CCAP lease buyout to carmax

Ask the Hackrs
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1

So I’ve been skimming the forums and haven’t really found a concrete answer or one that’s not a few years old. Here’s my scenario, and unfortunately I know my execution was poor as I didn’t exactly realize how complicated a lease buyout could be:

21 Ram 1500 - 3 year lease through CCAP
Opting to NOT purchase or re-lease
Cash out equity by selling to 3rd party(carmax)

Sounds simple right. I wasn’t aware that they had specific windows on when you could sell to a 3rd party, I did around 80-90 days get quotes on new vehicles releasing ect.
I’m at the very end of any window with like 16 days left till end of lease contract

Carmax will give me 44,600 for the ram, my lease buyout is 35,699. They need the “dealer” payoff, not open on Saturdays so they will contact Monday but told me since I’m inside 60 or 30 days(they weren’t sure) they may not give one or be able to buy the lease out

I tried searching and saw yes it does or answers that were unsure, will me extending my lease 2 months restart that 60 day window, Which will allow a 3rd party to purchase?

2

See if theyll extend the lease as I think there are data points stating that will work. Worst case you have it another few months.

3

Yea that’s what I’m hoping I’m ok being stuck with it another few months but then I’d be in the same boat at the end of that few months lol

4

By extending the lease, you would no longer be in the 30 or 60 day window so could then sell to CarMax. No need to wait until the end of the extended lease.

5

Good that’s what I’m hoping for, now from what I’ve read they don’t go beyond 6mo correct?

When I call do I just say I’m looking to extend my lease another 2-3 months?

6

Don’t forget to calculate the cost of doing this with registration costs assuming your registration is about to expire

7

Here in NY registrations are renewed every 2 years and are more-so attached to the driver than particular vehicle my reg is good till may 26, still on essentially the same registration as my first vehicle 16 years ago lol

8

Ah, got it. In california having an extra few months with a car will cost you quite a bit since you have to renew reg every year on each car (doesn’t follow you at all)

9

Sounds like something NY would do eventually

On another note does anyone know if when I extend the lease how long it takes to set? Can carmax get a dealer buyout the next day or week ect?

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