Dealer says it’s not worth to go through TFS with MSD’s as Credit Union giving Better rate

Sorry, those were the Highlander RVs, not the Sienna.

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OP - Were you able to confirm with both Carvana and Carmax that they will not purchase a lease from Chase Auto Lease/Mazda Capital Services?

List of Lenders Allowing for Third Party Transfers

Chase/Mazda CS is on the allowed list

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Vroom backed out stating they do not purchase lease vehicles. I don’t have a Carmax facility near me, the closest one is 2 and a 1/2 hours away. I’m waiting on Carvana response, sent them documentation yesterday and they needed dealer buyout quote as well as title. Waiting on title from Chase so I can give to Carvana. They say takes 1-2 days for them to provide it as I needed to message them in the secure message on the app. Either I get it faxed, which I don’t have unfortunately; mail it fed ex which I know will take a few days or have it requested via the secure message on app when I login into chase account.

That’s where I’m currently at right now.

The thing that’s stressing me out is the Highlander just came in yesterday from being transit and the dealer keeps asking for me to submit my application for credit check every day. I told them I can once I hear back from Carvana but they insist they won’t process it right away. Should I go ahead and send it and just wait for Carvana response? I know my credit score is 800+ but I don’t want to give them my information until I have an answer from Carvana.

I put a reservation deposit of $500 on the car so that solidifies me I’m not worrying about anyone else buying it before I can get my ducks in line. Probably not the smart move but with what’s going with dealerships currently, I didn’t want to take a chance.

Yeah, so waiting on carvana, constant harassment from dealer to provide info for credit check and hoping the carvana deal falls through as others are out of an option to move forward with even when they are giving me the lower of the quote on 3rd party buyout.

How much money are you losing by buying out and reselling to carvana (which is what I’m assuming you’re doing since you’re waiting on the title, otherwise this wouldn’t be an issue) vs just driving 2 hours to carmax if they’ll buy it out?

$400 is the difference

After taxes? Or is that just the difference in buyout offers?

Difference in the buyout offers

So how much after you pay the sales tax on the buy out?

I’m not doing a buyout myself, carvana is asking for dealer quote which is different from the quote I received due to taxes. Once I provide them the dealer quote and title from chase, then they would respond with a yes or no answer.

This doesn’t make sense. You don’t get the title unless you purchase it from Chase.

Sales tax is $1277 for buyout if I were to pay it if carvana goes through

That’s a waste of time and money for me do buy it out and hit my credit with getting short term loan from bank and then getting a credit check from dealer. I’d rather just pay the taxes on it and have carvana buy it out at dealer buyout quote. Even the I don’t know if it’s worth it when it’ll end up being a ~500 difference with what the dealer is offering me for trading it in to them.

There’s some confusion here on your options.

If Carvana will do a 3rd party buy out on the lease, no tax is due, you never see the title, and they just buy it out from the bank.

If Carvana won’t do a 3rd party buy out, you have to buy it out, including paying taxes, you get the title, and then you sell it to carvana.

There isn’t a middle option here where you pay the taxes but they buy the vehicle.

When I processed my request on their website, among the many things they told me to take pictures on and upload it (odometer reading, license, registration) the title was one of them. I don’t have the title for obvious reasons, so I’m providing them a copy of the title form chase. Is that not an option, if that is what they are requesting on their application process for me to go forward?

They give you a generic list of things that they want. It isn’t tailored to your personal transaction. They want pictures of the title to verify that people that own the vehicle outright have the title. For people that don’t, because the bank holds it (be it because of a lease or a finance), there’s no issue.

Yeah, so I’m waiting on a copy of that from chase. On the phone with carvana, she’s getting dealer quote from chase and see what the requirement is for the title in Michigan, on hold.

My question now is, should I give dealer my info to process my credit check or wait on carvana to have definitive answer before I give them anything?

Processing a credit check is no big deal. I wouldn’t worry about it. It doesn’t lock you in to taking the car home.

Not trying to mess things up for you, but placing a deposit doesn’t place an indefinite hold on the car. Dealer may get a better offer, a manager may “miss the sign” that the car is on hold, or dealer may just not want to wait - they can probably sell the car this weekend itself. Been cases like this on LH and I know two friends that have had this happen to them :man_shrugging: Dealer will just say “oops, sorry, here’s your deposit back.” YMMV

Your deposit dealer may change your original offer with no trade in involved (meaning you are going to get most of the ~3-4K profit they were going to get by flipping your trade at the original $21K). You need to double check.

What about another dealer or two in the bigger town (with the Carmax nearby) 2-2.5 hours away? You’ll get everything done at once with Carmax in person if you can line up a deal.

What mlbbcb2 said on the title and process flowchart options above with Carvana