When I sold a car to Carmax Irvine In Jan, I wasn’t offered a Uber / Lyft either. So it might local policy over West Coast Policy.
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Maybe, I have been to a few stores in PA, VA, and NJ so I figured it was just a east cost thing
2019 Toyota Corolla (TFS) lease in its 2nd extension with $8,730 payoff. I was offered $20,070 for the lease buyout from Carvana last week and accepted with a pickup scheduled for tomorrow. Now Carmax is offering $21,000. The Carvana offer is the highest I’ve seen, so I jumped on it and I’ve been hesitant to do Carmax because our closest location is 2 hours away and it would require my partner and I to both make the drive. My concern with Carmax is that we’d drive all that way and something would go wrong. Leaning Carvana based on their pickup service alone and my partner just sold his car to them without a hitch (though it wasn’t a lease), but now that the difference is nearly $1000, I’m conflicted! Our closest Carmax location is Easton, PA for context.
@bri0kay - Carmax is easy one. Just bring the online offer code and schedule an appointment and if the condition matches, then they will accept it. I sold one RAV4 last month, and it was real easy, and I was out in an hour with a check.
That’s what I’ve heard and it sounds like it should all go fairly smooth! Was your RAV4 a lease? I think that’s what I’m most worried about, since they have to confirm the buyout directly with TFS over the phone.
@bri0kay - No lease/finance. So the title was in my name. Please give a call to Carmax to see if they can buy the lease from TFS. In Florida, Carmax can’t buy the leases from many companies that included Toyota as well.
Carmax list from Florida:
Southeast Toyota and tfs are not the same bank, afaik TFS still allows 3rd party buyouts and carmax can buy it.
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Yes I confirmed with Carmax and TFS that lease buyouts are still okay for 3rd parties
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Make sure you go on a weekday NOT a weekend. Carmax want’s verbal confirmation of the payoff amount.
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Took our ‘21 Tacoma to Carmax in Wilmington, NC and was told that they were not able to buy out leases with Toyota Financial Services.
We’ve had several other local dealers say the same. Driveway gave the best offer but seems they require the lease to be bought out.
Local Toyota dealers are giving low ball offers.
Does anyone know if the restrictions with TFS are specific to NC?
Would Carmax customer support be able to intervene here?
Thoughts on how to proceed?
Data points for consideration:
Driveway Offer - $40,500
Carmax Offer - $38,000
Toyota Dealer Offer - $35,000
Sales tax in NC is 3%.
Most likely the associate you talked to misunderstood Toyota financial services with South East Toyota. They are two different bank, surprisingly most of the employees there don’t know that, just make sure you verify it with a manager.
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Thanks for the quick reply! We were clear it was TFS and not SE Toyota, and they followed up with a manager and still said they were not able.
It’s not a Toyota restriction. Try the “Get More Help” button on their website (near bottom)
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How picky are they on small scratches?
Sold Wrangler Sahara 4xe 60.7k sticker for 56k. Gray, cold, body color HT and safety 1400 miles. NJ
Here’s a quick tip if you plan to sell to them, make an appointment! I was a walk in customer at 4 pm and they told me they won’t be able to do the transaction that day because they are too busy even though I traveled an hour (with another person as well in their car to take me back), and it was the last day the offer was valid. Even though they’re open till late they will want to call ccap for dealer payoff which closes at 6:30 or something like that. I asked to be put on the waitlist regardless and lucked out by get called a few minutes later and completed the sale. So don’t wait for the last minute, you might not be as lucky.
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What region and mileage?
Where did you lease the vehicle?
I’ve had the same response from local dealers in the triangle region. None of them will touch buying my Tacoma lease through TFS. My guess is they don’t know the difference between SETF and TFS. I haven’t pushed it yet as I don’t have a replacement vehicle and still have a few months to pull the trigger. Also, not happy about the decrease in offer amounts in the last 30 days from some of the online companies.
CarMax want’s verbal confirmation of the payoff amount. I made that mistake on a Saturday.
Only for leases and few finance companies that are not on dealer track