Is it an internal statement with that date?
I also thought Hyundai (HMF) is still allowing third party buyouts. Yours was successful?
Yes, is internal statement
I have a US Bank lease on a Tacoma with equity. I do not want the hassle and potentially risk of buying and reselling as Pennsylvania can take months to get a title. I have 5 months/4 payments left. Question: is there a department at US Bank that call about them taking it back early. I no longer want/need it but also don’t want to pay the early termination fees. I would think they have more to gain if I return it now while the market is so high.
Your best option is to find a US Bank affiliated dealer and get them to buy out the lease.
I tried that at the original selling dealer. Their payoff quote was $7k more than mine.
Just talked to CarMax and they no longer able to accept leases trade-ins from the following:
Nissan Motor Acceptance
Infiniti Financial Services
Honda Financial
Acura Financial
Volvo Financial
World Omni
Southeast Toyota Finance
GM Financial
Ford Credit
Lincoln Credit
Mazda Credit
I was going to go through Caravans but also got an email from them today regarding a Honda lease:
“Unfortunately Honda has made a policy change which no longer allows us to purchase your vehicle. Honda will no longer provide us a payoff for their vehicles.”
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Thank you so much for the info. Never done this before Im sorry if this is a newb question
So lets say I pay off the car in full with a cashiers check at a US Bank branch. They will release the title to me electronically, so somewhere in a DMV database my name will be on the title of this car? But then when I go to carmax or whoever, dont I need to have the paper title in my name and in my hand to turn over to them? Or is carmax able to pull the title showing im the owner (free and clear) from the database and thereby complete the purchase?
It depends whether your state has electronic titles or not. If so, payment clears, electronic title shows you as owner, you can sell. Others who have done this have shared their accounts if you search (obviously not every possible bank/state, but good cross-section).
Just spoke with South East Toyota, and the 3rd Party rule it’s already in effect! I thought it was beginning in August
So I guess we don’t have more time to sell our Camrys… Too bad 
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Or they told you that so you can sell your Toyota to THEM.
Carmax and Carvana won’t take SETF either so I guess they are right… I’ll try with AlGo but yes most probably it’s already in effect…
Most states only allow lienholders to hold electronic titles.
So it usually goes like this:
You payoff the car and have to also submit a federal odometer statement by mail or fax to the lienholder. Then, the lienholder will electronically notify the DMV that the lien has been satisfied. Finally, the DMV mails you the physical title to your address.
It’s all automated except the odometer statement, so it shouldn’t take more than two weeks turnaround.
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Yes - that was the point of my post update.
Ball has fallen, starting 7/25/21 BMWFS will no longer allow third party buyouts, period. No you call to request dealer buyout workaround.
Source - BMWFS, and a prominent east coast exotic dealer.
Edit: this policy may not be in effect? Separate calls have yielded unique answers.
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Wow so they went from 7/1 need to call to 7/25 No more …
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Between losing out $$$$ on the delta between FMV and customer payoff as well as dealers clamoring for more used inventory, expect no captive to allow this loophole any more.
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This is going to drive used car offers even higher at third party dealers now that this avenue of lease trades will dry up until the end of the year.
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A representative from TFS reached out to clarify that Toyota Financial Services (TFS), Lexus Financial Services (LFS), and Mazda Financial Services (MFS) do not have restrictions in place that prevent a third party from purchasing a lease vehicle, and the payoff does not change for any third party. While TFS had been reviewing its policies per the Automotive News report, TFS has opted to not make any changes at this time.
Therefore, the OP has been updated accordingly.
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Can we get Hyundai/Kia off the no 3rd party list? I’ve confirmed they still allow 3rd party sales. I saw a post on another site stating they couldn’t sell their Hyundai and listed this thread as their source.
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