Yahoo Autos How A Lease Buyout Works On A Chrysler
Whether you lease a luxury sedan or a minivan, if you've fallen in love with it, consider a lease buyout at the end of the lease agreement. Many people aren't aware that they can purchase their leased vehicle, either early in the contract or when the time comes to return the leased Chrysler. Contacting the Chrysler Capital Lease Servicing Team is the best way to help you decide if a lease buyout suits your needs.
When you signed your lease agreement with Chrysler Capital Lease, there was a clause allowing you to purchase any vehicle under the Chrysler brand, including Dodge, Jeep, Ram, Fiat, or Alfa Romeo. If you decide you want ownership of your leased vehicle, you have two buyout options:
Early-lease buyout. If you decide your leased Chrysler is the perfect vehicle for your lifestyle, you can talk with your lender to discuss the terms and fees associated with an early-lease buyout any time before the lease agreement ends.
End-of-lease buyout. 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 buyout process is pretty straightforward, you'll want to do research, gather the proper documentation, and speak with a spokesperson at Chrysler Capital to learn about the buyout fees and process.
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What Is a Car Lease and Lease Buyout?
Leasing a car is often a great alternative to owning a vehicle. A car lease provides the use of a car for a fixed time and price, kind of like a long-term rental. When leasing a vehicle through Chrysler, you must pay a portion of your car's asking price and leasing fees, as stated 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 lease agreement has the clause, you can purchase the vehicle you've been leasing.
You may ask how much it costs to purchase a leased vehicle. When you buy out your lease, you'll pay the residual value, any remaining monthly lease payments (when applicable), and applied lease buyout fees. What is residual value? This is the amount of money your car is worth at the end of the lease.
Chrysler Lease Buyout Process
Once you've decided to buy out your leased Chrysler, either as an early buyout or end-of-lease buyout, contact your lender or dealer and review your agreement. If you choose the early lease buyout option, be aware of early termination fees and add those to the total that includes the residual value of the car, sales taxes, and additional charges stated on your lease contract. You'll want to contact the Chrysler Capital Lease Servicing Team to let them know you want to buy out the lease and get the residual value number.
You'll probably need to apply for a loan unless you pay cash for the buyout. Even if Chrysler Capital was your original lender, shop around to see if you can get a better interest rate or lower monthly payments elsewhere. If you decide to use Chrysler Capital to finance your loan, you'll need to sign the Leased Vehicle Odometer Disclosure Notice and Statement and return it to the finance department.
Once the finance team approves your loan application, you can register your Chrysler with the Department of Motor Vehicles and make monthly loan payments. After you've paid the loan off, you'll receive the title to the vehicle and become the owner of your Chrysler.
Is a Lease Buyout Worth It?
