Hi I have I have a question. I’m considering buying out my car and trading it in. I think I have about 4-5k in equity and I want something different.
When buying out the car… once I have the title do I need to register the vehicle? Or can I just bring the title to say a Carmax and then trade in without registering it?
Tax is included in the lease buyout already
Carmax will not buy it if the title isn’t in your name.
Carmax won’t, but some dealerships may accept the lessor title, as long as you have proof that the lien is satisfied (you should receive a letter stating this along with the title). Call dealerships around you and check.
Thank you for the replies. Yeah I can register it it doesn’t matter to me. I’m just wondering if that looks weird to the place your selling it to. That you bought it out and are selling right away…. But I’m assuming it doesn’t matter at this point as they need cars
One person has told me that Chase is restricting buyouts now. Not sure if accurate or not.
Not accurate
I bought my Mercedes at lease end, paid the sales tax, waited for the title to come from the DMV and took it to Carmax the day the title came in the mail. They couldn’t care less. They took a few pics, never even drove it, and cut me a check. Took about a half hr start to finish.
Does anyone know if GM is still not allowing third party sales?
no theyre not.
My 2 leases came to an end this month and we decided to buy them both out. Although I really wanted a two new cars the dealers in New Jersey are marking up the sticker prices as high as 10K above MSRP. I tired to go through the various finance companies associated with The Lending Tree for financing. Prior to dealing with them I contacted Hyundai and GMC financing to confirm that they’ll take a buyout check from a 3rd party and they both said it wouldn’t be an issue. When I spoke with several of the finance groups about this they were fearful of buying out these vehicles. It was almost comical how afraid they actually were. In the end Bank of America gave me the two loans and all is well. You may be asking why not just go to the dealership to finance both of the cars. Both dealerships wanted to do an inspection for $1000 and charge $699 for paperwork. This increased my lease end buyout number by close to $2000 with taxes. This is the first time I ever decided to buy out a lease at the end. The ridiculous charges on the back are almost criminal and not explained up front That’s why I avoided all of that by going to Bank of America. My advice is to negotiate to overall cost of the vehicle first then work out the lease numbers. You never know if you situation will change on the back end which will cause you to purchase it.
If you’re referring to a third party buyout the answer is yes. My GMC lease in NJ came to an end and they confirmed they would take a 3rd party check to purchase it.
Bank of America isn’t afraid of buying out anyones vehicles. Give them a call.
They buy Volvo leases (their own) out at 3.5%. Thanks, no.
Edit: they don’t buy out, they provide personal loans for lease buyouts.
Did all of the car dealer financing companies sit around a table and change the rules? Due the “CAR SHORTAGE” (wink wink, nudge, nudge) they decided not to go after competitor leases. That nonsense is why I went to Bank of America to buy out my 2 leases in the end.
Not really, what happened was a ton of people started selling their cars to Carvana, it caused a ton of paperwork at the OEM that they had to hire more staff to process (During COVID at that), and someone went hey…we can make money off this.
This happened over 8 months, not all at once, and the picture I have is basically the end of the 8th months. BMW one month, Volvo another , Honda before that…etc.
BofA giving you a loan for a first party buy out is different thing than a 3rd party dealer buying out the lease. We are talking about 2 very different things here.
We traded our leased car in and got the payout notice, and now IFS (infinity financial services) is not accepting payment. Saying we have to go to the original purchasing dealer to pay off and get an extortion pay (seems like it) to the tune of up to an additional 4K!! How can this be? We have never leased before and will never lease again if this is the case. Please advise. I would think a class action lawyer would be all over this! They are claiming it has something to do with not being a direct lender in the state??? Can’t find anything about that online, and calling the state finanical institution, they have never heard of this and have not idea what they are talking about.
How much of this is tax? What is the breakdown of this number? What does your payoff notice say specifically?
To whom did you trade in? was it a Nissan Infiniti dealer or related to one?
And what state are you in? FL?