I signed the paperwork to sell my lease to Vroom. Turns out I can’t sell to a third party according to Mazda capital services. I though that just referred to a sale to a private buyer and not a dealer as this is my first time doing it. It’s 2k worth of equity but if I buy it out and then sell to vroom I assume It would take a while for that process and then I would have to pay taxes on the sale to vroom: What should I do?
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did vroom receive a dealer buyout price? Did they share that with you?
did you get quotes from other third parties? Carvana, ALGo?
It’s unusual for Mazda to give a dealer buyout price when they don’t sell to a third party. You may be able to sell to a Mazda dealer though. May be worth checking out.
Not quite. You pay taxes when you buy it out, not when you’re selling to Vroom (or anyone else).
He’d have to buy it out to sell to someone else, so he is correct. Only way to avoid this would be to sell it to a Mazda dealer direct if 3rd party buyouts aren’t allowed by chase
Chase did give me the buyout form when I spoke to the rep. The person may have misunderstood when I was talking to her as I said i am not selling it to individual but a dealer and maybe she thought it was a Mazda dealer. Since vroom doesn’t have the car yet so you think it’s going to be a problem to tell them I can’t do the deal because I found out I can’t sell to the them?
I wonder when chase changed their policy or if this is a miscommunication with them. I sold my cx9 through chase to carvana, but that was about a year ago.
Yes really strange. I just spoke to chase and the rep verified that I can sell to a used car dealer. She couldn’t send me anything in writing but said it is a recorded line. I repeated “so Mazda capital services authorizes me to sell my lease to a used car dealer” and she said “yes”. I assume that good enough but still worried lol. I called vroom who said that I wouldn’t have gotten this far if they couldn’t buy the car which I don’t necessarily trust either because their customer service is spotty. I wonder what the repercussions would be if the reps from chase were wrong?
You couldn’t sell your car to Vroom…that would be the repercussions. There would be no legal repercussions to you if you got to the point of signing it away, and Chase said no, as it’s not your car to begin with.
It’s just trusting that I am getting accurate information from both parties since this all started with Mazda Capital service saying I can’t sell to a third party and then with follow up questions saying it’s is fine to sell to a dealer. I guess the hesitation is that Mazda CS doesn’t get paid until after the car is picked up and so with the car in Vroom’s hands if Mazda were to have a problem I would have to get the car back from vroom.
Keep in mind that mazda has transitioned from working with chase to working with toyota financial, so whomever you spoke with at mazda may be conflating policies. Have you reached back out to mazda to see if you could talk to someone else and clarify?
Yes I spoke to some just a little while ago who said she verified that I could see to a dealer. She clarified that this can be someone who deals with used cars. It seems fine. I just called Carvana to check on their policy in dealing with Mazda capital services and he said that they deal with Mazda CS and it wouldn’t be an issue.
did you ever end up selling it? My lease on my Mazda is coming to an end and I have quite a bit of positive equity if I were to sell it to Carvana. I too had my loan with Chase/Mazda Financial before it moved to Toyota. Wondering if you ran into any issues.
It’s been a couple years, but I sold my Mazda leased through Chase/Mazda Financial to Carvana with no headaches at all. Was super easy. Sometimes the phone reps don’t really know what they’re talking about when it comes to these 3rd party dealer transactions.
Yes had no issues selling my Mazda through Vroom with Mazda capital services. Agree that depending on the rep you speak to you get a different message about who you can sell too. Carvana’s offer was much lower than Vroom so I would check and see what the best offer is.
