List of Lenders that Allow for Third-Party Buyouts

Agreed, MyCarAuction was higher than the 5 or 6 places I tried, even ones I knew would have trouble buying a lease. I assume if the moratorium on 3rd party lease buyouts is here to stay, companies like MyCarAuction are going to be in a great position. They take higher risk in paying out the lease in the name of the person on the lease but from what I’ve heard they have been doing extremely well and aim to grow nation wide.

I inputted car information this morning. Appraiser is already at my house. They called Kia and was able to get a payoff (dealer payoff without sales tax). Thanks again for the information.

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Excellent, glad to hear it! Glad to have them as an option for anyone who is leasing a car that no longer allows 3rd party buyouts. They also purchased a 2016 Civic from a friend of mine offering more than the other car buying places as well, which was very close to what he paid for the car 5 years ago. Crazy.

Tesla no longer allows third party buyouts. @Rodriges 29/10/2021

getting used to international standards :joy:

I have 2020 kia forte gt w 18k miles. Carmax said they don’t buy Kia/Hyundai.

There are lots of reports of Kia/Hyundai allowing 3rd party buyouts, however, many dealers will not purchase from them because of how long they take to process titles. I’d call Kia financial to verify their stance and then reach out to other 3rd party dealers that will work with them.

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I am a Kia Dealer -

We received a notice on Sept 1 from Kia Motor Finance that after that date third party buyouts were no longer allowed. Curious to hear everyone’s experience with this

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There definitely seems to be people that have sold to 3rd party dealers since Sept 1

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Good to know

If I’ve observed anything during all this “no 3rd party” business over the past year, it’s that no one, not even the banks themself, know what their actual policy is. Ha!

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i just accepted an offer from Carvana on my '21 GX yesterday ($7k in equity after leasing for just 7 months), and submitted to MyCarAuction this morning - just over $2k more than Carvana offered :upside_down_face: i see they are based in the NW, so hopefully being in FL doesnt impact any of it.

this is a pretty interesting process - loophole, really. essentially we can lease any vehicle now and go with MyCarAuction to pay off in the lessee’s name in avoiding the 3rd party moratorium stipulation. we’d be limited to this sole company for now, but if there’s one…there’ll be another down the line.

thanks for this info! good to know since the market is tight and would like to visit Volvo on an XC90 this time around once the GX is gone.

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so then you’d be using that 7k in equity into an xc90 and your payment is still going up from the gx. not sure how that makes sense.

Small price to pay for a car from this century?

ideally, it would be better to wait it out in hopes that pricing dips for this market, but that also means any built equity in the GX is likely to diminish as well. very rare you’d win at both - especially at $7k, and now with MyCarAuction offering roughly a $9-10k payout, that’s hard to turn down.

i was using the XC90 as an example - but i’m not limited to it especially if the pricing isnt right. i can jump back into a leftover '21 GX for not too much more than my current one now at $635 - it is my last option after speaking with a couple dealers here who have the same Prem Plus w/captains and Sport package available. equity used toward a leftover '21 would be $2-3k in total payments across the term, so I still pocket at worse $4k by choosing a leftover. seems like a win-win to me

understated!! the '22 does have a better infotainment upgrade to span the next couple years while they intro the new generation - but you can still tell it’s dated

it’s not a deal breaker for me to stick with a '21 tho, since I have the plug-in module for apple carplay and can easily swap it over if it comes to that

Same thing for me - when I was researching turning in a lease for positive equity vs what it would cost for a new lease, I found that after accounting for the higher monthly payment, I was still coming out thousands ahead and also starting over with a brand new car. I did a lot of research, a lot of contacting dealers directly, and finally getting a pretty decent deal via a lease broker. In each case I came out at least $3000 ahead which is pretty good. :slight_smile:

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UPDATE - TESLA no longer allowing third party lease buyouts.

@Rodriges beat ya to it :slight_smile:

In California, no one will pay off a Chrysler Capital lease except a Chrysler dealer? So for non-Chrysler dealers, I have to pay off Chrysler Capital first, get the lessor title with lessor release, and then sell to a company that will take a lessor title which currently is only My Car Auction? Or else I have to get title in my name from the DMV and pay sales tax or hope to get approved tax exemption or tax refund? Sounds like a big headache in California.