When I did a lease buyout, Ally sent me original paper title. I am not sure how electronic title works. You need to call your finance company and check how they handle the buyout process. You also need to confirm with them the timeline for this whole process to complete. All of these might be different with each finance company.
At least for my case, when I did a chat with Carvana, they said the title must be in your name to sell. Anyways, Shift took the title without any issues. I heard Vroom, Carstub etc take them too.
Check out my experience in detail here - California 10 day tax exempt For lease buyout - #60 by socalguy
Had it happen to me first-hand. Had an xt5 that I was trying to sell, just before GMF noted they were going to shut down 3rd party buyouts. The GM dealers knew this already, and while there online appraisal systems came up about 5k over retail payoff, once I brought it in for the in-person appraisal, and they realized it needed to be grounded, the offer always ended up being retail payoff and not a penny more.
At the end of the day, I lucked out and was granted a waiver to sell to carvana because I kicked off the process prior to them announcing no more 3rd party sales. I got lucky since they couldâve just said go pound salt.
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I tried to sell my Ford Expedition to Carmax last week. Ford Credit is nit allowing 3rd party purchases.
Starting 7-14 honda and accura both are not allowing third party payoffs
I donât know, nobody is holding a gun to their head⌠they take a chance and roll the dice to see if pricing gets better by the time their lease comes to expiration.
Update on my experience with Vroom:
I called Kia Financial Services and confirmed over the phone they are still accepting 3rd party buyouts. Called Vroom directly after and they eventually agreed they did not see Kia or Hyundai on their exclusion list of cars they cannot buy (go figure).
Had my Kia picked up on 7/6 and just received my payout direct deposited into my checking account today (7/9). Not sure why they originally said 3p buyouts werenât available but glad it worked out.
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Vroom seems to just be pulling the 3p buyout excuse out of a hat randomly
Late to the game, but look what made the news
Is it an internal statement with that date?
I also thought Hyundai (HMF) is still allowing third party buyouts. Yours was successful?
Yes, is internal statement
I have a US Bank lease on a Tacoma with equity. I do not want the hassle and potentially risk of buying and reselling as Pennsylvania can take months to get a title. I have 5 months/4 payments left. Question: is there a department at US Bank that call about them taking it back early. I no longer want/need it but also donât want to pay the early termination fees. I would think they have more to gain if I return it now while the market is so high.
Your best option is to find a US Bank affiliated dealer and get them to buy out the lease.
I tried that at the original selling dealer. Their payoff quote was $7k more than mine.
Just talked to CarMax and they no longer able to accept leases trade-ins from the following:
Nissan Motor Acceptance
Infiniti Financial Services
Honda Financial
Acura Financial
Volvo Financial
World Omni
Southeast Toyota Finance
GM Financial
Ford Credit
Lincoln Credit
Mazda Credit
I was going to go through Caravans but also got an email from them today regarding a Honda lease:
âUnfortunately Honda has made a policy change which no longer allows us to purchase your vehicle. Honda will no longer provide us a payoff for their vehicles.â
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Thank you so much for the info. Never done this before Im sorry if this is a newb question
So lets say I pay off the car in full with a cashiers check at a US Bank branch. They will release the title to me electronically, so somewhere in a DMV database my name will be on the title of this car? But then when I go to carmax or whoever, dont I need to have the paper title in my name and in my hand to turn over to them? Or is carmax able to pull the title showing im the owner (free and clear) from the database and thereby complete the purchase?
It depends whether your state has electronic titles or not. If so, payment clears, electronic title shows you as owner, you can sell. Others who have done this have shared their accounts if you search (obviously not every possible bank/state, but good cross-section).
Just spoke with South East Toyota, and the 3rd Party rule itâs already in effect! I thought it was beginning in August
So I guess we donât have more time to sell our Camrys⌠Too bad 
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Or they told you that so you can sell your Toyota to THEM.
Carmax and Carvana wonât take SETF either so I guess they are right⌠Iâll try with AlGo but yes most probably itâs already in effectâŚ