Selling Toyota to carmax: what happens to my MSDs?

Ask the Hackrs
1

I was planning to sell my Toyota to carmax today. We agreed on a price and as I was signing all the paperwork this form threw me off. (This wasn’t my form but was taken from Reddit and verbatim what I was about to sign)

My issue: I have 2800 in MSDs towards the car. It seems like signing this form would relinquish those MSDs even though that was not reflected in the payoff number given by toyota.

The salesperson at carmax seems to genuinely not know what MSDs are (I’ve encountered this a few times and am inclined to believe him).

Has anyone experienced this before and has any advice? Tia

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2

You’ll get a check back for them from Toyota. Only time you don’t is when doing a lease transfer.

I’ve never seen that form but bought a ton of Toyotas off lease. I wouldn’t sign that form until that’s cleared up for sure but don’t think Toyota gives them to carmax…I would add an addendum to clarify that

3

“Apply the deposit to the balance”

So your equity position is the same as having the higher (gross) balance paid and then receiving a check.

4

Thanks I am going to call Toyota to see if I can have that be reflected in the payout sent to carmax.

5

I still haven’t received clarity from Toyota on this. Has anyone else had experience with this?

6

Post your payoff screenshot from your Toyota financial screen.

7

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8

Any thoughts here?

9

Without any context that number is meaningless. What’s your lease end date and what’s the purchase price in your contract?

10

That number is the number without the MSD, and that’s what was presented to CarMax by Toyota.

11

Just in case anyone else ever is faced with this issue: eventually I received confirmation in writing from CarMax (via their online chat) that they would not take the MSD. They also asked what dealership I was selling it to. When I actually went in to sell it, that form was no longer in the documents I had to sign. I received my MSDs in the mail today.

12

I’ve had a lot of people sell to carmax as well and got their msds back. I just wouldn’t sign that form! God forbid Toyota accidentally sent them the msds it would prob be a disaster to get them back