I had the same experience when I went to sell the car. The lady went through the bookmarks and could not find the link for HFS payoff so she googled it, signed in and got the number.
But 4 days earlier, the girl who did my appraisal said it is best to come 1-5pm on weekdays to call HFS. I wasted 3 hours over the next 2 days trying the call them in advance to get the payoff before I arrive Saturday. It was all in vain as I got someone else to do the purchase.
All in all, you need someone else more experienced handling the process. Good luck
I got Honda Financial on the phone, then conferenced in CarMax. Zero problems. CarMax (in Nebraska) was again worried Honda wouldnāt sell the lease to a third party, but Honda said they sell leases to CarMax daily in California and other coastal states, had zero concerns with the third-party buyout. Honda faxed the payoff quote over to CarMax, in CarMaxās name; everyone was happy. Swung by CarMax and the manager (who shot me down on Saturday when I couldnāt get a live body from Honda on the phone) was a bit surprised at my success, but everything closed smoothly.
Sure sounds like a local CarMax operational issue.
What was the difference between your buyout on us bank lease vs the dealers? I have a jeep I want to sell and regular dealers are all giving me run around. Some are giving me lower than my buyout because they donāt pay tax. Others are saying us bank is telling them car is sold to dealers at market value. Thanks for your insight.
This is just ridiculous, Iāll 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 wonāt 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 itās 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 wonāt 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%
Got paid $1390 and I donāt have to pay $350 to BMW for the lease return fee. I could have perhaps gotten a bit more from Carvana or Vroom but didnāt 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 couldnāt 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 couldnāt verify some info because BMW didnāt 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 Iāll be watching the forums for new deals, but Iām in no rush while the car market is crazy.
I havenāt 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 didnāt adjust the quoteā¦ Sorry this was to the question regarding mileage on carmax quotes.
Carmax doesnāt 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, thatās 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. Iāve had about a difference of +/- of $500 depending on zip code.
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. Iāve 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 donāt have much doubt that Iāll 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 donāt price match, and Iām working on a constrained timeline (leaving on vacation next week), so I donāt think I can afford to lose time dicking around with Vroom, GMTV, etc (ALGO doesnāt service CA yet, unfortunately; their offer was $2k north of Carmaxās).
Hereās my question: if I get another online quote from Carmax on the second car, and itās lower than the first quote, will they respect that first one? Or will the newer one override it?
With the existing quotes, Iām still netting $12.6k on two 36-mo leases, one that ends next month and one that ends next March. Iād been hoping and budgeting for $2.5-3k, so itās all gravy, but Iām feeling greedy.
