3rd Party Buyout

Ask the Hackrs
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1

Hello to everyone who’s up! I am looking to sell my Mazda 6. The lease is through Chase and the buyout (less sales tax) is very close to the private party value. Vroom also gave me an offer that is about $1000 away from the buyout that the Chase automated system gave me.

I intend to call Chase in the morning to verify, but wanted to see if anyone who has gone through this recently can help to put my mind at ease so that I can sleep. I’ve searched and searched but the answers I’ve seen have ranged.

  1. Does Chase allow 3rd party buyouts by both individuals and dealers (like Vroom and Caravan)?
  2. Does the payoff amount increase in these circumstances?
  3. I understand that if I were to buy out the lease and then sell it, I would have to pay sales tax. My research indicated that Mazda could mediate the sale of my lease to a third party without me paying sales tax. Is this understanding correct?

I appreciate any advice that can be afforded to me. I’m going to be signing a lease tomorrow and the sensibility of me doing so relies heavily on being able to offload my Mazda 6 in the next few months. I thought that I understood the situation, but researched it again tonight and saw a bunch of different answers.

Thank you so much in advance!

2

Yes

No

Yes

Good luck have fun, Chase charges a reasonable fee for third party iirc. I don’t remember the exact amount; the numbers that I remember are 65,85, and 350. I bought a Subaru for them for a dealer to have in a Honda deal for a friend, and that’s what I remember (it was 6 months ago)

3

Dear lord, thank you so much for the quick and concise response! Like I said, that was my understanding but saw a bunch of conflicting information.

If anyone else has experiences like this, please feel free to share!