I’m planning to sell my leased ES 350 to Carmax. I just spoke with a sales rep at Lexus Financial, however, who told me that they will not allow 3rd party lease buyouts. Carmax insisted they can buy out from Lexus… 
not sure who’s right, but I’ll be at Carmax today to find out!
Los Angeles, CA
Carmax wins. If they hand you a check, it’s their responsiblity afterwards.
TFS/LFS can be purchased by Carmax.
I have Ally Bank Lease for my Jeep Grand Cherokee. Ally is claiming I cannot use a third party and I cannot trade it in to any dealer besides originating Jeep dealer. Anyone have any insight? What makes me made is the finance manager assured me there was no third party buyout ban on the lease with Ally.
That is correct, to sell an Ally, you need a dealer who is Ally and wants to sell you a new Ally.
There are some brokers here who can process an Ally without a purchase, talk to @Anthony_Lopez at DSR and see what he can do for you.
This thread is useful, but Matt’s post on this reply nails it
If you happen to be in Florida, there is a state laws that makes it more challenging.
Also some good info in this thread
Another dealer who works with Ally should be able to buy it out, but the only certain route is to buy it yourself (and pay sales tax).
I just closed on my ally buyout. A dealer can buy it from you/ally for their inventory however the 3rd party/dealer purchase for inventory quote is much different than your cost to purchase
My options with lease maturing soon were:
Turn in and pay miles overage fees + taxes
Buyout at my residual @ 298xx
Dealer purchase for inventory @ 40550.
So in order to sell it to an ally dealer or other 3rd party I’d have to write ally a check for 11k. That’s why it doesn’t make sense to sell to 3rd party with ally, and your options are to turn it in or purchase it yourself and sell it to anyone.
In my state the buyout from ally has to be done through a dealership and luckily their doc fee was less than $200. They spent an hour doing the paperwork.
I buy out ALLY leases for your price without tax.
Sending you a PM
Does anyone have experience leasing through Gulf States Finance (Toyota)? Do they allow third parry buyout?
Hi there, this might be a dumb question but…
If I’m looking to trade in my leased car with equityhacker and then buy a new car, but I still need my car before I purchase the new one, what’s the right order of operations? How do I time it so that i know the trade in value first and then can make sure I don’t have a period without a car?
Thanks!
Online wholesalers would normally give you a day or two to do paperwork (gather docs and payoff letter) before they dispatch a truck for pick up. Overall process is like a a week or so.
If you are trading with EquityHacker, why not buy a car from him at the same time?
I understand that BMWFS does not allow a 3rd party but out, however my brother has a 2020 X7 that I want to buy out. We are both in a situation where we can buy it out cash, but it would need to be registered in NY (my location) instead of NJ (my brothers location). Any insight on how to do this without paying tax twice is greatly appreciated.
You can have a dealer facilitate the buy out/purchase, but expect them to charge for the service. Will still probably be cheaper than double taxes.
Change the pre buy bmwfs registration address to the new state and then buyout & gift
While gifting gets you into sketchy territory of legality, could you transfer the lease from NJ to NY - is there more than 6 months left on the lease, or could you extend to 6 months?
Alternatively, talk to BMW of Manhattan, they are owned by BMW Corporate, so they could facilitate a buyout for the minimal NYS doc fee more likely than not.
Unfortunately the lease is up in May. My brother contacted the dealer in NJ that he leased through and they basically told him he either has to turn it in or buy it. I will look into BMW Manhattan to facilitate!
Thank you!
I will look into this. We also have a corporation that we own together so maybe that is a path as well.
Has anyone recently done a Kia lease buyout or trade in recently (to a non Kia dealership)? I heard they are difficult to get a buyout but wanted to see what experience some others had.