I think with US Bank it depends on the car too. I sold a US Bank Jeep lease to a third-party dealer. One who has no relationship with US Bank and they were given the same buyout price as a dealer that works with US Bank. This buyout price was the same as mine minus taxes.
Hyundai Motor Finance will not let you purchase your lease out directly or sell it to a third party in Florida. You must go through a Hyundai dealership.
This is not true, unless it’s a very recent change. I sold my palisade to carvana in March in FL without issue.
It is true that you have to go through a dealer to purchase it yourself though. Hyundai financial would not provide me with a 3rd party buy out (although carvana was able to look it up directly) without going through a dealer though.
Not allowed anymore within 60 days of lease end. Buyout becomes market price for CCap within 60 day termination window.
Same here, however the dealer got the same payoff as me down to the penny when they called. BMW would not give me the dealer payoff so I was worried, but it came back the same for them (3rd party car buying service). My experience on 6/14/21
Ccap includes purchase option fee $350 with all buyouts
Interesting … had the same scenario but Carvana asked for a buyout letter and Hyundai wouldn’t give it, so we dropped it and returned the lease instead. #facepalm
Yah, carvana asks for it as part of their standard process for every lease, but if you actually get someone on the phone at carvana and ask them to look it up, they can pull it up.
The ally one depends on the dealer.
Ally certified stores(I forget the name) can buy your lease for $500 over RV.
However, most dealers are not offering the same $ when looking to sell your car.
What if you trade in a lease with another brand? Do you still pay higher since a dealer is buying it out?
My guess, having gotten quotes on my Subaru’s recently, is that Chase is charging you sales tax.
My quotes, here in California, were a couple dollars less for the dealers than for me.
This was about two months ago…so things may have changed.
That was what it seems, that mine had tax, but algo wouldnt as they are a dealer type.
Was a pleasant surprise, to be sure
Algo and CarMax both told me NMAC (Nissan) does not allow third party buyouts even at higher prices. They changed their policy in May 2021. The only options are to sell it to a Nissan dealer (all I’ve checked with are paying $2000-$3000 less) or to buy it out yourself and wait to receive the title and sell it.
I’m still trying to figure out the tax situation in NY, if anyone knows please share.
Confirmed double US bank charges a different third party pay off. Checked last 6/15. It was $10,000 higher than regular buyout.
Chrysler Capital charged me additional fee (~$200) for selling to a 3rd part.
What kind of car? Seems to be a Toyota issue, not necessarily US Bank.
Us bank charges market rate. If the market rate is much higher than the rv because the car has more equity, the delta between the personal pay off and then3rd party pay off will naturally be much larger.
That’s not true for US Bank and Jeep at least. 3rd party payoff was same as mine less taxes. That’s why I’m wondering what car he got the quote for. Sounds like it depends on the brand.
In this case it was 2020 Toyota Tundra.