Anyone having any luck selling em back to their dealers. Or is the dealer just taking them back at the end of the lease
Dealers will definitely buy them at anytime. If price is right…
Vroom - 44.3k
Dealer 1 - 37.5k
Dealer 2 - “around 37k”
Dealer 3 - 40k
Well this new makes me a little less irritated at VW Credit for not allowing third-party buyouts… At least it has “always been that way” with them.
Luckily I was still able to get a decent amount out of my lease by selling to a VW dealer.
Can anyone speak to the purchase process with Chevy? What’s the turnaround time? How does that align with VROOM/Carvana/Carmax offer shelf life?
Sorry, didn’t read all 146 prior replies, but why can’t you just get a loan from another bank and then sell the car to Vroom/Carvana/etc the next day?
I leased a 2019 Corvette Stingray back in December 2018 (really damn good lease too btw) through GM Financial. Last Tuesday (July 6th) I refinanced the remaining $39k through PenFed. PenFed overnighted me the check, GMF overnighted me the paperwork with a return pre-paid envelope. Now, I’m in the process of selling it to Vroom.
I explained what I planned to do with a Vroom representative, and they said either way I walk away with the same amount of money. Doing it the way I explained above, I pay the taxes and they scratch me a bigger check. If they purchased it from GMF (assuming they could) they would be paying the taxes, so they would’ve scratched me a smaller check. Either way, I end up with almost $14k in equity in my car.
(I effectively drove my brand-new Stingray for 32 months at $165/mo. I have not been this proud of a car purchase before in my life.)
A funny aside, I started the PenFed refinance a month earlier but because they took so long getting me the first check I ended up seeing the Vroom buyout price go up an extra $2000. I’ll take it!
You generally have to pay tax on the buy out and it takes a varying amount of time to get the title. Otherwise, you absolutely can.
All of us have been proud of ourselves lately🤪. Its been too easy (which means it probably wont last) so glad you cashed out now.
1 Like
Right.
But that tax gets accounted for no matter what you do. Whether I pay GMF $37k + $2k (tax) and Vroom gives me $53k or Vroom pays GMF 37k + 2k (tax) and writes me a check for 14k… I walk away with $14k.
That’s the way the Vroom person explained it to me anyway. Is that incorrect?
Vroom doesn’t have to pay tax if they buy it directly
2 Likes
did u do an auto loan or personal loan? I’m thinking of doing the same, as AFS just joined all other lenders in blocking 3rd party buyouts.
Vroom offered me 2500 over the MSRP price for a 2021 that I leased earlier this year but can’t do it because of this 3rd party buyout crap. So I’m going to buy the car from same dealership I leased it from. They’re not charging me anything extra on top of the personal payoff quote I got from GM Financial except a tag transfer fee. Other dealerships wanted to raise the payoff quote by not including a 1k rebate from GM and adding dealer fee, doc/bank fee, and the tag fee.
Vroom rep stated on a phone call that they will not buy a car if the title is less than 14 days old. I’m going in to dealership today to buy the car today.
Does anyone know what date the ownership will be on the title? I’m in Florida. Per dealer I have to wait 2-6 weeks (per GM financial they will expedite if I give them a fedex account number). I’m assuming the date on title will be the day I purchase it?
Do you have to pay tax when you pay off the car to the dealer? If so, that may end up being more than the $2500 equity you have right now. The offer price from VROOM may also decrease in the weeks it will take to take care of everything and wait the required amount of time.
Just curious, why are you trying to sell a car you just leased recently? What are you planning to replace it with?
Good points. Tax included in payoff quote. I did have to go to a few dealerships and returned. Car needs have changed, not needing the car at this time and glad to reduce my monthly overhead.
I don’t expect the offer to change much, expecting to stay positive or break even at worst.
Concerned though about how long it’s going to take GMF to process paperwork and have title in hand.
Makes sense, hope it works out! 
I talked to GMF yesterday they pretty much say it will take 15 business days for a title…
Took literally about 10 days TOTAL for my Chevy dealer to get the title after I sold them my lease.
Vroom offered me 39k for my LT1. Because you can no longer sell to 3rd party dealers, I went to the dealer I bought it from. They refused to even give me an offer!!! used car manager told me they had to many and were not even interested. Don’t really want to sell anyway, but 5k in my pocket is nice!
2 Likes
How about that? Cancel third-party sales, wait, 6 weeks later, and used car managers can sleep at night (lol they’re all vampires but you know what I mean).
If the captives decide to reopen 3P Sales and are smart, they will turn it into a reverse-marketplace where you can name your price, and third parties can bid/buy directly from the captives (they can charge Vroom/Shift/Carvana/Carmax to process the sale to them).
1 Like