Tried to sell our 2018 MDX to Carmax in Fremont today. Quote was $3,800 over payoff and we were signing final papers (2.5 hours later) when the Carmax rep asked us when the lease was ending. Our turn-in date is one week from today. That’s when the rep said, sorry we can’t buy your car because you already made your final lease payment. We asked him to check with a manager or someone to make sure, but when he came back and said they can’t but the car.
Anyone hear of this? Hard to believe they didn’t ask us this sooner or notice this when they looked up the payoff info from Acura/Honda financial. Going to check with another Carmax location on Monday to confirm if this is company policy or something else, as there is nothing on their website or in their online quote process that mentions this.
Worst case, maybe we extend the lease one month and then try again to sell it to them, or Carvana or vroom. Not going to leave all that money on the table!
Anyone have firsthand experience with a situation like this at Carmax?
Best thing for you to do is to call the leasing company and see if they’re willing to extend the lease and choose the shortest length they’ll extend it.
Can you buy out your car and then sell it?
Acura will extend 1-6 months no questions asked, and it goes on a month to month, so you can stop at any time. If you need to go over 6 months, you can extend to 12 months, but there is paperwork to deal with.
He’s trying to avoid that because he would have to pay sales tax on the vehicle.
CA has a tax exemption if you’re able to push the sale through within 10 days.
Didn’t someone posted in another thread that the DMV may be a bottleneck in that scenario with titles or was that on the just leased car? Just vaguely remember seeing something
That would be my concern. I haven’t dove into the legal specifics to determine exactly how the time gating works, but anything that requires CA dmv to be timely is playing with fire.
Not sure if this is helpful since I don’t know the full process, but for the car I just paid off, my CA title arrived in my mailbox on 4/22, 15 days after BMWFS electronically released the lien.
Is the title in your name or in bmw’s name(that you then need to take to the dmv to finalize the transfer/purchase)?
My name; this was a purchase.
Oh yah, this wasn’t you buying out the lease.
I was thinking more along the lines of if you had bought out the lease, that perhaps the title was coming from BMW and it needed processed like if you did a private party purchase.
Does the title have a date of issue on it?
Carmax probably can’t buy the car out since technically your lease contract has been satisfied by making the “last” payment.
Call Acura/Honda Financial and ask for a lease extension. A friend of mine just had the same situation. Called and they extended the lease 3 months no questions asked. Next day he sold the car to Carvana in his case. Hopefully your offer is good for at least 6 more days and you can still take advantage of this equity.
Not sure. The title’s in the safe, which I am currently flying away from.
I’ll look when I’m back at the end of next week.
That’s exactly what we did. Called first thing this AM. Carmax quote is good until this Friday so lease extension should be in effect by then. Thanks all for the responses.
Awesome!!! Yes this thread was so helpful
Side note: I bought the car in December. Not sure why the registration expires in November.
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