You can not transfer the lease to carvana. You can sell the vehicle to carvana and have them buy out the lease if your bank allows 3rd party dealer buy outs. No tax is due.
Sold a 2020 Subaru Ascent Limited I lease 12 months ago for $430/month 0 DAS for $41,6xx to Carvana. The MSRP when I leased it was $41,866. Easiest transaction, car picked up Wednesday and 10k in my account the next day. They returned my 12 monthly payment plus I was paid $4,900 for driving the car.
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Should have lease 2 and saved even more!
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What trim/mileage? I am also looking to sell my 17 Impreza, but they were coming in lower for me ($16,400 for premium with 47k).
Equity peak is just about here, I believe this June is it, prices will start to peak within weeks and then the fall off. Only weeks left in my opinion to get the best equity out of your used rides. I heard a story yesterday on here that to me signals a bubble in used car prices.
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See that right there, those are signs, that’s what a bubble looks like in used car fantasy land. There is no way possible this can continue. It just can’t, I don’t care how much shortage there is someone is going to be paying the price for all of this ridiculous mayhem. And the ones left holding the bag will be those idiots paying more money for used cars than new. And allllll of these used car buying players thinking they will be flipping these cars for profits, well they will lose out severely when this market goes from 1 extreme to the other, which will happen. A tad bit of news that vehicle production is increasing and the chip shortage is slowly reversing and coming back online, you will see prices of used cars drop 15-20% within a week or 2.
Take the equity you can get today and run fast.
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Premium w/14k on odo
Just received an offer for 37k for a 2020 BMW 330i from Carvana. Next highest was 34.8k from Algo. 4k equity
I think one reason for these prices are that these are publicly traded companies (or want to be)…without inventory (cars!), they’re revenue will fall off a cliff as will their share prices…a company like Carvana, which has seen rising revenues over the years, has never turned a profit…so as long as Wall Street only cares about sales, then they need to pony up for the cars.
Bull, this will continue 3-4 months easily.
It might for another 3-4 months but it will come to a grinding halt when it happens. Like I said I wouldn’t be surprised to see prices drop 10% in a few days when it does take place.
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Nothing matters on wallstreet when the federal reserve is feeding trillions to the world.
question regarding taxes:
I’m in the process of buying out my 2018 Q50 through my bank since Infiniti no longer allows 3rd party buyouts. I’m obviously playing taxes in this transaction but do I also have to pay sales tax or fees when I sell the car to Carvana?
Also, I disclosed all the wear and tear in the car when I submitted all the info to get a quote.
What are the odds of getting a lower amount once the car is inspected?
Thanks
Nope, no taxes due when you sell
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Anyone have experience with Mazda capital? They are giving me a payoff on their portal but am worried that once I sell to Carvana, the payoff will go higher? The payoff they give “expires” too. How quickly does Carvana act on paying the car off so that there is no issues and the payoff goes up?
Sorry for the newbie question, but does selling to Carvana put my MSDs at risk? Not sure how it works. Am I transferring my lease to Carvana, which gives them rights to my MSDs?
You’re selling to carvana, not transferring the lease.
You need to confirm that your dealer pay off amount doesn’t have the msds rolled into it.
Thanks Matt! Do you know if the other main online buyers like Vroom, Carmax, etc, have the same 60 day restriction?
Carvana is the only one that I have seen that from personally.
There are many banks that won’t sell to third parties near the end of the lease though, independent of who is buying (Ford for example)
Its wild in these car streets. Carvana offered $17,100 for 2018 Passat SE with 45K miles on it. Carmax offered $17,400. Vroom high $16ks. I bought it back in October 2018 for $20K cash at 11k miles. Trying to upgrade to a bmw or audi but stuff us so dry. Need the two to coincide.