Hey all,
My wife and I both have 2019 Chevy Equinoxes on a lease ending 10/31/2021. As I’m sure most of you are aware, GM is one of the companies preventing you from trading a car into non-GM dealerships. Neither of us want another GM vehicle. We were told by numerous dealerships that we have equity in our cars. We set an appointment with a Chevy dealer that said they would appraise our cars to buy them outright. Their appraisal amounts (along with the current residual value and a Vroom quote) came out as such:
My car:
The residual value on my lease - $16,101
Their appraisal - $15,000
Vrooms quote - $19,510
My wife’s car:
The residual value on her lease - $20,136.70
Their appraisal - $16,000
Vroom’s quote - $23,107
Obviously, if you do quick math, we would have to PAY them to buy our cars. Vroom is offering a MUCH better incentive but I can’t have a non-GM company buy out my car. I’d like to capitalize on the equity in my lease. Is there another option I haven’t thought of?
Thank you all for your help!