GMF no longer allowing 3rd party buyouts

Hey There @BocaCarConcierge

Welcome to LH.

Assuming you’re eventually going to conduct business here, can you please be sure to indicate that we have no affiliation despite the name being very similar.

This immediately made me do a double take.

Thanks and best of luck with your business!

2 Likes

They are currently behind. I’ve been waiting for them to get a buyout quote from GM for 4 days. They typically take 1-2. Everyone is cashing out right now, and GM (and others) probably noticed the gravy train they’re missing out on, so they’re trying to do something about it.

I also agree that they shouldn’t retroactively change the contractual terms. Talking to someone from Carvana, he also heard the news and said it’s likely not possible for them to renege on your contract if it states you can do a 3rd party buyout, however they can definitely make it difficult for you to do so.

What contractual terms did they change?

Not letting you do a 3rd party sale.

I’m yet to see a contract that obligates the lessor to sell to a 3rd party.

1 Like

Maybe I’m wrong then

There may be one out there, I’ve just never seen one.

1 Like

Typically how long should it take once they get the buyout quote? Would the whole process more than a week?

Once they get the buyout quote, it’s just a matter of scheduling a pickup with them. How long it will take for them to get the quote right now with everyone lining up to sell is anyone’s guess

At least they are still permitting lease transfers in state.

2 Likes

Quick sell the camaro!

1 Like

Dropped by Carmax yesterday evening - still offered $41k for my Camaro LT1 - same as 3 weeks ago. Will probably offer it to my dealer first and sell it either way. I think the party is almost over for profiting on these…

1 Like

My brother sold his 13k mile 2016 camaro ss to vroom for $40k the other day. Insane.

1 Like

I’m shocked by the numbers you and others are getting for theirs, especially through Carmax. Mine is nearly 44k msrp and no one has offered above 39k. Mileage is typical for the age too.

Carmax at $41k has been highest for me. Vroom was $40k. Dealer has matched Carmax before, hope they will again. Carvana needs more info and they have not contacted me.

What was your sticker? Also I imagine location matters a bit, I’m in upstate NY

Works like I charm if your Montana based LLC buys it. :sunglasses:

Richmond, VA $41,530 - but that includes Options: Auto $1,595
Sunroof $995
Tech package (better speakers and bigger screen) $900
Black wheels $800
Red calipers $395
Decklid spoiler $150
Dealer installed options (not on car - sold separately)
Body-color rear blade spoiler $695
Body-side spear stripes, Red Hot $555
Spider stripes, Red Hot $450

So the last 3 options are not on the car. But I do have Katzskin leather I was charged $1,159 for, so that might be adding about $1,000 to the offer, per the sales staff at Carmax.

Time to get rid of the Camaro

@jeisensc Can you explain a bit more why CA doesn’t have tax issue? Looking to get rid of my Volt in July. Thanks.