US Bank charges different payouts per dealer and consumer, assuming the dealer payout was higher than the customer buyout plus sales tax.
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US Bank does not allow 3rd party buyouts.
Seems like a pretty good lease from the beginning for a SRT as well.
Congrats OP, you did well!
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Makes me sick knowing how much I sold my charger for back in 2019 
. Congrats on a hell of a deal.
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At least you’re not the bitcoin pizza guy!
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I mined then sold .5 ether in 2017 for like 150 bucks… worth about 2k today, I was too broke to buy CSGO, so I mined Ethereum using my parents electricity.
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Could have bought Ether back last spring for under 100…no one ever said investing was easy.
If it was, all the hedge funds (smartest guys, most information, most financial incentive) would be crushing the market…but most lag, and very few have dramatically outperformed the markets over time.
TFS is one of the last to wake up & smell the coffee. They are losing out on tons of money by not charging market value for third party buyouts.
I think CCAP also lets you do 3rd party buy outs still, until last 2 months of your lease expiration.
I just sold my US bank lease to Vroom. It’s painful process but Vroom paid off my lease and my account is closed as paid off at US bank.
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That’s amazing! Not sure how you pulled that off. Did you receive the consumer or dealer payoff quote?
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I did a conference call with Vroom and US bank, Vroom requested the payoff and US bank faxed them directly.
It was painful going back n forth with Vroom but US bank was very straightforward. They sent payoff quote to whoever asked for it, in my case Vroom/carmax.
How is this considered profit? I believe it reduces the cost basis. If the individual wrote it off, then it’d be a depreciation recapture, but I doesn’t seem like that’s the case. At any rate, the payments were paid with after tax dollars, therefore a recovery of those after tax dollars paid isn’t actually profit.
He’s speaking generally. Obviously everyone’s situations different lol. If you’re going to start breaking everything down to the cost of gas then yeah it probably was a net net equilibrium, we have no idea if OP is 1099 or what, but it’s really irrelevant.
He’s getting an extra $9k for having a pulse.
To expand on this a bit, there are a lot of people that see equity in a lease as profit and assume that taxes must be paid. There are some cases (see some of the camaro leases where people are flipping them immediately for an actual net profit), but generally it’s a misconception that equity is actually profit.
If you get a lease, spend $10k on payments over 18 months and then sell the lease for $5k over payoff, you didn’t profit at all, you just reduced your total cost.
If you get a lease, spend $1k on payments over 3 months and then sell the lease for #5k over payoff, you did profit and should probably have a conversation with your cpa.
It does get to be a little interesting if you buy out your lease yourself and then immediately resell. Laws vary by state, and I certainly haven’t read through all 50, but of the ones that I have seen, the tax basis starts at the beginning of the lease, not that buy out. One should verify with their cpa for their specific state though.
None of that has to do with a lease that’s been depreciated for a business and having to deal with income recapture, which is a totally different story.
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There’s a gray area work around for that too 
Sorry for my lack of knowledge.
Can you let me know what is ALGo
I am trying to sell BMW X2 to CarMax which is giving $4k than current payoff
Request to let me know
Auto Lenders Go
Never apologize for not knowing something in life, use the tools you are given to change that. If you ever have a question, just pop it into the magnifying glass search tool in the top right corner. Most questions are already answered.
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Thanks for quick revert.
How did you get the title when you took out another loan to buy? I thought the lien holder got the title. I am dealing with Ally right now and it seems like I will also have to buy my vehicle out to resell since they are charging 10k more to a 3rd party. Same question for registering the car in your name since theres a different bank/lien holder.