How a Jeep Lease Buyout Works

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So you’ve fallen in love with a leased Jeep. It happens to the best of us! Whether you’re really into your Grand Cherokee or you’re not ready to give up driving the Wrangler, you might be able to negotiate a good deal on a Jeep lease buyout—as long as the vehicle hasn’t needed too many repairs during your lease.
Leasing a car is a great way to save on ownership costs while still driving a cool, new car. It’s no wonder it’s become such a popular practice! If you’re ready to dive into ownership, though, a lease buyout allows you to purchase the vehicle you’ve been leasing.
Still not quite sure about your Jeep? Jerry, the super app created to save drivers money on car insurance, can help you understand lease buyouts so you can make an informed decision. In this article, we’ll help you gain an understanding of the buyout process and what you can expect when buying your leased Jeep.

What is a lease buyout?

If you’re not super knowledgeable about leasing cars, don’t worry—lease buyouts aren’t too complicated. Basically, a lease buyout lets you purchase your leased vehicle for its remaining value, also known as its “residual value.” This value will be calculated at the beginning of your lease based on how much the vehicle is projected to depreciate over the course of the lease.
There are two ways that a lease buyout can work:
  • Lease-end buyout: Instead of turning in the car at the end of a lease, buyers may choose to negotiate a purchase when their contract is up.
  • Early lease buyout: Although it’s less common, some people decide to buy a car before their lease is up. This process may be a little more challenging, but it’s definitely a possibility!
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How a Jeep lease buyout works

Of course, some leases may work differently than others. So, how does a Jeep lease buyout work? The Jeep company itself doesn’t offer much information about lease buyouts. Instead, you’ll need to contact the Chrysler Capital Allegiance Team or talk to your dealer in order to begin the process.
Jeep is under the Chrysler Group, so applying for end-of-lease financing through the Chrysler website is one option. You can also call 855-383-0558 to contact the Capital Allegiance Team via phone.
If you do choose to do your lease buyout through Chrysler, you’ll need to provide a Leased Odometer Disclosure Notice and Statement, which can be found on the Chrysler website. You can mail this form to Chrysler Capital, P.O. Box 961275, Fort Worth, TX 76161-1275.
Alternatively, your dealer can perform the lease buyout instead! If this option is convenient, it might also be a little easier. Simply discuss your options with your dealer instead of contacting Chrysler directly. The only downside of this approach is that you may end up paying more due to extra fees charged by your dealer.

Will Jeep finance a lease buyout?

The short answer is yes!
Jeep does offer lease buyouts with financing options for qualified applicants. To learn if this option is available to you, you’ll need to submit an application to Chrysler or discuss your options with your dealer.
Some things that might make you more qualified for a lease buyout loan include:

Is a Jeep lease buyout worth it?

It’s definitely possible that buying out your leased Jeep is worth it, but it’s still important to do the math to make sure you’re making the right choice.
The easiest way to get a payoff quote for your Jeep is to contact Chrysler or your dealer to get more information about how much you’ll be paying. This will give you an idea of the cost of your buyout.
If you’d prefer, though, you can also compare numbers yourself. Here’s how:
  1. Find your Jeep’s residual value on your original lease contract.
  2. Go online to estimate your vehicle’s actual value.
  3. Compare the two numbers.
In a perfect world, the actual value of your leased Jeep will be much higher than the residual value on your contract. This would mean that your car is worth more than expected, so you’ll be in a good position to negotiate a good deal on your buyout.
If the actual value of your car is significantly lower than the residual value, though, a buyout might not be the best idea. Things that might lower your car’s value include accidents, lots of mileage, or driving in rough conditions. If any of this applies to your leased car, you might not want to go through with the lease buyout.

Finding Jeep car insurance

If you’ve decided to go ahead and buyout your Jeep, you’re probably preparing to spend some time finding the right insurance for your new vehicle. Luckily, the car insurance app Jerry can save you some time (and money) by finding the right policy for you!
Just download the app and take the 45-second survey to access a customized list of car insurance quotes that fit your specific needs. Once you find the right policy for you, Jerry can even help you sign up. Plus, the average user saves over $800 per year!
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