So I have never used Carvana and I want to make sure I a doing this right with my lease and the payoff amount.
We have 1 payment left on our Pacifica. Ally bank quoted me the buyout price as $21,872.
I just entered the car into Carvana and they offered me $30,974.
Can that be right? Can I seriously make $9000 of our leased minivan?
Are there any restrictions against selling a lease to Carvana if you aren’t using Ford or VW Credit?
I just noticed you said Ally above, sorry. I am not sure what their policy is on timing, but, I do know the payoff they quoted you may be your personal payoff but they could charge a market based payoff to a third party dealer (which may be significantly higher). Search the forum for other discussions on Ally lease buyouts and you will get plenty of details.
All of the above are true. You might need to buyout the car, pay taxes and get the title before selling to a third party dealer. Your profit might shrink but in reality the first option might not have even been possible
I just called Ally and I could hardly understand the woman. She said (I think) that I can do what I want with the car. Carvana would just need to send me the check in my name and then I pay Ally the amount owed. She claimed my payoff price is the same as Carvana…which sounds fishy.
No, Carvana would never pay you unless you outright own the car. Carvana would need to buy it from Ally, but Carvana doesn’t work with Ally bank anyway. You either have to buy the car out yourself, get title, and sell it to Carvana then; or see what Carmax will offer as they work with Ally directly.
Make sure you get the 3rd party buyout not your personal buyout. In my case, somehow, they are the same for my 2021 Rav4 however.
wow. So I just called Ally and pretended to be a dealer. They gave me a dealer payoff of $37,275. That is more than the car was new in 2018! $15,400 more than my personal buyout price. I get their logic of not wanting me to profit on their property, but WTF?!
That was actually going to be my next question. So if I buy it for $21,872 plus tax (6.75 in my county) I’d pay approx $23,348. Right? And then could I turn right around and sell it to Carvanna or whoever, assuming the offer is still good. Carmax gave me $25,000 online offer.
Has anyone done that recently?
Regarding Carvana: they do not buy out leases through Ford Motor Credit, Ally, Nissan Motor Acceptance Corp, or US Bank, nor those within 60 days of the maturity date.
I do not have any experience with the entire process of selling a car to Carvana, however I have uploaded the required documents and have been waiting for more than the 1-2 days that it says it will take to review and be able to schedule the appointment. From what I have read online- their service sucks.