Because the details matter here, were they talking about you buying your car and saying it had to be done through a Lexus dealer or did you ask specifically about 3rd party dealers buying it for themself?
That is an important detail. They would not even give me a payoff statement. Said everything needs to be done through a dealer. I said I donât want to see the dealer at all and they said there is nothing they can do. I need to see a dealer to get a payoff statement.
Sorry this is not a complete answer.
The dealer said carmax is the only third party dealer they allow. Not sure what else to tell you.
Definitely some logic gaps thereâŚ.
Not sure this was attempted but did you ask Carvana if they could get a payoff statement from LFS on your behalf? Regardless, good job playing the market and getting your equity!
I did. Received an email from them asking for a detailed payoff statement from LFS. Iâve done this before. Never had an issue until now. I never leave equity on the table.
1 Like
With carvana effectively being cut out from lease buyouts they will have a very difficult time growing equity. I may buy some LEAP puts on them. The prices they are offering for cars right now will bankrupt them. They will pay anything to keep top line (revenue) growth in check. Stock will drop off the cliff if they donât.
1 Like
This tells me that you were talking about your payoff.
The conditions youâre talking about here are a Florida issue.
This tells me that 3rd party buyouts are allowed, albeit perhaps limited. Note that the dealer has no say in this, often are misinformed, and are highly motivated to tell you that other 3rd parties canât buy from you. The only entity you should be asking that question of is LFS.
1 Like
Who are you referring to when you say âtheyâ? I am assuming dealer and not LFS because why would LFS be matching any offer? Did LFS say they donât allow 3rd party buyouts anymore?
They⌠LFS.
I did not specifically ask LFS if they will not allow third party buyouts. I called to get a payoff statement since Carvana requested it. LFS said you can only get one at the dealer. The dealer told me they allow buyouts by Carmax only and do not allow Carvana to purchase the vehicle. I have another vehicle to buy out and sell to Carvana in 3 months. If someone can get a fuller picture please be my guest. Iâd like to know myself.
In the future, you can generally tell carvana that it is a leased vehicle and provide your account information and they will pull it up.
Yes, the standard request form asks for you to provide it, but itâs just a generic list of asks.
I would take anything the dealer says regarding 3rd party buy outs with the largest grain of salt you can find.
Your "they"s are incongruent here. The dealer told you that LFS wouldnât allow the buy outs. You really need the info from the only other entity that is party to your lease; lfs themselves.
1 Like
So LFS never said they donât allow 3rd party buyouts. I wouldnât trust what the dealer says. You can also tell Carvana to call LFS to get their buyout price.