Nice transition from corolla → macan!
Got the highest quote from CarMax for my 2020 MDX, since they cannot take leased car, got another Acura dealer match CarMax offer, net $7400 equity check. Used some of the equity to jump on the QX80 deal this month, a bigger and more expensive car for less monthly payment
Previous MDX lease posted Here
New QX80 lease posted Here
I love this forum!!
So you didnt sell one to carmax then right?
Should I change title to “Almost sold one to Carmax”?
Or “Sold One to CarMax (NOT)”
Was not able to find a thread “sold one to dealership” … lol…
Lol there is a honda, did not check for acura
I have a 2021 camry i paid 23.4k+TTL, i have an offer of 24.4k for Carmax and I am really tempted to sell but can’t find anything I want lol. maybe even pick up a beater car and order something
Haha, I actually asked a local Honda dealer, they told me they also cannot buy leased Acura… which sounds weird, thought they are the same company…
They just didnt want it i guess as it is the same company
When is the best time to sell to Carmax? My lease is up in about 5 months and I can’t sell the car to a third-party within the final 60 days of the lease. I brought my car to Carmax yesterday and they offered me roughly 10k over the estimated buyout (end of lease buyout + 5 remaining payments). This seems like a great deal. My vehicle currently has only 24,500 miles out of the 42,000 allotted. It also is a trim that is one of the rarest for its make and has an upgraded engine. I searched the Carmax listings and only see one vehicle for the same year, same engine, and under 30k miles. I feel that my choices would be take the offer this week and pocket roughly 10k. However, the final 5 payments are going to be paid for out of their purchase offer so in theory the best case would be to keep the car for 2 more months then sell it. However, that comes with some risks, the market could change and there will be more miles on it. Now I would anticipate about 500-750 miles per month and I could use it even less to preserve the miles as it is my secondary car. There offer was significantly better than the trade in value my dealer offered me (not really a surprise) and also higher than Carvana by a few thousand. So do I milk 2 more months of use out of it since I’m paying for those months anyway with the risk of the offer decreasing or do I take the money and run? Thanks for reading and thanks for the advice in advance.
The best time, when there is lots of Equity. and it’s not 5 payments, it’s a prorated number.
So sell it now.
Thank you! When you say it’s not 5 payments, you mean the financing company would take less money then they are legally entitled to? I just assumed (I know what happens when I assume lol) that they would want the remaining 5 payments + the buyout since that is what they are legally entitled to.
Most (Not all) take a little bit less due to how MF calculation works. If you pay early they forgive the rent portion remaining. (Not the depreciation). Don’t forget some places still charge Disposition on buyouts but that’s all in your payoff statement.
First of all make sure that you can sell to Carmax and that Carmax can buy it, or actually wants to buy it when they find out it is a lease (for instance I’ve heard that Carmax can technically buy a Hyundai lease, but some locations don’t because there is such a delay in getting a title)
Next, when you sell the car to Carmax, there is no more lease. You don’t make any payments, Carmax owns the car from that point. Call up your bank or leasing company and find out the third party buyout price. This price is also called the 10 day payoff or buyout quote. Make sure that the numbers are all aligning and that you actually have equity. Some manufacturers such as VW charge different buyouts; some won’t allow you to sell to a 3rd party, and some like Ally or Us Bank Charge third party companies a completely different price. Good luck. By the way curious to know what is the car and leasing company?
It’s against Carmax policy to buy Hyundai/Kia leases, but some locations will make the exception after talking to HMF
And they shut that after waiting 90 days for the title
Yes! First time is always a good lesson. HMF is the worst lender to work with, Honda financial takes the 2nd spot
Thanks! This is all very helpful and educational.
Thanks for the response. So I received the online offer from Carmax then brought in my vehicle to a physical cCarmax location for in person inspection and to confirm the purchase amount. I know technically I won’t be making any more lease payments but I’m certain the remaining 5 lease payments will be added onto the lease buyout amount. The lease is through Chrysler Capital which according to the internet and the sales person, traditionally doesn’t charge a third party selling fee.