Not sure if this has been mentioned yet but it seems like they’ve stopped it.
I was in the process of selling my lease to Algo (uploaded docs already) and they called me to let me know that they can no longer buy it. Seems like they got the notice from GM late yesterday afternoon.
Looks like I’ll have to find a dealer to take it now unless I buy it out myself but I can’t say I blame GM.
It’s worth checking with other buyers. We’ve seen a lot of 3rd party dealers reporting that such and such brand no longer allows buy outs and then another 3rd party dealer has no issue.
Good idea will do.
Algo said that GM was refusing to provide the payoff and that"they want their cars back"
Just saw @chevysalesgirl Trish mention
Sounds like there may be another week of wiggle room?
Without reading every word of the lease contract, I personally do not feel GM Financial should be allowed to do this retroactively. Now the GM dealers can lowball us on trade in/sell and there is not much we can do about it.
Well, that now joins Nissan/Infiniti as the only other bank with some some of evidence from the bank of halted 3rd party sales.
I hope the dealers read this, don’t use this as justification to brow-beat a few more
June sales, and pass that $3k on to their customers.
reddit also discussing it. Jul 1st.
The way around this is easy, but requires a lot of teamwork and communication, which is not easy. Dealer A can appraise your car at $X value and “sell” it directly to a GM Dealer. So the GM dealer with buy it for $X, which they will then give to Dealer A to give to you. GM Dealer takes possession of the car or Dealer A assuming they give GM dealer $X. This will work if you find some managers who are friendly with each other, but hard to pull off with random dealer groups.
RIP all the Camaro buyouts, even though I remember some folks were able to do well with GM dealers too. Maybe that will change now since dealers know they’re the only game in town, so if you’re in an area with only one local dealership the offers might not be as competitive anymore.
IS it now or by July 1st ?
Why not buy out yourself and then sell to Carmax/Vroom etc
Taxes (except in CA)
Takes time to go through those channels. And taxes. In Virginia, the tax is already in the lease or paid upfront, so no problem there.
This whole practice of stopping 3rd party sales seems like it could be open to class action lawsuits. It is clearly injurious to the customers who got into a lease understanding that they could trade out at any time at the buyout. And don’t point to the vague legalese in your contract to defend these banks doing what ever they want. There are a lot of successful class actions against banks.
Algo confirmed the July 1st to me as well, they are are just stopping from now to avoid any potential issues. It seems like there are often technical errors which take time to sort out.
Carvana is offering the highest by far after Algo, are they quick? How long do they usually take?
So glad I dumped my shitbox equinox last month. Did it just in time it seems.
Tempted to dump my Equinox.
One pay - $4000 (2600 in monthly payments, 1400 for TTL).
Buyout is 19,4XX.
Carvana offer is 24,455.
Can’t replace the vehicle though if I sell it.
