Does anyone knows if lease vehicle with bethpage credit union (CULA) can be purchased by carmax…
They gave me very nice offer, I called bethpage and they said it CAN be done,and they gave me payoff info. but carmax employee i am dealing with says can not be done. I would appreciate if someone here has any experience selling leased car by bethpage fcu to any dealer…Thanks
Hi, @RVguy has confirmed that CLUA leases can be purchased by third parties - I’m most likely guessing it’s a Honda or something.
CarMax employee is wrong, but there may be a CarMax corporate policy that binds them - I suggest potentially getting on a three-way conference call to get this sorted out. During the great chip shortage of '21 & '22, many banks started restricting third-party buyouts, and CarMax got the butt end of many of these transactions. Many CarMax locations have bulletins like this -
Thank you… picture of that sign really gives me hope…
I was going to make the exact same suggestion, 3 way call with everyone so you don’t have to play phone tag.
Also be aware that CULA may come with market adjusted buy out for Your third party dealer. Did you ask ?
yes I asked , and Bethpage rep said there is only one pay off and as you said, it may be market adjusted.
its 2021 honda pilot exl, and pay off is 33,500, which sounds like market adjusted.otherwise it should be between 27k and 28k.
carvana was at 28,000
ALgo was at 26,700
local honda dealer 26,000
CarMax offered 33,300.
If this is Your pay off it may includes sales tax and purchase fee if any. Pay off for third party dealer will not include sales tax.
yes, it has no tax included. i confirmed.
I have hit the road block, carmax called Bethpage CU for payoff and Bethpage redirected call to (CULA) credit union leasing of america, and CULA rep says, vehicle can only be taken by dealer as a trade_in, ONLY… other than that dealer can not buy it out. such a bummer. I thought it was a doable but Nope…
perhaps @RVGuy can shed some light on this…
Might have to update the wiki then - keep us posted on what happens.
Usually these CUs only service these. The owner are thurd party companies. Before it was Fusion and now its Leasing for America. Different rules that even Bethpage rep might not even be aware.
@NY13…so, you mean i was given wrong information.
At CULA there is just 1 person answering phone calls, i called 3 times 3 different days and always he picked up. 1st and 2nd call he said i CAN and no mention of trade in, and on 3rd call today when i was at dealership, he changed to only with trade-in rule. In future i will refrain from leasing with CU’s.
In the future you probably won’t have positive equity at lease maturity so just go with the lowest tco at the time of leasing
CULA no longer allows 3rd party buyouts. You can trade in, buy it out or turn it in. Some CUs that we work with can also do a re-lease where you can stay in the car and in almost every case drop your payment significantly. Bethpage doesn’t have the re-lease option yet.
2 Likes
Just saying the representatives of Bethpage might not know all the intricacies of the lease rules since they just service it.
That is true, Thats exactly how wasted my time and i ended up at carmax and i had 2023 pathfinder ready to be picked up the same day from nissan dealer in NJ. Because bethpage cu gave me green signal 3 times.
Now i am asking them if they can take my CULA lease as trade in.
This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.