I am trying to sell my leased 2018 VW Tiguan through Carvana or Vroom. The dealership payoff quote to Carvana is $1,300 more than the payoff quote in my account and I called VW finance to ask why. What they told me is that since VW finance had a contract with me, then that payoff quote only applies to me or any other consumer but it does not apply to 3rd party dealership. They can charge them much more than my quote based on my fair market value but I highly doubt that the fair market value on the Tiguan is much higher than the residual value. Does anyone have a similar experience when you are trying to sell your leased car?
1 Like
This is common with a few manufacturers, VW being one of them. Your only work around is to buy the vehicle yourself and then sell it, but that requires fronting the cash and opens up sales tax liability, unless you’re in a state that offers a grace period.
There are several threads on here that cover this in great detail.
1 Like
YEP! Have a Challenger with Ally and the payoff I was told was $32746 and the dealer got $37475!! Vroom offered $33200, not sure what payoff they receive? I was getting $36000 trade so I went from $3k in positive equity to $1700 negative! Seems like an unfair practice to me but I guess its common, especially with Ally Bank.
Ok we got it. You don’t have to post the same thing three times. @adamwest2121
@snorkel please search first instead of creating topics that have been discussed before. Besides, what do you want people to tell you? Look at your contract. Are you the only entity who is offered the option to purchase the car at the RV? Then yes the bank can ask any price from any other party. It is what it is.
If people want to ask questions, let em! No one cares that you already know everything, thats why they come here.
1 Like
Far more useful for people to search and access the large repository of information that goes through this in great detail than to post and hope that someone responds with a partial answer.
Think of this place as a library and not a google terminal and you’ll be more successful.
3 Likes
When everyone asks the same questions it fills the forums with multiple places to look for answers. The fewer the places with answers, the easier it is to read and find the answers.
Teach a man to fish.
3 Likes
Doing a Vroom sale now of my 17 Tahoe and GM Financial basically quoted them the residual. FWIW
Have a 2018 Tiguan as well and maybe we got them during the same period where there was tons of specials. I tried selling last year and had the same issue.
From what I can read on the statements/payoffs, VW applies a sort of “lease credit” on a monthly basis. So for example, $250 lease payment + $50 lease credit from VW = $200 net due.
Its really crappy but I guess this is their way of reducing early buyouts and gray market sales.
That is exactly right. Since I still have 6 months left on the lease, there is a small credit left on my account to be used.
@mllcb42, thank you for your response, very helpful! I am in Mass so that we do not have the sales tax grace period.
@max_g, it is my first time trying to sell a leased vehicle. When people encounter the issue for the first time, they might not know what to ask or might not ask the right questions. It was my bad not doing a thorough research before creating a new topic because I just realized this issue this morning but I appreciate all the responses.
This is exactly what i’m finding out… I also have VW credit as well. I was 3k+ with carvana but now they’ll be charging a third prty vendor likely i’ll be upside down. You all are amazing with your feedback the app won’t let me reply more than 3x as a new user.
Try VW or Audi dealers- They should get the same payoff as you.
1 Like
Yup. I recently sold my audi to an audi dealer and their offer was very close to Carvana too, so it’s not like they’re withholding all the equity because of the lower payoff.
2 Likes
There’s a dealer here @Samaudibh , see if he can do it
1 Like
Feel free to call me . I’ll
Be happy to help
949-222-1010
2 Likes
awesome advice thank you
I appreciate the information & support very much!!!
thank you kindly
Sam; I have an Audi Q5 in mint condition with only 16K miles on a 45K lease. Because of illness and financial situation; we would like to sell the lease. Is this possible? I have 10 months remaining on the lease and the buy out at the end of the lease is 25K. Carvana has offered 36K. Would you be able to let me know what my options are? Thank you.