Option at lease end?

Asked by Chester05 Jan 11, 2018 at 09:30 AM about the 2015 Jeep Grand Cherokee Overland 4WD

Question type: Car Selling & Trading In

Hit there!  My question is around my 2015 Grand Cherokee Overland with all
the bells and whistles, my lease is up April 20th and the residual is 29,431
and I only have 23k miles on it.  I won't go into the story, but my husband and
I are separated and he owed me quite a bit of money,  He has signed over
the title to a 2012 f350 super duty diesel truck with 101k miles on it to me.  I
cannot use this truck as a daily driver to my office job.  My question is, can I
trade in this truck to buyout my leased jeep?  I've done my homework on the
truck and comparable options and miles and year are selling at dealerships
used car lots at about 33-35k, no mechanical issues or imperfections, brand
new tires/brakes/shocks to boot.  Thank you!!

3 Answers

5,555

You're best bet is to sell it to someplace such as Texas Direct Auto, Carmax, etc. Those trucks may be selling on dealer lots for that, but you'll need to seriously lower expectations on what you're going to get as the new trucks have heavy discounts on them right now which depresses used truck values. Anyway, once you sell the truck just take the cash and apply it to your lease. That's the best, and easiest, way to go about it.

Thank you Auto_Adrenaline, we're located in NJ and I've been taking note that these used diesels are selling within days of hitting the lots! A 2018 f350 super duty diesel Lariat goes for about 70k and discounts range from 3-5k right now. I didn't think I would get what a dealer would sell the vehicle for at all, but as close to the 29k I can get all the better. My question was if I intend to go this route, will the dealer take the truck as a trade-in to buyout my leased jeep? Thank you so much!

159,045

The dealership that handled the lease on the Jeep can likely put a deal together for you, but you will likely take a beating on the Ford truck's value.

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