So here is some crappy stuff.
I decided to buy out my lease, wait for the title and then reappraisal my car. This was last week. As of today, the appraisal for my car has dropped $1200. So almost all the $1500 profit I was expecting is gone. Seems really shady even if they are using kbb to an extent. Hopefully I get the title soon so I can be done with this and not lose money.
Hi tigertas32!
I saw the exact same thing. Quote between the 4th of Jan, and today is $800 lower.
Regards,
GHTech
The whole point of selling to a dealer like carvana, vroom, carmax, etc is to avoid the time and cost (sales tax and DMV can be $$$$) of buying out your lease and receiving title
Might as well try to sell for more via private party now
I totally get that, but VW has a different payout as described above for 3rd parties.
Just talked to my wife and the title showed up today. Exactly one week. I’ll list it for sale as well as start Carvana.
Try again next week. I was all set to sell my truck for $17,000 flat to carvana after an initial appraisal. 2 weeks later reappraised right before starting the process and it was $17,600. Their algorithms are merely reactive to their current needs.
Looking to sell my Ford F250 and got the usual quotes: Carmax, Carvana, Vroom, KBB Instant Cash offer. Carvana came in $500 higher than Vroom, $650 higher than KBB. All offers took some time to get, guess they needed human intervention.
Decided to go with Carvana, uploaded pics of the title and ID yesterday. Will see how it goes.
Carvana was much quicker and more fluid for me. Vroom has been pretty annoying and slow. My Alfa still doesn’t show as paid off.
This is absolutely ridiculous. I submitted all my docs to Carvana, and because VW decided to put my name on the back of the title, they will not accept it and I have to get a duplicate title.
I am now going to be out the lost money from carvana and also the sales tax.
Make sure your ducks are in a row before you go through the hassle.
After coming to these forums I realized after the fact that I should have seen what carvana or vroom would have paid out for my Honda Accord sport, the dealership bought it from me and paid $800 worth of lease payments, I’m thinking now that I could have probably sold it to carvana for more than what my buyout was, the car was in mint condition with under 30,000 miles. I’m going to run the numbers and see what they would have offered…I’ll get back to the board in a bit and let everyone know.
Hey @tigertas32. I live in SoCal. I actually went through this whole thing with Carvana earlier this month. I got an appraisal for my eGolf back in October 2018. When I went to sell the car, VW gave them a different “dealer quote,” instead of my residual plus remaining payments. I would’ve ended up paying $800 for Carvana to take my car.
Fast forward earlier this month. I got an updated quote from Carvana, it was still in my favor. I decided to pay off the car and get the title from VW. I ended up with the same exact problem. Carvana doesn’t want the car anymore because some idiot at VW filled out the back of the title. Talked to DMV and argued with Carvana, but they don’t want to deal with it.
Here are some suggestions on where you can sell your car. You can try:
Your situation might be different depending on your residual or however much you paid. I refused to title the car in my name when it was intended for resale. Feel free to message me if you need more help or details.
Everyone: remember that your lease payoff is going to be less than your residual plus remaining payments due to the fact that some of your lease payment is money factor “interest”. Just like with a loan, your payoff is going to be lower than the rest of your payments because some of the payment includes interest.
The only case this would not be true is if your money factor is 0.
@nevets This has been valuable information. We connected and discussed the options. This is why a forum like this exists. For all of us to help one another.
Ended up selling to a private seller. For those with an Audi/VW lease, use SHIFT to sell.
Just sold my leased 2016 Kia Optima Ex to Carvana today. Lease is up in a week. I got quotes from Shift and Vroom also. Shift was the highest quote by $100 but a day before my pick up appointment they canceled saying Kia will not sell to a 3rd party dealer. I know this is not true. Carvana was here for 15 minutes, we signed papers, gave me a check, and left with the car. Their buyout price from Kia was equal to mine but minus the taxes I would have had to pay. As for registration, it expires in a week. I did not renew. Very easy process.
Did they offer you the buy out amount you owed for the Kia ?
buy out was $14,582 not including tax. They offered $16,496. Cut me a check for $1,913.60 when they picked up the car.
Have they paid it off yet?
lease ends in 3 days and I am sure they give an extension if they know a check is coming. I will be confirming with Kia on the last day. My check is cashed though!
Just turned in my GLC yesterday to Carvana. Avoided 4000 in fees (15,000 miles over) + Lease disposition fee. Wasted my money on that lease protection package when I signed the lease.