My 18 Touring lease is due next month. The payoff is about 16.5. Due to the pandemic, shortage of new and used vehicles, I have been offered up to $21K by 2 rental companies and an AutoNation dealer. Seems like a no brainer. Sell the car and pocket the difference.
However, Chase claims that they do not accept 3rd party payments and I would have to buy out the car myself. Then I could sell it when I get the title, which is taking 6-8 weeks in Cali. I would need to register the car in my name and pay the sales tax plus current reg. So about 18K in total. Seems like a no brainer, and pocket 2.5K. On all my previous leases, I've always traded them for another make when getting my next car to avoid any overages.
Any thoughts on how to handle this? If i traded the car in, Chase / Toyota would have to accept the payment from the dealer, no? If I sold the car to a third party, wouldn't it be the same?
Thoughts?
However, Chase claims that they do not accept 3rd party payments and I would have to buy out the car myself. Then I could sell it when I get the title, which is taking 6-8 weeks in Cali. I would need to register the car in my name and pay the sales tax plus current reg. So about 18K in total. Seems like a no brainer, and pocket 2.5K. On all my previous leases, I've always traded them for another make when getting my next car to avoid any overages.
Any thoughts on how to handle this? If i traded the car in, Chase / Toyota would have to accept the payment from the dealer, no? If I sold the car to a third party, wouldn't it be the same?
Thoughts?
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