This is just ridiculous, I’ll repeat myself again, the market is going to crack soon. This is completely absurd and just insane what is happening in this market and all markets.
As you can see as of late a few companies are now stopping 3rd party buyouts. That alone will crush the market.
Market won’t crack anytime soon. The big auto manufacturer banks want piece of the used car market pie. These online and carmax dealers are stealing market share and profit. End of the day, this is due to lack of microchips on new cars and hyperinflation increasing prices on used cars but ultimately it’s due to dollar being in rapid free fall.
Sorry, as someone who works in finance (and an Economics major) I have to say that I cringed when I read your use of the word hyperinflation. Yes we do have inflation (mainly because of supply constraints caused by the pandemic) for various goods but definitely not hyperinflation. We are not in Venezuela or Zimbabwe, not even close. The last time the US experienced hyperinflation was during the Civil War (and that only happened in the Confederacy).
We won’t know what inflation levels we are in only because the federal reserve always thinks that no matter what inflation the US has, it is always a streamlined 2%
It doesn’t have to be the used car market that cracks soon, but any market that will snowball in the cracking of all markets.
End of lease, original deal in this thread:
Car had 22K miles on it (thanks 2020!)
Got paid $1390 and I don’t have to pay $350 to BMW for the lease return fee. I could have perhaps gotten a bit more from Carvana or Vroom but didn’t want to deal with online, they are impossible to get a hold of on the phone if there are problems.
It was a bit of a pain to deal with CarMax too, they initially said they couldn’t do it after they wasted 2 hours of my time because I had only 1 week left on the lease and they need at least 15 days to pay BMW. Also, they couldn’t verify some info because BMW didn’t want to share with them for privacy. I had to call BMW and authorize them to speak with CarMax and they had to start the process all over again, another 2 hours.
My tip for others: start the process early, call BMW first and allow them to give whatever info needed to CarMax or whoever you are dealing with.
Now I’ll be watching the forums for new deals, but I’m in no rush while the car market is crazy.
How many miles from appraisal mileage it the offer good for ? 7 days and/or HOW Many miles?
I tried to call Carmax to find out. on hold for LOOOONG TIME.
thank you
I haven’t seen any mileage restrictions. I had friends who have turned in their cars with 500 miles more than was entered on the carmax online appraisal and they didn’t adjust the quote… Sorry this was to the question regarding mileage on carmax quotes.
Carmax doesn’t really have a set mileage limit. I recently sold a car to them and I had this same question. They said obviously if it appraised at 10,000 miles and when it is time to sell they see it has 12,000 miles on it 7 days later, they know something fishy is up, but they said 500-600 miles is fine.
I think this will end soon though. For example, a car has 10,250 actual miles. You enter the same exact car online for appraisal and say it has 10,250 miles you get an offer of $15,000. If you say it has 9,899 miles, you get $15,400 miles. And when you drop it off it has 10350, that’s acceptable to them for the higher mileage offer.
Also, I think they are going to change the offer good at any Carmax location deal too. You can enter in a vin and play around with your zip code and get very different quotes. I’ve had about a difference of +/- of $500 depending on zip code.
thanks for yoru reply. I when down physically.
But they phone to ALL Carmax is 'NO ANSWER" busy. just on hold forever.
thanks.
I called USbank and asked for my buyout amount and dealer buyout amount. Then I had carmax call and confirm the buyout amount for them from USbank and it was basically my residual + remaining payments, matched what I was told by USbank.
Hello,
Can someone share more experience to have carmax to call to get the dealer payoff amount? I am working with Carvana to sell my VW lease to them. They have fax request to VW credit but no reply yet. My understanding (from posts here) is Carmax is more helpful and will call to get the payoff amount? So if I go to Carmax store and their staff will call VW credit and hopefully can finish everything on the same day? Please correct me if this is wrong. Thanks!
Hoping for some Carmax advice from you esteemed fellas. I’ve gotten online offers from Carmax on two 2018 Accord Sports (1.5 and 2.0). Both are 10/10 inside and 9/10 outside, so I don’t have much doubt that I’ll get the full amount they quoted when I take them in this afternoon. Both quotes are good til the end of the week.
However, for one of them, Carmax was not the highest quote. But a rep told me they don’t price match, and I’m working on a constrained timeline (leaving on vacation next week), so I don’t think I can afford to lose time dicking around with Vroom, GMTV, etc (ALGO doesn’t service CA yet, unfortunately; their offer was $2k north of Carmax’s).
Here’s my question: if I get another online quote from Carmax on the second car, and it’s lower than the first quote, will they respect that first one? Or will the newer one override it?
With the existing quotes, I’m still netting $12.6k on two 36-mo leases, one that ends next month and one that ends next March. I’d been hoping and budgeting for $2.5-3k, so it’s all gravy, but I’m feeling greedy.
TIA for any input.
Pigs get fat, hogs get slaughtered.
Take the carmax offer on the table and not stress about your expedited timeline requirements.
Just bring in whatever the highest quote email you have is (hopefully you saved/had the system email you) and as long as it’s not expired they will take the highest one. I helped my in laws sell their Buick to Carmax. On Monday the offer was 24000, Tuesday the online offer was like 22700. They printed out and brought in the 24k offer and got exactly that. It seems the price/appraisal only is firmly locked in if you bring the car in for an in person appraisal.
As long as you go to Carmax during VW credit normal business hours where Carmax can call VW you should be good. I would also recommend calling VW to see if they have any sort of 3rd party authorization form where you can give permission for Carmax to talk to them on your behalf. Lastly- just keep in mind your buyout and Carmax buyout can be significantly different as Audi/VW has different payoffs for person vs dealer.
Heh that’s what I’m kinda inclined to do, but I figured it’s worth the ask. It’s big “keep hitting the slots when you’re up big” energy, which is dangerous!
Great, that’s good to hear. Thanks much!
Thanks! I will go to Carmax tomorrow to see if they can do that.
The different price is what I am worried about too. That’s why I want to know the price as early as I can. If the price for dealer is too high, will consider take the risk to buy it, pay tax, and then sell it.
