Lease end question?

[6of36]

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

Read the paragraph above the one you highlighted. The one you highlighted, is turning in at a different dealer than you bought from.

 

[HSKR R/T]

The only time you would need to get dealer involved is if you are turning in the lease, and not buying it out. Because then, you need the end of lease inspection, that isn't required if you buy it out

 

[PM-Performance]

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

Because you are not digging deep enough to see the ACTUAL spelled out process. I provided the screenshot from my account with the steps to proceed.
Again all this was confirmed by 2 dealers and the finance company directly. I’m not making this up. Much better things to do with my day trust me

 

[PM-Performance]

Read the paragraph above the one you highlighted. The one you highlighted, is turning in at a different dealer than you bought from.

You should read closer. It clearly says in that paragraph to work with them and go to the dealer.
The next paragraph is an appendage stating if you cannot get to your dealer, to contact them to suggest another dealer.
The process does not change

 

[habu987]

I bought out my lease in 2021. I did it all online on the Chrysler Capital website, didn't involve the dealer I purchased from or the dealership I had it serviced it at.

ETA: I generated the buyout quote on the CC website, sent that payment in, then I believe a couple weeks later I had the title in hand. That was it, it was a very straightforward process. I paid cash for the buyout, so I assume the process would involve an extra step to have the 3rd party bank send in the buyout check, but the buyout process itself does not involve a dealership.

 

[PM-Performance]

I bought out my lease in 2021. I did it all online on the Chrysler Capital website, didn't involve the dealer I purchased from or the dealership I had it serviced it at.

ETA: I generated the buyout quote on the CC website, sent that payment in, then I believe a couple weeks later I had the title in hand. That was it, it was a very straightforward process. I paid cash for the buyout, so I assume the process would involve an extra step to have the 3rd party bank send in the buyout check, but the buyout process itself does not involve a dealership.

The process may have changed as there is no option to buy on their site.
Also perhaps you paying with a personal check may have changed things

 

[PM-Performance]

You guys were correct. My 6th phonecall now about this Chrysler Capital is telling me I can go through them direct and no need to go to the dealer.
I asked why they kept advising to go through the dealer, and they said it’s just an option.

What a convoluted mess. So now I just need to figure out what my bank’s issue is with cutting a check to the finance company instead of the dealer

 

[Darksteel165]

You guys were correct. My 6th phonecall now about this Chrysler Capital is telling me I can go through them direct and no need to go to the dealer.
I asked why they kept advising to go through the dealer, and they said it’s just an option.

What a convoluted mess. So now I just need to figure out what my bank’s issue is with cutting a check to the finance company instead of the dealer

It's because the dealer wants to make money off you.

I saw someone who they told him needed to service x y and z to be allowed to buy out their lease which is incorrect.

Chrysler Capital and the dealerships are not your friend and as you found out will not give you the correct information even when you spoon feed it to them and sometimes need to be told how things work.

The second part you say a problem with cutting a check to the dealer instead of the fiance company is correct.
The check needs to be to the fiance company if you are buying it outright.
If you are using the vehicle as a trade for something else, it would go to the buying dealer who sends the money to the lender to receive the title.
You should get a "payoff document" from CC, it's a 1 pager that just says what is owned and shows a 14 day payoff (or something similar)

 

[PM-Performance]

I know they want me to buy another vehicle, but figured going direct to Chrysler Capital would cut out the BS.
Anyway my bank said they will not buy leases as the games the dealers play with changing fees and numbers at the end. They just said they want nothing to do with it.
So now everything is more clear. I can’t wait for the headaches to begin “rolleyes”
Times are different and I can’t now just walk out and say screw you and walk across the street. I have to deal with it as not doing so will cost me a tremendous amount of money.

 

[HSKR R/T]

I know they want me to buy another vehicle, but figured going direct to Chrysler Capital would cut out the BS.
Anyway my bank said they will not buy leases as the games the dealers play with changing fees and numbers at the end. They just said they want nothing to do with it.
So now everything is more clear. I can’t wait for the headaches to begin “rolleyes”
Times are different and I can’t now just walk out and say screw you and walk across the street. I have to deal with it as not doing so will cost me a tremendous amount of money.

Finance through another credit union, or Chrysler Capital, and then refinance the loan through your bank if they can get you a better rate.

 

[PM-Performance]

Finance through another credit union, or Chrysler Capital, and then refinance the loan through your bank if they can get you a better rate.

Chrysler Capital said they do not finance lease buyouts.
This is really all super dumb to me. A finance company will lease me the vehicle, but not sell it to me and finance.
Either way I’ll figure it out. I’ll do a refi if needed, just extra work and aggravation

 

[Ickabod]

Chrysler Capital said they do not finance lease buyouts.
This is really all super dumb to me. A finance company will lease me the vehicle, but not sell it to me and finance.
Either way I’ll figure it out. I’ll do a refi if needed, just extra work and aggravation

This was not the case with me, as I bought my truck off my lease and financed it through CC in 2021. It was easier to do it this way, then refinance with my bank a couple of months later.

 

[PM-Performance]

This was not the case with me, as I bought my truck off my lease and financed it through CC in 2021. It was easier to do it this way, then refinance with my bank a couple of months later.

Interesting. Not sure why they don’t want my money, but they don’t.
Shrug

 

[RAL]

A little late to the discussion but I just went through the process with Chrysler Capital and so I thought adding that experience could be helpful.

We wanted to buy out our 2020 Ram 1500 Laramie - truck is loaded and about 60 days before lease end, the dealer started calling / emailing. No surprise there. Just ignore them.

