In the final stage of selling my former US Bank Tacoma lease to Vroom. Buyout was $26,1xx, their offer is $36,1xx.
Obviously had to come up with the cash to buy it out myself, USB wanted 34k from 3rd party.
From my 10k profit I lost:
~$1700 NJ sales tax
$60 NJ title fee
~$150 to keep full insurance for 6 weeks
~$180 finance charge (used promotional financing check from USB credit card to pay for part of the buyout)
$27 to overnight the buyout contract to USB (waste of money, didn’t speed process up at all)
Also had maintenance done at dealer ($75), took care of a recall issue, and brought it to wash ($15).
Vroom uses Montway to find a transporter. Other than the time it took to get the title, only issue was the first driver that took the job. Completely unresponsive, was going to be a day late and cancelled because I wasn’t going to be home when they wanted to come the next day. They found a new driver who should be here tomorrow morning .
Process was a bit of a headache but worth it for ~$7800. Started May 4th and I will hopefully be paid this week. Sorry if this got off topic but I wanted to give an example of what it takes to get equity out of a lease with an anti 3rd party bank.
Just heard that GM is not selling leases to non-GM dealers. “GM Financial will temporarily stop dealer payoffs on lease vehicles from non-GM vehicles”.
Per a discussion with Porsche Financial Services two weeks ago, the consumer buyout is also available to first and third party dealers, not withstanding tax implications that vary by state. @ethanrs GT3RS thread seems to confirm this, as it appears his dealership entity acquired the vehicle at the same price as the consumer buyout. It’s interesting (in a good way) that PFS now offers full lease transfers without original lessee liability and also differs from the other VW Group brands in this regard.
I have a Nissan lease so my understanding is that a 3rd party buyout is not even possible as of two months ago.
I learned this week that if I buyout the lease myself with cash then I have to pay a $1,295 fee (in addition to the $395 disposition fee)! Or I can finance it, make payment for 6 months… and then pay it off without a penalty (my lease is up in October).
Not worth it for me to only make 5k and then have to overpay for a new truck. (The lift and tires I put on cost about tha) so would be a wash
I can get a Sierra 1500 elevation diesel for 600 24months, but it’s less equipped than my current ram. If I would have got the extra 3k by not having to pay tax I would have done the deal tho
I can confirm US Bank Toyota Tacoma lease they are charging more for 3rd party buyout. They wont even quote me anything for 3rd party saying it depends on a bunch of things. I need to look into buying it myself and selling to carmax within the 10 day window CA allows. Will carmax accept title that US bank has signed over to me with my info on the back? I hope so
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