2014+ Jeep Cherokee Forums banner

Thoughts on My Lease

1K views 6 replies 5 participants last post by  IRSmart 
#1 ·
Hi Everyone,

I'm driving in a blue 2015 KL latitude / comfort and convenience / safetytec and I love it. However, I have to say I've been pining a bit for the Limited with the tech package and the leather seats. My wife could REALLY use the automated parallel parking feature too;).

Here's the deal though - I've got a 36,000 mile lease, and am now exactly one year in and have yet to break 3,000 miles (I live in new york). I have massively over-estimated the mileage on the lease.

Wondering if there might be an opportunity to trade the low-mileage latitude with a new limited and get a similar lease payment, considering i'm so far under my mileage. The car is mint and even still has the new car smell.

Anyone have any thoughts on how this low mileage usage might be used strategically to my benefit?

Thanks everyone!
 
#2 ·
I am sure that the dealer would be able to help you out with that switch. I have a son take out a lease on a Dodge Dart, but later wanted to some even more sportier. The dealer swung a trade up without a hassle.
 
#3 ·
If you try to trade it in, or sell the car, you'll almost certainly take a big hit.

Your best bet may be to try and use one of those lease swapping/selling services, where someone takes over your lease for you. If the car is completely mint and almost undriven, you could probably find a buyer. I've never used one of these services before, but from what I understand about them it would probably be your best bet.
 
  • Like
Reactions: Champagne InHand
#4 ·
a lease has a buyout somewhat similar to a payoff on a loan. dealer checks buyout, or you do, and see what the dealer will give you. cant trade in a lease vehicle because you dont own it it is a separate transaction. generally tough to break a lease that early but with such low miles its worth a shot...
 
#5 ·
This is false. You CAN trade in a lease.

OP, tell your dealer you're interested in getting out early. They'll go over your early-out options. There are returning lesse rebates, but your lease has to terminate between specific dates to qualify, and I'm not at work right now to see what those dates are.
 
#6 ·
i didnt say dealer couldnt help you get out of your lease. they can buy it out and either give you credit or charge you the difference. cant trade it in and save sales tax unless you buy it out first which you wouldnt. your state might be different but thats how it is here. worked in minnesoa with leases for 30 years..
 
#7 ·
Exactly, leases are different in all states. But explain how the dealer buying it out and passing the equity/negative equity to the lessee isn't trading the car :huh: and if you trade into another lease with the same leasing company (Chrysler capital to Chrysler capital, for example) you DO receive a tax credit, at least in all states I've run leases in.

And there are plenty of times that buying your lease and trading it in immediately makes sense. We do it quite often if it's in the best interest of the customer.
 
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top