begin purchase. If you go through the dealer, they can charge a fee up to the maximum allowed by state law.

Either you did not read it closely, or I didn’t

It says work with your dealer, or to call them to suggest a dealer to work with. Either way, you are working with an FCA dealer.
Yes, they can charge, which I already confirmed with my dealer that they do not.

 

[Sdhills]

I am currently in the process of buying out my lease from ALLY. All they asked was I have any recalls done. Sent a check for the buy out amount, used docu sign for the paperwork. Now just waiting for the title. Having never leased before, it has been a process, but the discount they offered on a new vehicle was worth it.

 

[HSKR R/T]

Website says nothing about working with dealer. Even says you can complete a request to finance the buyout through Chrysler Capitol online