And looks like he missed the free bolts as well
Ignorance make people do strange things. Such as turn in an Ok RR lease and get a terrible Cayenne lease
Part of it depends on who your lender is. I have a lease with Toyota and TFS. As far as I know they still allow third party buyouts. I would like to replace my current Highlander. Had a realized this 3 weeks ago I would have been in a better position (was waiting on something jobwise to see if I needed a new car and it turns out I do). I do not believe Honda allows third party buyouts but you would have to check with them. If they do not and you buy it you will have to pay tax which will cut into your profit on the sale. Also, depending on the state, it may take a few days to a few weeks to get the title for the vehichle so if you decide to sell it soon, you have to take that into account. My suggestion is get current prices on your car, then call the customer service of whoever gives you the best price and ask them about paperwork. Same with whomever you plan to use to finance the purchase of the car, ask them how long the process takes rather than asking people on the internet who may not be familiar with the rules for your leasing company or state.
In my case I tried to trade in the leased car for credit at the dealer on a new highlander lease. I signed that deal last week (29th) and then the dealer said they could not locate the car and will be refunding my deposit, meanwhile there were other dealers that still had cars that no longer have them. The lease I signed was not great and looking back in an ideal world I would have accepted the Vroom offer for $5800 over the lease buyout, then use that money to finance a new highlander rather than lease one because the leases are terrible. Buying is not as bad but I was too late and there really is almost no inventory in my area. Will be extending my lease and considering if another car will meet my needs.
I do think that used cars are in a bubble and I will not get the same offer 6 months from now on my used car but who knows at this point. The Toyota dealers are telling me they will not have inventory for at least 6 weeks
My 3 year lease on Merc C300 is almost up. Ending September end, 2021.
I will have used less than 25k miles. The max limit being 30k miles.
Given that this is a seller’s market, what are the good options I can explore?
1 option I have already considered : carvana is offering me $28k+ for my car.
Buyout price Merc dealer is ~$27k.
I think this would enable me to pocket the difference of $1k and even avoid disposition fee (unless there’s any other overhead charges from Carvana that I am yet unaware of)
Any other good options , or a thread on it anyone would like to point me to?
Thanks!
I would definitely get more offers from other places like CarMax and Vroom to see if they’ll offer more. When I sold my GLC300 lease, CarMax and Vroom came in at ~$3k higher than Carvana. I ended up selling to CarMax and liked that the whole process can be done in a few hours and you leave with a check in hand.
With Carvana and Vroom, they’ll take a few days to verify your paperwork and the longest part is usually them getting the dealer payoff quote from MBFS. If you’re able to get MBFS to send you the dealer payoff quote as a document, that should help with the processing times of Carvana and Vroom, but I’ve been told they won’t provide it to me as I’m not a dealer, whereas others have had success. Depends on who you get on the phone over at MBFS.
There shouldn’t be any other charges or fees as a result of selling the car lease. There may be something regarding you needing at least 3 months left on your lease, I recall reading something about that, but I can’t find anything about it anymore and it may be something to look out for.
Update 》The dealer is pushing us to pay for the extended warranty to be able to buy out the lease. Any suggestions of what to do here. They said the only way we can let you buy the car is after buying the extended warranty which is $3K dollars. Curious to see if anyone had a similar situation
“Mr. Dealer, please go pound sand.”
In most states/brands, you can buy directly from the captive bank. No need to involve the dealer at all.
3 Likes
If you don’t want to do the dmv paperwork, some lenders will do it for you i.e. Lease Purchase - Tresl Auto Finance.
Why are you going through a dealer? Is it a requirement in your state?
1 Like
Absolute nonsense. If you are in one of the states where you can’t buy directly from leasing company then dealer fees should be no more then $400-700 to facilitate this transaction. Tell them to shove that warranty up their rear.
I plan to lease a 2022 Volvo XC60 B6 Inscription before the end of the year. I am waiting until there is more inventory so I can find the options I want, which include the seemingly rare air suspension - a must-have. My 2019 Kia Optima SXL lease is up 9/30/21. I hope to get an extension, but at the moment, the online quotes are for at least $3000 over my buy-out. If I push back getting my Volvo a month or two more, am I likely to lose positive equity or is the chip shortage going to drag on past the end of the year? I drive about 500 miles a month, so instead of 16,000 miles, it might be 17,000 in a month or two, which should have a minimal impact on value. What do you all think?
My guess is when the bubble bursts, things will crash hard. Will that be two weeks, two months, or two years from now? Who knows.
2 Likes
Call your finance company and discuss it with them
Yes. We managed to get the dealership off our back.
We were mad as-well. The clarified that it needs to be worthwhile for them to handle the transaction, and thus were pushing us to get the warantly, as they do not net out anything in the bigger transaction.
Yes sir. We managed to just call AHF and get it sorted from there.
No, it was not a requirement. They first told us they will give us a good APR and then mentioned about the warrantly. We polietly declined and now just got it done through our bank.
1 Like
I figured that would be the answer. I will certainly make a move before the end of the year. The same chip shortage that is pushing up my current lease’s value is making it harder to order what a want for my next lease. What a weird time.
Hi!
I’ve got a 2019 Tundra coming off lease in 2 months. Currently pay $375 My RV is 35.5. I’ve gotten a few as is offers in the low 40s so there appears to be some equity. Toyota has currently offered me to get a new Tundra for 36 months at $370 a month with nothing down.
Sounds like an acceptable deal but is there a good way to capture any of the equity? I know they want the truck as its a higly desirable used vehicle in my area. Could I use my offers to get a lower price or better options? I also have a couple shiners on the vehicle i was going to fix ahead of time - scratches, seats need a steam clean - nothing serious. Wonder if they would take condition into account. I’ll also be probably 1000 miles over so maybe call it even?
Interesting time for desirable vehicles right now. Thanks for any input!