#AutoDealer #CarScam #CarFinance
Understanding the Payoff Letter
If you’ve received a payoff letter from your auto dealer and you’re unsure about the fees and charges mentioned, don’t panic just yet. It’s essential to understand the breakdown of the costs before making any decisions.
Additional Fees and Charges
When it comes to financing a buyout, there may be additional fees and charges involved. These could include documentation fees, processing fees, or even markups on interest rates. It’s crucial to ask for a detailed explanation of all the charges to avoid any surprises.
Considering Your Options
Before making a decision, it’s essential to weigh the pros and cons of buying out your lease. Evaluate if the total cost, including all fees, is worth it in the long run. Consider your financial situation and future goals before committing to any agreements.
Transparency is Key
If you’re feeling unsure or skeptical about the additional fees mentioned by your dealer, don’t hesitate to ask for clarification. A reputable dealer should be transparent about all charges and provide you with a clear breakdown of the costs involved.
Final Thoughts
Ultimately, the decision to buy out your car lease should align with your financial goals and future plans. If you’re considering paying off the car and transferring ownership to a family member, make sure to factor in all costs and fees before moving forward. Remember, it’s always better to be informed and ask questions than to be caught off guard by unexpected charges. Trust your instincts and make the decision that best suits your needs. 🚗💸
In conclusion, if you’re questioning whether you’re being scammed by your auto dealer, it’s vital to do your research, ask for clarification on all fees and charges, and consider your options carefully before making any decisions. Stay informed, trust your instincts, and make the choice that aligns with your financial goals.
Why can’t you go to a bank for a loan?
Your lease is through Chrysler Capital, not Joey Bs Chrysler Dodge Jeep Ram. Get a loan from anywhere (your bank, your friends bank, credit union, wherever has the best rate) and they’ll send a check to Chrysler Capital. The dealer doesn’t need to be involved at all.
[Check here for some good banks/credit unions with the lowest rates](https://forum.leasehackr.com/t/the-best-finance-rates-hacks-submit-your-cu-recommendations/419036)
Check your local credit union unless your credit is below 580 you should have a better interest rate than 10%.
I’d let that Compass go…
1 – It’s not a car with much longevity.
2 – You have to get a loan to buy it out so, you’re still going to have payments and full coverage insurance.
You should ask the $20k woman for a breakdown of the loan costs. She should have list detailing all the fees. Maybe that $3K is buying down the interest rates.
I paid off my lease with a loan from credit my union. Dealer wasn’t involved at all. They were eager to have me go to their office to buy out the lease but they kept trying to get me to lease another car instead.
The check was issued for what the payoff letter stated. No additional fees. The dealer is interested in making money, not helping you.
The payoff amount is what’s in the letter. The additional fees are all for the dealer.
They need to give you the documentation showing what it is.
It is likely legal for them to do it, so it is not a scam, but it is a scam. 😉
I would tell them. “I’ll give you 15,751.51 plus sales tax. No purchase option fee, no other fees. No other fees. Assuming I can get a loan from a bank or CU.” If they say no, then walk away slowly. To make this more effective, have someone drive and meet you at the dealership so you can tell them that you brought someone to take you home.
What are the mileage and specific model of the Compass? It is possible that it would be more fiscally responsible to turn it in and get another vehicle. Otherwise, go to a credit union and get a loan to pay it off. You don’t need to deal with the dealer. For reference a 2021 Compass Trailhawk with 50k miles is worth around ~18k so the 20k sounds high regardless of model unless you have really low mileage and tons of options.
My strong advice is to see out this lease and get rid of it. The Compass is not a reliable car, you don’t want to own it outside warranty.
Is your auto dealer scamming you? Well they sold you a Jeep Compass so I think so.
If your auto dealer is in fact an auto dealer, then that’s pretty much the first and biggest indicator that you are getting scammed.
1. Don’t buy it out
2. If you do, don’t involve the dealer.
3. Doubtful but you may be able to sell it to carvana / carmax and actually profit.