Seems like the most logical thing to do - doing it this way would completely every deal written on an inbound unit with a lease return. Would be a disaster
These is always finance, or even CULA (maybe)
So right now I want to sell my 2021 Lexus that has 5 months left on the lease with LFS. Are you saying I should try to get it done in the next week so that come July 18 3rd party buyers like Algo and Driveway would get a new payoff price vs now that is the same whether I do payoff or a 3rd party buyer?
i would get it done asap yes.
Man you triple posted that.
My friend sold his leased NX to Carmax yesterday and told the sales person about the rule change starting July 18th. They said that they will overnight the check to LFS.
Hey so I have a question, so I can sell my Acura ( American Honda lease) to a Honda Dealer which is same" I am trying tonged a Tesla my payoffs 27k and dealer finally agreed my demand which 34k, so I can use 7 K profit as extra downpayment. what you think, before that I have trade in my 3 Acuras to various dealers and they just called AHF and got the payoff amount.
let me know your thoughts.
the Honda Dealer would give you a check, there is no other confusion with the Tesla lease or Purchase.
And Iâm assuming you meant to say you are trying to get a Tesla.
Sorry for the typo, yes so I have 3 months before my lease ends for my Acura, so I am debating should I buy the Acura for 27K with almost 7.9 APR or sell It and use the equity and more to put down the down payment on Tesla and still have close to the same EMI as Tesla interest rate is 5.89 as Acura and also get 7500 tax rebate and never have to go to gas station lol, I am Also gadget freak and more I explore Tesla, I am falling in love with it.
I just leased an RZ450e yesterday. I was told by the dealer that I can buy it out at any time. Itâs Lexus financial services. I plan to buy it within a week. This thread seems to indicate otherwise⌠am I screwed?
You can buy it out yourself for your payoff amount. What is being discussed above is if a dealer can purchase it for the same payoff amount.
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If I have a lease through GM Financial prior to GM deciding to no longer allow third party buyouts (I leased in January â21, policy changed a few months later) can I sell to third parties? I read the lease agreement and it seems to give them the authority to decide to restrict sales at a later date (as theyâve arguably done now).
Hit up @DNA_Auto_Wholesale1
He can buy out GM leases.
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And You can buy it out after the lease will be founded. Sometimes it takes more than a week.
Anyone had any luck with Genesis Finance lately? I have some solid equity on a âleaseâ except my name is on the title and not theirs. Just have the lienholder as Genesis Finance. They called it a lease when they sold it to me, gave me 36 Month payment terms, yet their system doesnât see it as a leaseâŚShould this be an easy buyout?
If theyâre listed as a lienholder and not the owner, thatâd suggest a loan not a lease. Was it a balloon loan maybe? Do you have the original contract?
One of those Owners choice type thing for Tax on Sales price states (TX/GA/etc.)?
I donât have the contract on me unfortunately, but I do know itâs not a balloon deal and I paid the 1.25% Oklahoma sales tax which appears to be based on the full price of the car, which I paid when I did my TTL registration ($465 or so).
Unfortunately no, GM financial and all these banks structure their contracts in a way to benefit them. You can sell it to any autonation dealer or any other dealer that has your particular brand under their umbrella- ie a dealership or âauto mallâ. You can sell it to Carmax, but you would have to buy it out first and then sell, pretty much losing any equity if there is some.
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Ok, so is this still a thing or not? In 2021 I was unable to sell my Chrsyler Pacifica to any 3rd party because Ally (assholes that they are) wouldnât honor the residual value as a buy-out price, and instead wanted the then retail price (which was $4k more than itâs MSRP 3 years prior). I had traded in my leased vehicles 6 times previously with no issues; always with equity which I use as the DP towards my next lease. Not in '21 however. I was forced to buy the car and I WAS PISSED. The contract said nothing about âthis price is just for youâ. Everyone I spoke to in '21 was shocked and had never heard of this; not the dealer I bought it from, not the credit union I used to buy the car, not a car-broker I know, no one.
So - is this the deal now? They just want to crush your ability to move into another vehicle? I have to purchase the car and sell it to take advantage of the equity in the car??? This thread is too long and too confusing to follow. There was an industry standard pre-COVID, is that standard now a thing of the past? I have about $8k of equity in my 2020 Jetta if I were to sell it on my own (residual is $16k; itâs a SEL Premium in great condition). I should be able to get $5-6k as a DP towards a new car if I were able to trade it in when transacting on a new car. Where do I find out what the new standard is in a succinct, easy-to-understand read? I have 3.5 months to get this done.
Thanks everyone for your help. Cheers!