Thank you!
I will call tomorrow and let everyone know.
Hey All,
i got Payoff dealer price (basically 3rd party doesnt pay sales tax).
Does anyone know if i can Place order for new BMW, extend lease until it is ready, and then sell to carmax, etc. I just dont want to be without a vehicle for longer than needed to make 4k in the process.
BMW will let you extend for 2 months, just need to ask. You can extend another 4 months after that if you have a production number for a build in progress.
Just keep in mind that your 3rd party payoff and the carmax offer may be significantly different in a few months when your order does arrive.
i already extended the 2 monthsâŚOct to Nov will be the final month. So i plan on putting in an order soon.
While i place an order in the next few weeks, and extend another 2-3 months, would i still have the ability to sell/payoff car prior to taking delivery of new car?
meaning if i sell tomorrow and have to wait 2 months for new carâŚit will leave me 2 months with a baby and no car =). i rather hold and wait until the last week the car is delivered to sell/payoff, etc and see what the difference is. Is that legit?
Youâll always have the ability to purchase the car yourself. At that point, you can sell it to whomever you want. Carmaxâs offer may drop significantly between then and now (although, it may stay the same or go up).
You may not have the ability to have carmax buy out your lease. BMWFS currently allows 3rd party sales (with some minor hoop jumping), but there is nothing to say that they will continue to do so moving forward. They are under no obligation to continue to do so.
So worst case scenario, you could find yourself in a situation where you have to buy out the lease (with the accompanying tax liability) and resell, and the offer from carmax may drop to the point where this doesnât make sense.
It could also all work out totally fine. Itâs just important to understand the risk.
Hello, first-time poster with a few questions. Any help is much appreciated.
My wife and I decided to extend our lease thinking the chip shortage/inflation bubble would pop soon but weâre currently looking to selling our 2018 Mazda CX-5 to CarMax to take advantage of the situation as I donât have high hopes prices will come down anytime soon.
Location: Illinois
Lender: Chase Mazda Financial Services
Lease Extension: Month 2 of 6 Extension ($280 mo. payment)
Buyout Price: $15,500
CarMax Offer: $22,000
My question is, if we were to purchase the lease from Chase - since CarMax said they cannot buy it outright - how much of a sales tax hit should we account for? Given that we made two âextraâ payments towards our leased vehicle, does anyone know how much this may reduce our buyout price? Iâve looked up and down our lease agreement and I see no mention of this. Lastly, are the lessors entertaining offers to negotiate a lower buyout price currently?
Again, any input is greatly appreciated.
Not a chance. What possible motivation would they have to do so?
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Just call Chase and ask those specific questions - theyâll give you the answers. And buyout is not going to change
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Iâm more curious why they canât buy it outright. I thought Chase allowed them? Or, at least for Chase Subaru FinanceâŚ
Mazda is listed on the sign
It doesnât indicate whether itâs Chase or TFS (so both?). It could simply be a Carmax policy to eliminate confusion between the two, but unless someone with a Mazda/Chase lease has heard otherwise, they should be able to sell it to a third party still.
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Yeah I saw that and assumed TFS Mazda, but @RoboWS6 indicated that they have Chase Mazda, which is why I asked.
Iâll investigate this week with my local CarMax if I get a free 20 mins.
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We went to CarMax a week ago and they informed us that Chase Mazda Financial will not allow CarMax to purchase our car. She said this was a relatively recent change and showed us a list of lessors - maybe 12 in total - that is following suit.
With regard to negotiating a lease buyout price, I came up on the subject while researching as an option that might be worth exploring yet I havenât read personal anecdotes of doing so - thought Iâd ask directly.
Called Chase today and got some answers to my questions posted yesterday. Iâm just a person that likes to have some idea of information going in. Iâm sure thereâs been instances where a company/institution tells me one thing yet the general consensus - especially on forums - differs which allows me to push back as opposed accepting their answer as fact.
I wouldnât take as gospel that they arenât allowing 3rd party buyouts until I heard it from chase. Wouldnât shock me at all if carmax just said âwe donât want to deal with the potential chase/tfs headache, so we arenât buying anyâ and the blame got passed to chase through the grapevine.
Hmm. Iâll ask Chase tomorrow. Iâm in the Chicago-area and thereâs a few CarMaxâs around so I might try another and see what they say. Maybe theyâll even offer me more.
Hey all, wondering what experiences anyone has had with getting an online quote from CarMax and then going in person and getting hit with a much lower amount. Is this happening?
It seems like every time I check, the offer on my Pathfinder actually gets higher. First quote in early Sept was $24,000, then a few weeks later it was $26,000. Yesterday I updated my quote from them and got $27,400.
At that price Iâd go buy out my Pathfinder today ($20,230 + $300 buyout fee + $1073 tax/tags) and walk away with close to $6000 once I get the title. Iâm jut worried that Iâm going to do that, and then when I actually go in person theyâll find a reason to offer much less.
The car is near perfect and 6000 miles under my lease limit. End of lease inspection found zero chargeable wear and tear (or any actual wear and tear really outside of tire tread). Iâm jut paranoid about getting screwed and then stuck with a car I donât want to keep.
The quotes going up is a reflection of the used car market (and overall market in general) and probably not some game to lure you into a CarMax just to get lowballed in person. People are finally coming to grips that the supply shortage isnât some âshort term problemâ but a full blown crisis and that weâre probably in this low-inventory environment for the foreseeable future.
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5 cars sold to Carmax. They always matched online quote. Great experience. It takes around 2 hours at their dealership. If You lease the car ( if You can sell without buying iit first)please go there during the week when Your lease bank is open. They need to verify payoff number.
Good luck
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If you want to cover your bases, you can call whichever store you are interested in, ask for sales, and see if they will send you a link over email to submit pictures for a more detailed estimate.
I did that on a 4XE that they couldnât quote with their quick online system. They ended up actually adding to the amount after I went in and said that I think that itâs worth a little more with me overstating the miles a little bit, and they did their required verification inspection.
I feel like that was a more solid âofferâ going in, cause they had a chance to look at pictures.