I called Chrysler Capital in mid September, said I wanted to buy the truck. First answer was "work with the dealer." I explained our dealer's finance department was awful and kept us waiting for about 2.5 hours to even start the process, when we had made an appointment for a time convenient for them. They listened and I said, "can't I just send you a check for $34k and buy the truck?" They relented and said "sure."

They then sent an odometer disclosure statement - I filled that out and sent it back. They then sent the buyout figure, which matched the lease exactly (you never know).

Then my wife and I discussed options - pay cash or finance. We were offered a 4.7% rate through the credit union, and my personal .02 was that I would always rather use someone else's relatively low rate money than our cash, particularly when we are in a 3 plus percent inflationary environment, which means in reality that 4.7 rate is really sub 2 percent. Went through the process with the credit union. They approved us and sent a check to Chrysler Capital. First hitch in the process: Chrysler Capital (despite the credit union asking them NOT to do this), sent the credit union the title and made out the bill of sale to the credit union. So that needed to be corrected - had to get the credit union on the phone with a representative from Chrysler Capital so that CC could get authorization to have the bill of sale indicate that my wife and I were the buyers. The credit union also mailed me the title and lien on title that CC had sent to them.

Showed up at DMV, was told lease buyouts were "tricky" but we had what we needed and were out the door within about an hour.

If I were going to do this again, I would have the bank / credit union make me the check, and I would mail to CC. CC told us they don't make out titles to someone other than the payor of the buyout figure, but that is kind of screwy since I am going to guess a lot of people use banks/finance companies and banks don't want the title to the car, they want your money (and the lien until they are paid).

But overall it went pretty well, and I never called or spoke to anyone at the dealer. Hope the experience is helpful to others.

 

[PM-Performance]

Thank you for sharing your experience.

 

[HSKR R/T]

A little late to the discussion but I just went through the process with Chrysler Capital and so I thought adding that experience could be helpful.

We wanted to buy out our 2020 Ram 1500 Laramie - truck is loaded and about 60 days before lease end, the dealer started calling / emailing. No surprise there. Just ignore them.

I called Chrysler Capital in mid September, said I wanted to buy the truck. First answer was "work with the dealer." I explained our dealer's finance department was awful and kept us waiting for about 2.5 hours to even start the process, when we had made an appointment for a time convenient for them. They listened and I said, "can't I just send you a check for $34k and buy the truck?" They relented and said "sure."

They then sent an odometer disclosure statement - I filled that out and sent it back. They then sent the buyout figure, which matched the lease exactly (you never know).

Then my wife and I discussed options - pay cash or finance. We were offered a 4.7% rate through the credit union, and my personal .02 was that I would always rather use someone else's relatively low rate money than our cash, particularly when we are in a 3 plus percent inflationary environment, which means in reality that 4.7 rate is really sub 2 percent. Went through the process with the credit union. They approved us and sent a check to Chrysler Capital. First hitch in the process: Chrysler Capital (despite the credit union asking them NOT to do this), sent the credit union the title and made out the bill of sale to the credit union. So that needed to be corrected - had to get the credit union on the phone with a representative from Chrysler Capital so that CC could get authorization to have the bill of sale indicate that my wife and I were the buyers. The credit union also mailed me the title and lien on title that CC had sent to them.

Showed up at DMV, was told lease buyouts were "tricky" but we had what we needed and were out the door within about an hour.

If I were going to do this again, I would have the bank / credit union make me the check, and I would mail to CC. CC told us they don't make out titles to someone other than the payor of the buyout figure, but that is kind of screwy since I am going to guess a lot of people use banks/finance companies and banks don't want the title to the car, they want your money (and the lien until they are paid).

But overall it went pretty well, and I never called or spoke to anyone at the dealer. Hope the experience is helpful to others.

Depending on the state, some banks will hold onto the title until the loan is paid off. Then they will transfer the title to the owner. Since technically, until the loan is paid off, the bank is the owner. Nebraska uses electronic titles. Meaning there is no power title until the lien is paid off then the owner will get a paper title. Before that, it's all electronic between DMV and financing companies

 

[FLiPMaRC]

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.

My lease is also with Ally. I can see they have a "Lease End Options" on the website when I log in to my account.

 

[RAL]

Depending on the state, some banks will hold onto the title until the loan is paid off. Then they will transfer the title to the owner. Since technically, until the loan is paid off, the bank is the owner. Nebraska uses electronic titles. Meaning there is no power title until the lien is paid off then the owner will get a paper title. Before that, it's all electronic between DMV and financing companies

That is good to know. In Maryland you get the title, with a lien. Explained that to CC to no avail, but in the big scheme not a huge mistake on their part.

 

[Darksteel165]

That is good to know. In Maryland you get the title, with a lien. Explained that to CC to no avail, but in the big scheme not a huge mistake on their part.

In MA you don't get the title until paid off also.
Name is in the bank and digital only.

 

[PM-Performance]

Went to the dealer today to get my lease end payout info. Sure enough they tried to tack on almost $600 in paperwork fees for doc processing, title, online fees, etc.
I asked why they are charging that when they told me prior there were no fees. They said everyone pays this.
I asked why as I paid it on the front end as well as the vehicle is already registered to me.
After a back and forth I said I will just go to Chrysler Capital direct. They said I cannot do that and challenged me to try.
I already called them and have the payoff, just not the taxes and title transfer fees quoted.
Seems no other credit union has a problem with this than my bank, hence I will not be using them or the dealer due to the hassle.