Ok, so I negotiated my new lease last month and dealer said they had no interest in purchasing my old suv. Went on Carvana and confirmed $1100 positive equity. I never sold to Carvana before so I called the leasing company a few times to confirm how everything worked and kept receiving different answers. I was in panic that something would go wrong using Carvana, so when I picked up my new lease, I asked the dealership to ground the car for me. Today, I find out the dealership purchased my car. Its driving me nuts knowing that my new" deal" wasn’t so great after all.When I was signing the papers, I was only looking at the monthly payment which was the same as we agreed on. I am just really confused by all of this now. How does one get a check for the positive equity vs having the dealer do this so slick? What can I say to them or do about it?
They purchased from the lender at lower price than your buyout. Happens all the time, dealers get discounts so the bank doesn’t have to take the car back.
You’re describing what happens to people when they are in a ‘panic’.
Combining panic and finance doesn’t lead to good outcomes.
Lesson learnt. Best to just focus on your own deal instead of worrying about what the dealer will/won’t do. There’s a lot of factors at play, so control what you can control. Enjoy the new ride!
There is nothing to learn. He wanted the dealer to buy at his buyout price or higher, which was much higher than the price the dealer was offered by the bank during grounding.
But he should have sold to Carvana, sure.
@Ursus I read on here all the time people getting checks from dealers from their positive equity. I’m just trying to figure out how people get this to happen without the equity as leverage or Being worked into new deal.
Why did you let them ground the car? You needed to separate the transactions. Sell exiting vehicle to Caravan…pocket $$$. Lease new vehicle from said dealer with additional positive equity from Carvana deal. The dealer didn’t do anything unethical. He just called the bank and asked what they wanted for this car he just grounded on their behalf. Opportunity lost.
If you think you’re mad now…wait until you see the price that dealer puts on your old car when it’s in his used car inventory.
@TonyI … opportunity lost-I know. Just when I think I’m understanding leading! I panicked with the timing of using Carvana vs when I could get my new lease vs being stuck w 2 kids and no car. No to mention every time I called Gm, the reps were giving me different information. One rep said selling to 3rd party isn’t even possible!! So I had zero confidence in anything I was doing and just turned the keys in
Sunshine8560…Deep breaths! Lesson learned. I guarantee you will never let that happen to you again. Don’t be shy, come here and ask for advice. Many great folks here with a wealth of great advice and experience. Now go ahead and just enjoy your new ride. And, hug those kids every day!
@TonyI thank you for the kind words! Although I’ll definitely be reading every single post on here And learning more for the next 6 months. Lol
Some banks doesn’t allow sales to 3rd party like carvana or Vroom. I know USBank doesn’t allow it
Nothing. Chalk it to a lesson learned and move on.
All the basic stuff: keeping your trade separate from the next lease; maximizing what you can get for the trade from Vroom, ALGo, dealer, etc.
We don’t even know how good or bad this new lease was
By selling it to carvana. You had an offer for cashing out your positive equity and you turned it down.