AND Carmax tells me they can’t purchase it. So this does appear to be in effect immediately.
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Correct (while still paying tax on the transaction in 49 states)
I just received an offer from CarMax for 25,200 and Vroom 26,400 for 2018 Aspec. Seems low only 2,500 to 3,300 in equity.
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Yup. You can still do everything your lease contract said you could do when you signed.
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Amazing how they stop it but dealerships will still sell cars above MSRP, this means an even bigger disadvantage now to honda owners who are leasing and can’t sell to a third party for 3x more than what honda dealerships will offer you. I got a quote for $2k at a few honda dealerships, carmax offered me $6,000 above my buyout
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You can still sell the car to them after you buy it and it’s actually yours to sell.
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My selling Honda dealer keeps bugging me to turn in my leased Honda early - maturity in 5 months.
He also offered to let me buy out but adds on a warranty package jacking up the price.
Does anyone think by December 2021, this craziness will stop ???
This craziness isn’t going anywhere anytime soon. That’s standard operating procedure for a lot of dealers.
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SETF stopped about a month now - tried my best on my Toyota towards the end of June, even through consumer protection, however they wouldnt budge even after the ‘grievance’ I filed so ended up selling directly to Toyota for a profit, tho not as much as I’d been offered by the 3rd parties but still fair (within $500 of my highest 3rd party offer).
if you’re going this route, take the time and visit all dealers within the area for offers and let them play the bidding game. I ended up squeezing an additional $750 from my initial low off over the course of 10 days, and was eventually sold to the Toyota dealer with maybe a handful of used cars on the lot.
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correct. until dealers become saturated with cars on their lots again, I dont see them lifting the option for a 3rd party.
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same case here for me. literally 2/3 calls a day, plus texting.
I already sold my car to ALGO, net $3800 to me. AHFC sent me a letter saying they might cover my last 3 months, waived excess files, etc.
I rather take the check I guess
Will the captive dealers actually buy out a car for more than the residual ?
Things are moving quickly as I sensed they might - this is why I rushed to sell.
Another data point for you guys here on AHFC - I was lucky to pull the trigger quick and had a Cadillac dealer buy my 2019 Accord Lease on June 30th. I have been checking my lease account multiple times a day to see the payoff post terrified that something might happen and the deal would be rejected. It finally posted on July 13th, the last day that the payoff was valid. They did charge the 350 Lease turn in fee.
To be fair to local Honda dealers, they were only $700 lower with their offers. But having to go back to the dealer I leased from, now that would be really petty and would put me in a poor negotiating position.
Putting things in perspective, I sold it $5,000 more than I paid for the car brand new 21 months prior. It was a COVID cream puff with 11K miles only, but just a basic 1.5T Sport which I posted on here when I got it!
In MD, since you have to pay the full taxes when you lease - I believe if you buy out the car, you do not have to pay taxes again. I bought out a 2010 Acura TSX lease I had, and I brought in the paper work to the MVA to show them I paid full taxes on the car at the time of the lease, they waived the taxes for me - just charged the fee to re-title it. Had to wait several weeks for the title/lien release to come from AHFC and then get a new title issued.
So can you still sell leases to Honda and Acura dealers even if you don’t get another Honda or Acura? Obviously the money won’t be the same but I’m just looking to get out of my lease and buy something full-size.
I missed the cut off by 2 days on my pilot selling to carmax, planned to go today. Fml
Yes definitely - I used the KBB trade offer program - worked great for me
I am going to extend my lease with Honda - can’t find a deal to come close to what I had in 2018…
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Yea this is spreading like Coviid among captive lenders!
i think it depends on the dealer - many are short on used car stock too, so they need the foot traffic and revenue overall. offering you a bit more than residual amount wont hurt them but having no vehicle at all will.
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