Requesting help to understand the process. I have 2018 Lexus RX 350 L with lease expiring in few months. My car has some equity in it, I got an offer from Carmax.
How will Carmax take over my lease? Do I have to buy out car myself from Lexus Financial or can Carmax (third party ) can take over the lease.
Additionally, do I have to pay sale tax on this transaction. Thank you for your feedback.
Tons of first-hand accounts from folks if you search. Maybe start here
and let us know what specific question you have?
If there are more than 60 days left on the lease, carvana will buy out the lease by paying the dealer pay off amount and then paying you the difference between the agreed on purchase price and the 3rd party dealer pay off amount. No tax is due.
If there is less than 60 days left, you’ll need to sell it to someone else.
Thank you, Yes it has more than 60 days left on lease.
I misread your post anyway. The 60 days thing is an issue with carvana, not carmax.
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