Whether you’re leasing a luxury sedan or minivan, if you’ve fallen in love with one, consider a lease buyout at the end of the lease. Many people are not aware that they can purchase the leased vehicle, either at the start of the contract or when returning the leased Chrysler. Contacting the Chrysler Capital Lease support team is the best way to help you decide if a leasing agreement meets your needs.
When you signed your lease with Chrysler Capital Lease, there was a clause that allowed you to purchase any Chrysler-branded vehicle, including Dodge, Jeep, Ram, Fiat, or Alfa Romeo. If you decide you want to own your rental vehicle, you have two purchasing options:
Advance purchase of the lease. If you decide that your leased Chrysler is the perfect vehicle for your lifestyle, you can speak with your lender to discuss the terms and fees associated with an early lease purchase any time before your lease expires. lease.
End of lease redemption. You can also wait until the end of your lease to start the Chrysler lease buyout process instead of returning the leased car.
While the Chrysler lease acquisition process is fairly simple, we recommend that you do your research, gather the proper documentation, and speak with a Chrysler Capital spokesperson to learn about the fees and acquisition process.
Do you want a loan for your Chrysler lease acquisition? Compare rates here
What is a car lease and lease buyout?
Renting a car is often a great alternative to owning a vehicle. A car rental involves the use of a car for a fixed time and price, a bit like a long-term rental. When you lease a vehicle through Chrysler, you must pay a portion of your car’s asking price and lease fees, as indicated in your lease agreement. At the end of the lease terms, you have the option to return the vehicle, lease a new vehicle of your choice, or, if your leasing agreement includes the clause, you can purchase the vehicle you were leasing.
You might ask how much it costs to buy a leased vehicle. When you buy back your lease, you’ll pay the remaining value, any remaining monthly lease payments (if applicable), and any applicable lease buyout fees. What is the residual value? This is the amount of money your car is worth at the end of the lease.
Chrysler Lease Acquisition Process
Once you’ve decided to purchase your leased Chrysler, either as an early acquisition or an end-of-lease acquisition, contact your lender or dealer and review your agreement. If you choose the early lease termination option, keep in mind the early termination fee and add it to your total, which includes the vehicle’s residual value, sales taxes, and any additional fees listed in the lease agreement. We recommend that you contact the Chrysler Capital Lease support team to let them know that you would like to purchase the lease and obtain the residual value number.
You will likely have to take out a loan unless you pay cash for the acquisition. Even if Chrysler Capital was your original lender, shop around to see if you can get a better interest rate or reduce your monthly payments elsewhere. If you decide to use Chrysler Capital to finance your loan, you will need to sign the rental vehicle odometer notice and disclosure statement and return it to the finance department.
Once the finance team approves your loan application, you will be able to register your Chrysler with the Department of Motor Vehicles and make monthly loan payments. After you pay off the loan, you will receive the vehicle title and become the owner of your Chrysler.
Is it worth buying a lease?
For some people, yes, a lease is worth purchasing. If you enjoyed driving the Chrysler and envision owning it, it might be worth buying out your lease. Additionally, if you want to make any modifications or changes to the vehicle, such as adding a new stereo, different wheels, or fancier headlights, you can only do so if you own the car.
You may decide that leasing your vehicle is a good option when:
The Chrysler brand vehicle is perfect for your driving needs.
You’re ready to stop renting a vehicle and move on to ownership.
You have damaged the vehicle or it has excessive wear and tear and you will have to pay the costs associated with the damage.
You want to have a vehicle that doesn’t limit mileage.
You want to make changes to your Chrysler vehicle.
One thing to keep in mind is that once you own the vehicle, you will have to pay for repairs and maintenance out of pocket. When you drive a leased vehicle, the car is covered by the manufacturer’s warranty, which may include a maintenance contract. This means that when you rent a vehicle, you don’t have to pay for repairs that are covered by the warranty.
Most lenders will charge you for any excess miles you accrue during the terms of your lease and for excessive wear and tear. You can avoid paying these additional costs (if applicable) by purchasing your lease, making it worth your time and money.
Can you negotiate a Chrysler lease buyout?
In most cases, yes, you can negotiate a lease purchase for a car. First, you will need to contact Chrysler Capital’s end-of-lease assistance department or the lender you signed your lease agreement with. Next, you will both need to review the contract to see if there are any acquisition fees so you clearly understand all the costs involved in acquiring the Chrysler lease.
If your lender is unable to negotiate actual loan acquisition costs, work with them to see if they can negotiate some of the acquisition or lease termination fees, such as dealer or transaction fees.
Chrysler Acquisition Fees and Fees
Now that you know you have a lease with an option to buy, you’ll want to understand Chrysler lease acquisition fees and commissions. Depending on the state, you may have to pay additional sales taxes on the acquisition. The additional lease purchase fees differ for each lender. We recommend that you carefully review your original lease agreement to see what fees are listed.
Next, contact your lender for a list of transfers, documentation, dealership and other fees they may charge for your Chrysler lease acquisition. Remember, the dealer is obligated to only charge the fees listed in the lease agreement. However, they may charge more for specific dealership fees. If you choose to do so, you can negotiate any fees not listed in the original lease.
If you decide this is the vehicle for you when your Chrysler lease expires, consider a Chrysler lease purchase. We recommend that you do your research and work with your lender to gather the necessary information to help you decide if purchasing your leased Chrysler makes financial sense. If you opt for a lease, congratulations on your decision and enjoy driving your Chrysler for years to come.
You might also like it