Sales manager got wrong payoff value, now I'm being held responsible

[LdiJ]

I own a Jeep.

And? What in the word does that have to do with this situation? Your own your jeep you apparently did not lease it.

 

[quincy]

And? What in the word does that have to do with this situation? Your own your jeep you apparently did not lease it.

Oh. I thought we were at the point in the thread where we start talking about irrelevant personal experiences.

 

[xylene]

I have ZERO idea why YOUR ignorance of your balance obligates anyone.

You stated "they said"

So this is your problem and you owe the money

 

[quincy]

What has not been noted yet is the difference in price between the Jeep Cherokee ($25,740-$38,495) and the Jeep Grand Cherokee ($32,195-$87,150).

Not sure it matters here but one should expect a significant price difference between a new Grand Cherokee and an older Jeep Cherokee.

 

[LdiJ]

I have ZERO idea why YOUR ignorance of your balance obligates anyone.

You stated "they said"

So this is your problem and you owe the money

My point is that the original 14k lease balance is far more likely to be accurate than the 32k lease balance that the dealer is trying to claim now.

Research and do the math people.

 

[quincy]

My point is that the original 14k lease balance is far more likely to be accurate than the 32k lease balance that the dealer is trying to claim now.

Research and do the math people.

No one can “research and do the math” without more facts.

What was the original price of the Cherokee that was leased? How long was the lease term? Was the lease term cut short by the lease of the Grand Cherokee? If so, was there a penalty for ending the lease early?

 

[LdiJ]

No one can “research and do the math” without more facts.

What was the original price of the Cherokee that was leased? How long was the lease term? Was the lease term cut short by the lease of the Grand Cherokee? If so, was there a penalty for ending the lease early?

Yes, but one can infer certain factors. The price of the new jeep is irrelevant in this discussion because the issue is the payoff amount for the old Jeep Cherokee lease. Based on what new prices would have been for a Jeep Cherokee (not Grand Cherokee) there is virtually no chance that a lease payoff amount for the old Jeep Cherokee could be 32k. A purchase payoff could be that high, but not a lease payoff. I suspect that somewhere along the line an actual purchase payoff has been applied instead of the payoff for the lease. Its certainly worth the OP's time to check that out with the leasing company.

 

[Mass_Shyster]

Is there anything I can do? Or am I stuck because I signed the contract?

Gather up your paperwork and set up a consultation with a lawyer. There are a lot of possibilities, including rescission.

 

[quincy]

Yes, but one can infer certain factors. The price of the new jeep is irrelevant in this discussion because the issue is the payoff amount for the old Jeep Cherokee lease. Based on what new prices would have been for a Jeep Cherokee (not Grand Cherokee) there is virtually no chance that a lease payoff amount for the old Jeep Cherokee could be 32k. A purchase payoff could be that high, but not a lease payoff. I suspect that somewhere along the line an actual purchase payoff has been applied instead of the payoff for the lease. Its certainly worth the OP's time to check that out with the leasing company.

One can infer whatever they want but there are actual figures available that should be looked at.

The balance owing on the old lease (the payoff figure) was probably rolled into the lease payment for the Grand Cherokee. The dealership is now saying that (with corrected figures and in order to keep payments the same on a new lease) Coopf22 can lease a Jeep Compass, a Jeep with a retail value significantly less than the Cherokee or Grand Cherokee.

The actual lease terms on the Jeep Cherokee need to be known to determine what needs to be paid off to satisfy the first lease.

Zigner earlier provided an excellent example. And I agree with Mass_Shyster that the paperwork needs to be personally reviewed.