My dealership wants to buy my Cadillac. But I’m very confused. Here’s the thing: this is not even my car!
Like, in a few months I’m gonna return anyway my beautiful Cadillac …
Like, it’s a leased car and belongs to gm anyway. So I can’t understand why they keep email me that they want me to bring the car and they’ll pay me. Like, how can I sell something that is not mine … ?
It’s belong to the bank and I’m going to return it anyway
Can anyone please explain?
Also, friends told me I can make money on this car. How? Again, it’s not mine. It’s a leased car and I’m going to return it anyway soon as the leases ends and I’m shopping now for my next vehicle
They pay the bank and take the title. You get a check for the equity. However just because they send you emails doesn’t mean there is equity (but probably). They just want you to come in.
I spoke to them by phone. Seems that any dealership I speak to really wants me to return the car by him
I have ~20k miles (my lease is 12k/yr, so ~20k out of 36k)
So what is it means equity if I anyway going to return the car?
For me the only question is either I return it in Cadillac dealership near my house or driving one hour each direction to my dealership that really wants my car
You should find the current buy out price and compare that to quotes from Carvana, Shift, carmax and others. If you have positive equity, meaning these companies will pay you more than the buy out then you can just sit at home and get paid (they will come to you to pick up).
It sounds like you are most likely just receiving pre-generated emails that they are sending out to all of their customers. Inventory at most dealerships is pretty low right now, as everyone has found out over the past year or so. It’s helpful to get offers from Carvana, CarMax, Vroom, etc in order to get a baseline valuation but keep in mind that only a GM dealer (or a store that owns a GM dealer in their network) will actually be able to buy out your lease. Speak to multiple Cadillac (as well as Chevy and Buick/GMC) dealers to see who will offer you the most money. You can use the Carvana, et al offers as leverage if higher but keep in mind that most dealers will know full well that those places are not able to actually buy your car so they will probably adjust their offers accordingly. Are you looking to get something to replace the Cadillac, or do you no longer need that vehicle? If you are replacing it with something, be prepared to pay a lot more in today’s market, for all the same reasons these dealers might want to pay a premium for your existing car. If you like what you have and don’t want to pay more for something else, you may want to consider extending your lease if needed, or just buy the car out yourself if you like it.
You return a lease: You walk away with nothing except a bill for disposition and any excess wear/tear.
You “sell” a lease: You’re not selling the car per se. You’re really selling your right to purchase the car and being paid for your consent to mutually terminate the lease agreement. You would receive any equity, i.e. any difference between what the buyer pays for the vehicle and what the buyer pays the bank. It’s in your interest to maximize that equity.
Yes you can sell leased cars but also depends on the lender.
I.E.
Your buyout from your lease agreement is $25k
The dealer or 3rd party offers you $30k. You make $5k in equity
The dealer then sells that car in the current market for $34k and makes $4k
Do more research on the forum to gain more knowledge.
