You might want to give me a holler. Perhaps my dealer can help fix the situation.
Iām new to this concept and have a Toyota and Hyundai lease. Does when I started my lease contract have to do with whether theyāll allow a third party buyout? (sounds like Hyundai could be the problem). Thanks!
No: the change immediately affected all Hyundai leases.
Carmax just added Ally and US Bank. I wonder how long it took them to do so since both charge a higher amount.
So I just got off the phone with Kia finance and was told by the lease department that they will allow 3rd party lease sale but the company has to contact a Kia dealer to get the buyout price. Anyone else had this same answer given?
They will allow itā¦but they are so slow in giving Titles that no one wants to touch it. So basically they āprevent itā indirectly.
3 Likes
We have the ability to purchase all Kia leases as a third party dealer
2 Likes
Sent you a PM for my Jeep. Thanks.
1 Like
Hey Yāall, just wanted to find out is Mercedes-Benz still restricting lease buyouts to third-party dealers/ online resellers still, or has it changed?
Last time i checked it was in October for a CarMax offer but found out i could only buy it out or sell it a Mercedes dealer
Nothing has changed
3 Likes
So I have about $5300 equity on my 1 year old Highlander Hybrid lease, when I mentioned this to my accountant, she said I would have to pay tax on it. I thinking she probably thought I would just sell it. But this would be from a check with Carvana. You donāt pay tax on it correct? She says it goes into ordinary income.
Thereās much debate had if equity is always income or if only above and beyond your costs, and it likely varies by state. I would continue the conversation with your accountant and follow their advice.
3 Likes
Does Carvana give you a 1099 of sorts? I most people that sell vehicles, or anything else to private buyers donāt pay income tax on it, is this the same? Yes, I will double check with my accountant as well, but multiple opinions never hurt.
No, they donāt.
On private party sales, if your selling price exceeds your costs, tax is due.
1 Like
There is essentially no way the IRS would ever know of this unless you tell them.
2 Likes
Iām in the middle of an Equityhackr deal at the moment for a MB. They say they can do it no problem. I sent them the images yesterday, inspection today, and I think the deal happens very fast.
Does anyone have an update on Mazda? Can be a Mazda lease still be sold to Carvana or any other 3rd Party?
Any limitations in terms of minimum holding time?
Have another Ally lease that I am scheduled to sell to a local dealer tomorrow, if I decided to give Carmax a shot before heading there, would it be my personal payoff or 3rd party that they would be going off? My local dealer goes off personal payoff but Carmax is offering $1,000 more in equity.
Ally charges higher rates to 3rd parties
If Carmax is only offering $1000 more, just give it back to the dealer and walk away. Or keep till the end of the lease.