GMF no longer allowing 3rd party buyouts

Makes sense, hope it works out! :slight_smile:

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!

What Is It Reaction GIF by Nebraska Humane Society

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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).

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He clearly has no clue the difference between an LT1 and 1lt. No one has plenty of lt1s

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It’s shocking how many dealers don’t know the difference between these 2 models.

I know. I even repeated myself very slowly and told him what Vroom offered and he again said he didn’t want it. Never had it happen in 30 years of buying cars. and my LT1 is clean!!!

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@DUANEFLETCHER You clearly have to spell it out V8 Camaro most salesman don’t know difference between V6 or V8 model.

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Went to a local chevy dealership and told them i was interested in selling the car. was only able to get $1000 but hey better than nothing. got the check in the mail already car is already listed at the dealers website for around 3k over msrp with 3.1k miles on the clock smh.

Back in Late June I got a quote for my Chevy Volt from all of the usual players. CarMax had the highest offer. About $1200 above my residual and I wouldn’t have to make the last payment plus deal with wear and tear charges. Then the next day GM announced they wouldn’t allow 3rd party payoffs.

Annoyed, but not worth the hassle, I decided to keep the Volt until the end as it has the CA HOV stickers on it and my new car doesn’t yet, plus I was under miles. I also got the pre inspection done and my wear and tear is only $100.

Yesterday I walked into my local Chevy dealer to turn in the lease and they said sorry, wouldn’t take it if I didn’t buy it from them. They said they don’t have room on the lot and GM Financial takes too long to pick up the car. Huh?!? What’s the story, are dealers desperate for used cars or not? If the dealers don’t want the car, why can’t I sell it to someone who does? Lame.

I called the dealer I bought it from, 20 miles away to confirm I could turn it in and they too said only if I leased it from them. So lame.

Updating this thread as I sold my Equinox today.

Peak pricing was around Oct for 26,600 from Carvana and has been on a slow decline since then. In July 2021, Carvana was offering about 24k.

Sold today at my local GM dealership for 24k. In my area, most GM dealers offered 19-22 saying that they would rather send the car to auction. One dealership would not even make an offer since they had too many cars.

There are no issues selling GMF leases across state lines. My car was tagged/registered to CA but sold in Detroit metro.

Check was issued same day and I was out in 30 mins. Dealership cut me a check and then grounded the vehicle.

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Did you get that from Ethan?

Yessir! The #Smithfactor lives on!

I just came across this. Has anyone had any updates to this since 2021? I’m looking to get out of my Chevy lease this year but haven’t been able to find if this was temporary or if it’s still banned.

Welcome back, if your payment is competitive you could look into transferring out of it assuming it meets criteria found here. Then posting it on LHs private transfer or other sites.

Otherwise, you may be able to sell it to a 1st party dealer (GM dealer), and have plenty of other options, I’d consider looking at these two sources first.

Yeah it’s just that selling it to a 1st party dealer never gets you the price that 3rd parties will. Thanks for the info!

Hmm, there are parties like EquityHackr which is devised to get around that!

Equityhackr is a low baller. They know you’re stuck. It’s cheaper for me to take my lease back than to sell at a loss. If I could sell to carmax I would have made $2500. Equityhackr I would lose $5k