How a Chrysler Capital Lease Buyout Works
If you think leasing your Chrysler is nice but owning it would be way better, a Chrysler lease buyout is likely the answer.
Written by Christelle Agustin
Reviewed by Jessica Barrett
Leasing a Chrysler is bittersweet if the end of your lease is approaching and you’ve grown attached to your car. Luckily, you don’t have to part ways when you opt for a lease buyout.
Leasing is a popular choice for drivers who want to save on upfront costs. At the same time, having a car to call your own can be more convenient than being bound to a lender’s terms. If you’re ready to be a car owner, learn how to buy out your Chrysler Capital lease.
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, the super app for all things car insurance
, is here to help! Read on to find out how a Chrysler Capital lease buyout works and—bonus—how to save on your Chrysler insurance costs
, whether you lease or own your car. What is a lease buyout?
When you lease a car, returning it to the dealership doesn’t have to be the final step. A lease buyout is when you decide to purchase your leased vehicle. While most people choose to buy their car at the end of their lease, you can also buy it before your contract ends in some cases.
There are two kinds of lease buyouts:
- Lease-end buyout: Instead of returning your car, you can purchase it shortly before the lease is set to expire. A majority of drivers prefer this option.
- Early lease buyout: If you don’t want to waste any more time renting your Chrysler, you can buy it out before the end of your lease.
Whichever type of buyout you choose, the buyout price will be calculated at the beginning of the lease. The price you receive will be based on the car’s estimated value when you’re scheduled to return it.
With that said, choosing a lease-end buyout means potentially incurring damages during the lease, which will diminish the car’s value. Meanwhile, an early lease buyout could mean being surprised with unexpected repairs you’re responsible for.
How a Chrysler Capital lease buyout works
Is time running out on your lease? Still want to drive your Chrysler for years to come? Follow these steps to buy out your Chrysler Capital lease.
- Check your Chrysler Capital Lease Agreement. Look for the residual price plus any taxes and fees on your contract. Add them together to arrive at the total amount you’ll need to pay to buy out your Chrysler.
- Contact the Chrysler Capital Allegiance Team. Call (855) 383-0558 and let a representative know about your intent to purchase your vehicle.
- Apply for financing. If you need financing,apply onlinethrough Chrysler Capital and fill in your personal details and vehicle information. Eligibility may vary.
- Sign the Leased Odometer Disclosure Notice and Statement. You and your Chrysler Capital representative need to fill out thenotice and statement. Mail the completed form to Chrysler Capital, P.O. Box 961275, Fort Worth, TX 76161-1275.
After that, you’ll just need to wait to
receive the title
that names you the new owner of your Chrysler vehicle. You’ll then need to register your vehicle
at your local DMV to make it final. And, voila—that’s all there is to it!RECOMMENDED
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Will Chrysler Capital finance a lease buyout?
It depends. You can find out if you qualify for financing by applying for financing online through
Chrysler Capital
. But before you get a financing offer through Chrysler Capital, remember that you have options. Consult credit unions, banks, or other lenders to compare rates. Covering all your bases will mean more savings for you!
Pro Tip Have your Social Security number, monthly rent/mortgage, and income information ready to speed through Chrysler Capital’s financing application.
Is a Chrysler Capital lease buyout worth it?
If you’ve been enjoying your leased Chrysler so far and see yourself being its owner, a lease buyout could be the next step. However, you don’t need to rush! Plan ahead and estimate how much you’ll end up paying for your lease buyout versus purchasing a new vehicle.
How to calculate Chrysler Capital lease buyout fees
Once you know your leased vehicle’s residual value—which should be listed on your Chrysler Capital agreement—you can estimate your buyout fees.
To get your final buyout estimate, compare the residual and actual values. You’ll want the actual value to be higher than your residual value.
When the actual value of your vehicle is higher, that means you’ve managed to keep the depreciation of your Chrysler at bay.
MORE: How to calculate a car lease payment
When it’s better not to buy out a Chrysler Capital lease
Buying out your Chrysler Capital lease is not worth it if:
- Your leased Chrysler has incurred accidents and other damages throughout its lease term
- You’re hesitant about settling on your Chrysler vehicle
- You can’t get approved for a low interest rate
If you’re struggling to decide if you want your Chrysler or you just haven’t had the greatest driving experience, a lease buyout may not be for you. That’s okay!
You can either try out a new model by starting a new lease with Chrysler or buy a brand new car. In the end, letting time pass will allow you to further build your credit score and land an even better interest rate when you are ready to buy something.
How to save on Chrysler insurance
Whether you decide to go through with a Chrysler lease buyout or not—you’ll need car insurance. We know shopping for car insurance is the last thing you want to do. Luckily, with
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