As used car prices soar, many lessees are finding that their vehicles are worth considerably more than their current payoff amount. Instead of simply returning the vehicle at lease end, you may be able to sell the vehicle to a third party (such as Carvana, Shift, Vroom, and CarMax) for a profit.
However, some lenders are making it difficult for consumers to access this “lease equity” by charging a higher lease buyout price to third-party buyers than to consumers, or altogether prohibiting third-party buyouts. In such a situation, a consumer would have to take on the onerous task of first buying out the lease before selling the vehicle, which may have tax implications.
Below is a list of lenders, organized by those who do and do not charge a different payoff amount for third-party buyers. Feel free to edit this Wiki directly and include any other insight you may have on the lender.
Lenders that DO NOT Allow Third Parties to Purchase Vehicle PERIOD*
- Acura Financial Services
- BMW Financial Services - @HersheySweet 7/22/21 (May be case-by-case; check with BMWFS directly)
- Ford Credit - @reddv1 7/13/21
- GM Financial
- Honda Financial Services - @AutoLeaseNinjas 7/8/21 (effective 7/14/21)
- Hyundai Motor Finance - @ethanrs 8/19/21 (UNCLEAR; see post 248)
- INFINITI Financial Services - @Biftikhar1989 6/18/21
- Kia Motor Finance - @ethanrs 8/19/21
- Lincoln Automotive Financial Services - @reddv1 7/13/21
- Mercedes-Benz Financial Services - @BayArea925 9/9/21
- MINI Financial Services
- Nissan Motor Acceptance Company
- Southeast Toyota Finance - @reddv1 7/13/21
- Volvo Car Financial Services - @jeisensc 9/18/21
*Except for participating dealers.
Lenders that DO Charge a Different Payoff to Third Parties*
- Audi Financial Services
- VW Credit
- Ally, US Bank, GroovCar, and CAL (@RVguy)
*Note some lenders do not charge participating dealers a higher payoff, so it may be worth exploring selling your leased car to a participating dealer.
Lenders that DO NOT Charge a Different Payoff to Third Parties*
- Chrysler Capital - @Eastcoastguy 6/15/21 (not within 60 days of lease end)
- Credit Union Leasing of America - @RVguy 6/15/21
- Jaguar Land Rover Financial (Chase Bank) - @ethanrs 6/15/21
- Lexus Financial Services
- Mazda Capital Services (Chase Bank) - @michael 6/15/21
- Mazda Financial Services
- Porsche Financial Services - @Rulnick 6/24/21
- Subaru Motors Finance (Chase) - @manku 6/18/21
- Tesla Financial - @Dwing047 6/28/21
- Toyota Financial Services
*Note some lenders do not allow third-party buyouts during the final month(s) of the lease.
This list is based on community submissions and is subject to change at any time. THIS LIST IS NOT A SUBSTITUTE FOR CONTACTING YOUR LENDER TO CONFIRM.