I got an email from BMWFS about two weeks after Carvana picked up the car saying something like “Thank you for your payoff payment…”
Carvana picked up and processed the car I sold on 4/16/21 and I’m still getting DMV registration for the car? Isn’t Carvana supposed to handle the transfer to DMV?
Has anyone had an issue with South East Toyota finance selling a lease. I checked yesterday and Carvana website is saying that cant buy my lease?
Carvana standard buy out disclaimer: Please note, we do not buy out leases through Ford Motor Credit, Ally, GM Financial, US Bank, Honda/Acura, Nissan/Infiniti, Lincoln, Tesla, or Volvo, nor those within 30 days of the maturity date.
You have to send in the release of liability. Carvana does not do this for you.
No buyouts or transfers for SE Toyota
did this change recently?
Bought out this lease at the end of a 42 month term, back in April. The MSRP was $23k when I first leased it.
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Before I bought it out at the dealer, I got a quote from Carvana for $14,500. Would have made around 2k there in profit. I waited it out.
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Checked again in June. This time they offered $16,500. Waited it out again.
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Just sold it to Carvana for $19,500. I owed 11k on it. Walked away with an $8K check to my name.
I debated waiting another month or two, but figured eff it, I will wait out the market and take out my profit now and sit on the cash. My other daily driver is an Arteon which the wife and I will share for now.
Oh yeah, we checked Vroom and Carmax, both came in $3k under Carvana. I am happy!
Just sold my VW Jetta lease to my local VW dealer today, walked way with a check for $4k. Probably could’ve gotten more, but I wanted to just turn it in, as we picked up a new Sonata lease yesterday.
After having a positive experience selling a car to Carvana two years ago, I went ahead and got several quotes for a BMW X2 that is 5 months from end of lease.
Algo came in at $29,500, but after sending them pictures they dropped the offer by over $2k.
Vroom offered $29,385 but I read they are not doing lease buyouts.
Carvana offered $29,075
Local BMW dealer offered $28,000.
Carmax, Webuyanycar, Autonation and KBB Cash offer were all $23k-$27k.
I accepted the Carvana offer yesterday, uploaded ID and picture of odometer. Today they asked me to get BMWFS to fax/email them the payoff. Two hours later I scheduled pickup for Saturday. Total time from initial offer until scheduling pickup was about 20 hours.
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If I want to drive my car across the country and sell it to Carvana at the place I’m going, getting a new one, is that something that would be possible? Does carvana have a “drop off” locations? Planing on dropping it off in Nashville whenever the jeep gets built.
Anyone done such a thing?
Nice! I also have a BMW X2, but its a month away from lease end.
I accepted the Carvana offer of $31k and they called me today asking for me to send them the payoff docs.
Did BMW stuff you around with Carvana and the Buyout Price?
At the bottom of the BMW website generated buy-out letter, it says
“This payoff is valid for the customer only.”
I’m afraid BMW will give Carvana a difference price. Did you just ask BMW to fax them?
Anything special you had to do?
Thanks and good work!
They will not give Carvana the difference. The price will most likely be identical. Unless the buyout price you see is including sales tax, in which case the Carvana price should be lower. I sold my BMW to Carvana in August without issue. If your vehicle is a month away from lease end are you sure Carvana will be able to buy it? There is a policy in place (I forget if it’s bmw or carvanas policy) that will not allow buying out a lease within a certain number of days of lease end.
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Thanks for the heads up! I did a quick google and it looks like Carvana does require 30 or 60 days on the lease. I will ask BMW for a lease extension, i heard they do 90 days, and any longer then you have to have a BMW on order. I hope that’s still true!
Thanks for the heads up!
Glad to hear you got a good offer on your X2! If you can extend the lease then you should have no problems going through the sale process with Carvana. They did ask for a document showing lease end date.
BMWFS was easy to work with, I called them and told them I am selling the X2 and would they do me the favor of emailing/faxing the dealer payoff to Carvana, which they did while I was still on the phone with them. Carvana confirmed receipt of payoff within 1-2 hours.
The difference between your payoff and the one they will send Carvana is the sales tax.
BMWFS shows my account Terminated and payoff received from Carvana within 7 business days of them picking up the car. Very efficient!
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That’s super awesome, thanks for the quick reply! That sounds great, appreciate the details!
Were they difficult with the condition? I have a small door ding, not through paint, (that would be no problem on lease turn in, at least in my previous BMWFS experience) but i’m not sure if Carvana are picky or relaxed.
Since i just extended lease online, i dont have any official docs that show the new lease end. The online generated payoff doc doesnt show lease end. I hope BMWFS can fax through something haha.
I managed to extend 30 days online but i’m only at 56 days, i will try to call up and get another 30 days on Monday… i hope its no issue! Carmax are offering me $500 less but i hear Carvana are way better to deal with, worst case i might buy it off and pay taxes then sell to carvana.
I’m so glad its so easy - i’m from australia and selling/buying cars is a nighmare, dealers low ball you and most go private (which is the nightmare part). Leasing, swapping and selling cars in the states is a piece of pie, love it!
I’ve sold two cars to Carvana and both were very easy transactions. In my experience they will not closely inspect the car. For the first car, I did mark down a door ding when filling out the form but not sure if it affected anything. In both cases someone showed up and took some pictures with an ipad, marked down the odometer reading, gave me a paper to sign and I gave them they keys. I don’t think they ever looked in the passenger seats, back seats, trunk, under the hood, etc. They said a truck would be by within 48 hours to pick up the vehicle but I didn’t need to be there. Also I received the direct deposits within 24 hours of the person showing up with the ipad. It’s probably a total of 5 minutes of face to face interaction.
I’m sure there are many other examples in this thread if you want to read over them as well.
That’s super awesome. I keep my cars in as mint condition as possible but sometimes someone gets you with a door ding. It wouldn’t be a problem on BMW lease turn in and sounds like it should be OK for Carvana. Thanks!
I managed to extend my lease by 60 days and have Carvana scheduled to come Monday!
The only thing is that they say i need the Vehicle Title - but i never received one from BMW or Michigan DMV.
They were OK with the lack of one during the document upload, i hope i dont run into Title Issues during pickup since the person picking up might not know.
Should be fine. Certain states do not send the title. In CA I did not have a title for my lease and it’s handled between Carvana and BMWFS.
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Has anyone here successfully sold a Hyundai or VW lease to Carvana as of recent? I ask because word around the campfire is that both have that “or market price” (paraphrasing) clause in their lease where if your buyout is x, and carvana will offer x+n, Hyundai will increase the amount because of market price. My wife’s Hyundai lease is ending in December and I kinda want to know before starting the process.