They wouldn’t disclose that to the consumer.
Won’t be hard to drop that one off
yeah makes sense. Thanks for the clarification
Unfortunately Carvana has given me the lowest trade in quote of them all $36k Vroom gave me $40k
I mean as in when the lease is up, but it looks like you still have some to go on it and you’re trying to get out of it.
I would think a $450/mth payment on a Tahoe LTZ would be a fairly easy lease swap, if you cant make any more money selling to a dealer.
One would think. However it has been anything but. $3k in payments.
I have had one GM dealer offer me $42k for it which would put $270 in my pocket based on dealer payoff. Unfortunately, the rest of the deal sucks.
First time using Carvana. Super easy. The agent Uber’ed to the location, Quickly glanced the car, didn’t even check under the hood or test drive the car. The car had a crack and scuffs in the front bumper, but I noted that in my comments. Paperwork took less than 10 minutes and then the agent drove off with the car. It was a 2004 Lexus IS300 with 175k miles. Carvana gave me $1600, Vroom $1000, dealership $1200.
I just sold my first car to Carvana as well. I have used Carmax twice in the past, but they offered me over $1,600 less for my 2013 Mazda CX-5 than Carvana. Vroom was the lowest of them all by a large margin. I was pretty honest in my online appraisal and was given a check for the amount quoted online. Super easy transaction.
Vroom - $8,000
Carmax - $9,500
Carvana - $11,158
It was an easy decision.
Just Sold my 2016 Honda Accord Sport to Carvana, super stoked!
My lease ended 10/24/18 and got a 10 day extension so I had to do something quick! If I turn it in to Honda, there would have been about $1.9k in lease end fees. If I turned it in and leased another Honda, the lease end fees would have came out to $900.
My residual value was $15,803.15 so I ended up with a check in my hand for $576.85! The process was super easy they came this morning and were gone in 15 minutes.
She’s up for sale now, sold this to Carvana for 24k a few weeks back. Asking price is 26,800.00
Looks like they put new tires and fixed the door ding.
Nice job!!! I’m in the same situation as you. I have a '15 Civic Si w/24K miles. Payoff is $14,894.08 which includes $847.15 in taxes. w/o taxes it comes to $14,049.49. I just got a quote from Carvana for $16,425. I am going to lease another Civic, I’m waiting for the 2019’s, and they are slowly arriving. I can’t seem to get a straight answer from anybody. If I sell it to Carvana, will I have to pay that $847.15 in taxes? If I go to Honda and show them Carvana’s offer, AND sign to buy another car, same pricing, from them (they have the VIN Numbers, just not the actual cars in stock yet) will I have to pay the taxes? I could really use your advice. Carmax quoted me $16K, but $400 + is still better. I look forward to your response, and anyone else who can help
You’ll want to call Honda Financial Sevices and ask them for a Dealer payoff. Since Carvana is a car dealership, your payoff should not include sales tax. Car dealerships are exempt from paying sales tax, that’s what HFS told me.
I doubt Honda dealership will match Carvanas offer but you have a better chance than I did because of your low mileage. I would keep the transactions separate unless Honda offers you more than Carvana. That way your trade-in equity doesn’t get lost or shuffled around in the new lease transaction.
Before I get into it, when I initially put my car into the Carvana system, I put in that I had finance on the account. I fixed that, and said I didn’t, because I know what the payoff amount is. Did I do that right? Now to your advice…So I called up HFS and they told me that Carvana would have to pay a $350 +tax fee. I was thinking of going to Honda and showing them the offer and asking them to match it. I’m going to lease a car from them, wouldn’t they be stupid not to say yes? I also built up $120 in NSF fees over the lease term which includes $96 worth of late fees. I thought that HFS would work with me, since I’m getting a new car, and none of those fees actually crossed the 30-Day threshold. From what I understand, thats when it hits your credit report. So there’s $216.53 I have to pay for being a dumbass. Maybe the dealership will hook me up.
I did the same thing you did. When you call Carvana just let them know you have a lease and they’ll make the correction. Shouldn’t change your offer amount.
Sounds like they are including the disposition fee which is only applicable if you were turning in the car or buying the car. My understanding is that if you trade in or sell to a dealership, your dispo fee and sales tax are not applicable. Unless it’s stated otherwise in your lease agreement.
I think with low mileage on your car they should be able to match Carvana and still make a profit when they flip it but there’s a lot variables with that, so I also wouldn’t be surprised if they low balled you. Leasing another Honda from them might help them get to your number but again it’s all a numbers game and that’s why I prefer to keep the transaction separate, keeps them more honest.
I would think they can work with you on the late fees, I only had one on my account and they waived. Doesn’t sound like you have any wear and tear on the car, and Honda gives you $500 allowance for that. So I would tell them since there’s no wear and tear can they use that allowance to pay your late fees. The $500 doubles to 1k if you lease another Honda so there’s room, just not sure if their policies allow for this type of number massaging. Have you had your lease inspection completed?
Yeah, they asked me what Carmax offered me. Took my keys, and shockingly matched Carmax. That quote was from 10/7, when my car had 24,130 on it. Now its got 24,700 on it (went to the fu*****g Jets/Dolphins game yesterday, what a waste of money and miles) so I put 500+ miles on it in a month. I don’t think the offer would change. So the $500 wear and tear DOUBLES if I get a new Honda? As far as the $350 +tax, HFS said something about a new law passed in Jan 2018? I dunno. It can’t be a Disposition Fee because the car is being bought, right? I should call back.
You mention keeping things separate. How would I do that if when I want to get max money for my car by letting them know that I’m buying another Honda.
Right on… the extra miles is negligible so it shouldn’t affect your offer. The wear and tear only saves you from lease end fees, has nothing to do with your next lease. Have you done your lease end inspection? If your concerned at all about dents, scratches, stains, tires etc I’d suggest you get that done. Even if you don’t have those concerns and have time, get it done, that way the dealership can’t jerk you around
You should definitely call back because it sounds like they gave you a payoff as if you were selling to 3rd party(not a dealership). $350 is their dispo fee & if taxes are on the payoff it’s definitely wrong.
If you want top $ for your car make dealership beat the highest offer you received by $500 or $1k.
You tell the dealer you want to negotiate your new car deal first, then we’ll talk about your trade in. You don’t want them basing your sales price off of how much their going to give you for your current car. Since they already appraised your car, use this process with another local dealer
Thanks a lot for all the information. I’m confused. You mention getting “lease end inspection”? But if I’m going to sell the car because it has equity and they’ve already quoted me a price that they’ll buy it from me (like I said, they took my keys and checked it out and drove it) haven’t I already done my lease inspection? I could really use $2000-$2500 for other life things while leasing the same level vehicle.
The numbers are if I sell it to a dealership the payout is $14,049, but if I sell it to Carvana its $14,423.99. If I sold it to you, the payoff is $14,899. I tried calling back, they were closed for the day.
Just disregard the lease end inspection, it’s not applicable in your situation since the dealer is buying you out… Sometimes I over analyze things, it’s a gift and a curse.
I was told the payoff was the same whether I sold to Carvana or to a Honda dealership. That may or may not be true. But that didn’t matter to me since Carvana was the only offer higher than my buy out.
Sold our 2013 Honda Accord V6 EX-L with 70k miles to Carvana!!!
Carmax: Didn’t Bother
They didn’t even drive it around the block, just took photos and filled out the paper work.