Hello everyone,
Quick question on my Subaru lease through Chase bank - I anticipate possibly being over on my miles on my 18’ Crosstrek lease. I know Subaru does not allow transfers but does anyone know if Subaru Motors Finance allows 3rd party buyouts via vroom/CarMax/etc?
Just debating possible options if it might be worth it to sell it instead of pay for the miles at the end.
Thank you
All leases I’ve ever encountered (there might be a few exceptions) have contracts that allow buyouts at lease end OR during any time of the lease. Each monthly lease payment you make divides the amount into three separate categories, interest, principal or depreciation, and taxes. In other words, every month that goes by that you make another lease payment, the buyout/payoff goes down by however much is assigned to principal or depreciation. You can call Chase and ask them for a 10-day dealer payoff quote. Be sure they give you a quote without taxes as this would be going to a third party.
I’ve had issues with GMF (Escalade) and FMC (F150) about carmax buyout on leases. Simply 3rd party buyers were denied dealer payoffs by these banks. Carmax stated that these manufactures wanted to keep it within their own dealer network when buying out.
This is a first. GMF is usually very easy to do a buyout with
Yeah, it was silly went through the whole process of appraising. Then returning to accept their offer to be rejected.
I’m confused what you mean by “their offer”. The buyout is a predetermined number based on a calculation of interest and depreciation. There’s usually no haggling or offers involved, the buyout is the buyout. I have heard, in some cases, at lease end manufacturers negotiating somewhat over the buyout if they’re motivated to sell the car, but this isn’t common.
…or are you referring to “their offer” meaning Carmax? Unless there is something specific in the lease contract that prevents buyouts, I don’t see how the manufacturer or financial company can refuse to honor the buyout price based on who the car is being sold to.
Carmax’s 7 day offer. For the GMF, Carmax stated GM’s unwillingness to provide dealer payoff to them, thus, causing them to not even attempt a dealer buy out.
Interesting. As a fairly loyal GM guy, that is disheartening to hear. I will keep that in mind when my current pickup truck lease is up. Maybe I’ll go to dodge this time!
GM Financial was easy enough to deal with last month when Carvana bought my leased Encore. I got the payoff amount through the automated phone system, then talked to a person who provided a paper payoff statement 2-3 days later.