Buyout Lease or Sell to Carvana/Vroom/Carmax

Ask the Hackrs Buy/Finance
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1

Hello All
Would be grateful for words of wisdom on my 2019 Stelvio which will complete 27 months in March, while my Wrangler is in D1. My question is as I hear about 3rd party buyout issues with Ally:

  • Has anyone had luck selling to Carvana/Vroom/Carmax or to the Alfa dealer itself (as i think in doing so, we save on taxes on the purchase).

I worry that issues with buying out the car and selling will put me in a hole for taxes and also takes a long time to get the title, but if that be the only option, I can get the ball rolling to get title in hand

Would appreciate your thoughts?
Ram

2

What prices did you get? Without any numbers anything else is useless.

3

Ally charges market rate on 3rd party buy outs, so if there’s any value here, you’ll need to buy it yourself and resell. You may be able to sell it to the jeep dealer your wrangler is coming from if they have a relationship with Ally, but you’d need to verify that.

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4

I got 31k offer from Vroom, my buyout cost is 30k-- so although 1k profit, but by the time title comes in I am sure the offer will be much worse

5

thats a great idea, never thought of that. will ringup Chapman

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6

Negotiate with an Ally dealer to take it off your hands.
Your Buyout usually doesn’t include the 2k in Tax Title License, so you are in the red.

7

so my buyout was = RV (28k)+ tax (1.8k)+nonsense fees (200) = 30k
Is the tax title license something additional, that would be ridiculously annoying… thanks for your help

8

if you get 1.8k in Tax, that should cover it, then title and License are a few hundred. But still you are too close to buyout…I would try to offload it and walk away.

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9

If you’re down for a drive to Buffalo NY, my local dealer is buying Ally vehicles at personal buyout. They have an agreement in place with them, allegedly, so they can get them for the exact personal cost with no tax or contracts required. Sold them my Cherokee, a Grand Cherokee, and 2 Honda leases and made around 30k in equity.

10

thanks for the tip Josh; worth a shot definitely on a sunny wkend with some good music/ebook. Could you share the dealer details please, will be much obliged!!