Bmw doesn’t let you sell leased bmws to carmax
Hello Hackrs - I’m also looking for some advice on how to handle my lease end.
I am leaning towards buying out the lease myself and then figuring out next steps. I am exploring all options though. Please share any opinions you have on what the best option is!
Details:
Make & Model: 2020 AUDI Q5 Premium
Trim: + Convenience Package
Lease End Date: 8/7/2023
Miles: 14,812
Remaining Payments: 2 @ $552 for $1104 in Total.
Buyout Amount: $26,027.28, All-In with NY Taxes
CarMax Quote: $32,600
Vroom Quote: $33,878
GiveMeTheVin Quote: $31,000
EquityHackr Quote: TBD
Thanks!
What would you replace it with?
New Q5 or Similar BMW/Volvo/etc. I’m fairly open
I will be under similar situation in a few months
I have a 2020 Hyundai Ioniq PHEV SEL that I’m paying $148.99/mo for 10k/36, and the lease end is 3/17/24. I think I could extend this 6 months? It only has 11,200 miles on it and the buyout price is $17,949.19. Kelly Blue Book estimates it’s worth $25,956, do you think that’s accurate?
I’m trying to figure out my best option for selling this car. I think Hyundai Motor Finance doesn’t allow lease transfers, right? So my other option is to buy out the car and resell it. Problem is I’d have to pay 6.25% sales tax ($1,121.82) on the buyout price.
1) Is it possible to buy out and sell the car without paying for sales tax similar to what’s described in this post? I’m in Mass not Cali. Hyundai Third Party Lease Buyout / Transfer - Double Sales Tax in NY? - #5 by lease_buyout
2) Could the dealership buy it from me? Would the price be competitive?
3) I got an offer of $21,000 from Equityhackr, which seems low. Vroom offered $24,514 and even if I pay sales tax when buying out the vehicle, it still beats $21,000. Unless I’m misinterpreting this quote, I don’t think transferring the lease to them is ideal.
4) Since HMF owns the car and not my local dealership, could I bring it to a dealership in New Hampshire and buy it there with 0% sales tax then resell it?
Do you no longer need a car?
I’m a college student and I’d rather make profit while the car market permits, then use that to actually buy a car.
Copy/paste your VIN into these links:
Without that. There’s no way of knowing whether you’ll get more equity as a direct sale of the lease (Equityhackr, Rodo, AUTONATION, Carshop, Kia and Hyundai dealers) vs buying out the lease and selling it to Carmax, Carvana, Vroom, etc.
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Carmax could buy it
Hi Everyone,
Sorry if I’m posting in the wrong place but I have a 2020 Tiguan lease about to end and I just found out about the third party buy-out exclusion. This is still true, yes? I would’ve made almost $8k if they let the third party buy at residual, but if I can’t do that, what’s my best option here in order to still make some equity? I don’t want to go through the hassle of buying it myself and paying sales tax as I plan on getting a different car. Can I sell to a VW dealership? Does VW credit buy it back as well? Should I call them? Any advice would be appreciated. Thanks in advance!
VW and Audi dealers can buy it at your personal pretax payoff AFAIK.
Also try Rodo, Carshop, Autonation and any LH brokers who can process the payoff thru a VW/Audi dealer, such as EquityHackr
Scroll to the top of the thread for these links.
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I just sold a 2020 CrossSport (16000 miles) to a VW dealership for a $4000 profit. Would recommend shopping around on the dealerships online. When I found the best offer I drove in and they cut me a check and paid off my balance on the spot.
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Great, thank you! I am working with a car broker who also buys cars so I wonder if they are able to do something like that. I’ll look into contacting the dealerships. Should I call VW credit at all?
No need to discuss any of this with VW Credit. You just need to know your pretax payoff.
Okay but they won’t give a different payoff amount for VW/Audi dealers? It’s just if it’s a third party?
Audi dealers have a Segmentation fee to buy out Audis, not sure about vw
You should be able to get a 'payoff quote" on the VW payment page. This payoff will be what they need to pay you at any VW dealer (based on my experience). If KBB is saying you have 8K it may be lower but you can shop that around.
How does a buyout work when you have MSDs? Can I use the MSDS part of the buyout with Mercedes or is that separate transaction?
This is going to vary from bank to bank, however whenever I run a payoff quote on my MBFS lease the MSDs are included (the payoff amount is reduced by the MSD amount).
So when whatever dealer you’re selling to runs your payoff quote, just double check that the MSDs are also included.