Are ānormalā dealers (not companies like Carvana, Vroom, Shift, etc) allowed to purchase vehicles with the title that still has the Lessor on it (though of course the lease has been paid off and the Lessor signed off)?
For example, if I pay off my leased Volvo S60 and receive the title in the email that still lists VCFS (signed off to me), are some dealers (used car dealers that arenāt franchises of any particular manufacturer) typically open to buying the car with the lessor still on the title? Yes, Iāve seen the CA 10-day threads and understand the resell permit / refund methodsā¦but selling with just the Lessor title seems nice for lazy people
We love buying cars from our customers but Hyundai Motor Finance policies prevent Carvana from paying off your current lease, which stops us from purchasing your car. This bums us out too.
You may be able to pay off your lease and then sell us your vehicle. Our Support Center has more information about your options and next steps.
Yes, that is correct, which is great! I received confirmation from Kia that the buyout was paid in full. Once that went through, MyCarAuction had a company come pick up the Kia. The last part is waiting for the title to be issued from the DMV, which I will send to MyCarAuction to get the last $1000 of the equity. Very easy process, highly recommended.
Wow, thatās great! Congrats. I got an offer of $26K from Carmax, buy told me that they canāt buy it. The dealer that I bought my car from gave me a low ball offer of $22.5K telling me that Carmax canāt buy it.
I appreciate the info. I was able to get even higher offer from mycarauction.
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 Iāve 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.
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.
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. Iād call Kia financial to verify their stance and then reach out to other 3rd party dealers that will work with them.
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 everyoneās experience with this
If Iāve observed anything during all this āno 3rd partyā business over the past year, itās that no one, not even the banks themself, know what their actual policy is. Ha!
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 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 lesseeās name in avoiding the 3rd party moratorium stipulation. weād be limited to this sole company for now, but if thereās oneā¦thereāll 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.
i see they are based in the NW, so hopefully being in FL doesnt impact any of it.