6of36
Spends too much time on here
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.
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Lease end question?
- Thread starter Jeffjad
- Start date
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
Spends too much time on here
It's what the leasing company sells it for.
You said VW financial is the leasing company. So if it was at a VW dealer, than by default yes,
Darksteel165
Legendary member
^ Lol'd
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
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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.
My bank confirmed they do not buy out leases and the dealer would need to submit as I was buying from them.
MarPar
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Who owns the paper? That's who you negotiate with.
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
PM-Performance
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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
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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
Spends too much time on here
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
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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.
Last edited:
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User_3336
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I've never heard of Chrysler Finance, ever. Its called Chrysler Capital now, and correct Cbty, its owned by Santander USA.
PM-Performance
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Sorry. Chrysler Capital .
Here is the same blurb I mentioned above with going to a dealer to buy out
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6of36
Spends too much time on here
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
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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
Active Member
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.
