No, the residual never changes, only the buy out amount does. If you were doing monthly and you sell the car today to Carvana you don’t owe the 4 payments.
I think I’ve seen as high as + $6500.
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I paid my monthly payment today. If I were to sell to Carvana this week, would I get any partial payment back from the monthly I paid today?
i would wrap it and ship it to them before they change their mind
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You should get the money “back” in the form of a lower payoff, so more positive equity or less negative whichever the situation may be.
what if the value goes down are they going to force your to honor the lower amount?
This is why I mention for you to use a separate browser and make sure not to be logged into your account in case the value goes down you keep the original appraisal and no harm made. If the value goes up then you will see an option that says save offer then it will ask you to sing in and when you do so you will see the updated value of your car.
What will Carvana do if they see my curb rash and lower fender rash from scraping the curb after I scheduled my pickup date? Oops. Charge me on the spot or refuse to pick up or something else? I chose the check-in-hand option at pickup time for $5.
I will be accepting Carvanas offer today and was curious of process. I read the reviews about a brief walk around and/or drive and then sign paperwork. Is that it? Has anyone ever been contacted a week later and they say “we found this or that”? Just curious and I don’t expect anything since truck is 15 months old. Thanks
My truck is being picked up within the hour, I will report back on the exact process.
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The process with Carvana was as pitifully simple as others have stated. They arrived in a Carvana flatbed, I signed a few papers with the Carvana rep (who was an incredibly fine gentleman by the way), He looked at the truck for a few seconds (it is literally like new, so not much to see), started it up, handed me the check for the positive equity, we chit chatted for a few minutes, and that was it.
They are buying cars left right and center. He told me that in the Tampa Bay market alone they are buying and picking up 25 to 30 cars per day.
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Sold our Mazda last week that was a couple months from lease end. Process of lease buyouts isn’t explained well online, so hopefully this post will help others. Long hold or call back times at every stage, but just waited patiently for my turn.
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Called up Mazda Capital and asked for buyout amount, they would only give me my buyout with tax (12.1k), would not give me dealer buyout amount. so I asked them how much tax was ($900). I figured the dealer buyout was mine less tax, which turned out to be the correct assumption, for this lessor.
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finalized quote from carvana at 12.2k, which was about 1100 over kbb. Uploaded all required docs except title which is kept with leasing company in my state.
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called carvana explained they needed to call Mazda capital and get final dealer buyout amount and that I wouldn’t be the one providing title for sale. Was on hold for a long time while carvana rep called Mazda capital and got info they needed with me on a 3-way call, then marked my quote/profile as complete and ready for sale.
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Underwriting team took a couple days to verify everything, then got email to schedule contract and pick up. Scheduled pickup for 10 days later. Was given up to 1k mileage use from odometer reading in quote.
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car was in good mechanical condition but had some dings and scratches that I applied some touch up paint to the small ones, after reading this thread, took risk that wouldn’t be an issue come sale.
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on the morning of appt got 1hr notice call to take off plates and clear personal items. Rep showed up, signed docs and asked for title, which I explained leasing company had, rep had to call and verify this ok. Rep took keys, gave me contract copy and told me I could leave while he took pics. So I did
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by 9pm that day the car was still parked outside with the keys in a lock box on the window. By 9am the next day it was towed.
Payment direct deposited the next day and here’s where it got interesting(annoying). Contract stated Carvana would pay 11.2k to Mazda capital and 1k to me. They messed up and paid me the full 12.2k without even a title! I thought about letting them sweat for a while, but I wanted to be done with the lease and not risk me having to pay Mazda.
I called carvana and explained the overpayment, after much digging they suggested that I pay Mazda myself, I said this was unacceptable since I would owe 8+% sales tax! So they escalated it and said supervisor would call later that week, I asked to expedite it. Supervisor called that evening, said I could priority mail them a cashiers check for buyout amount, supervisor emailed me instructions, reimbursed me for all costs and paid me $150 as an inconvenience fee, which I thought was fair. So mailed check to them the next day and got compensation checks from them a few days later.
In the end I made 1k in equity + $150 inconvenience fee + saved disposition fee of $350 to Mazda so 1.5k for a confusing and frustrating but ultimately doable process. Very grateful to LH for answering questions and making me some $$ I never realized was possible.
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Thanks for sharing!! Attention to detail is absolutely not their thing. They are all super nice people but have zero attention to detail. They misspelled my name in the confirmation email, even though in my profile my name was ok. I called them and told them to correct the name, they said it was corrected. At the pick up date the Carvana guys shows up with documents which had my name misspelled!! I was super pissed!!! We had to reschedule. Few phone calls and one day later, they showed up with everything in order and I signed the documents. Also, once you submit your first online documents, don’t expect things to happen automatically. You need to be on top of it. It took me 3!!! attempts to have the rep forward my payoff amount to the next departments.
The company is trying hard, but they are not professional. Their people are all super young people. I think all what they teach them is to be super nice and dedicated on the phone but that is all. They also need to update their software, there are so many bugs with their system(e.g. When your appointment is after a week after you have accepted, everything about the offer will disappear on your profile. Or, My appointment was already few days ago but it still shows open in my profile. Or, after the transaction was complete they sent me an email about another car I had quoted, to review the entire process of selling that other car. and many more)
At the end of the day, they pay way more than all the others, even with all the hassles, it is still worth it.
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How on earth did you get a 10 day loan payoff document from Mazda?
Been on hold for several hours and no dice yet.
Thank you for the info! I am going to be doing the same process with my Mazda 3 next week.
What is the difference between Southeast Toyota Finance (https://www.setf.com/end-of-lease/lease-end-options) and Toyota Financial Services (https://www.toyotafinancial.com/content/toyotafinancial/us/en/end_of_lease_options/your_option.html)?
I have no idea!
My 2017 Sienna is in great shape except for a long scratch on the passenger side and a smaller but deeper scratch on the drivers side. They only offer 3 options for the condition of it and I wouldn’t consider it to be “Just Okay” so does anyone have any experience with selling to carvana and having some minor damage?
TIA!
Select the middle option.
Toyota is one brand that has like 3 “distributors” across the nation. Southeast is exactly what it says…it’s like 10 or so States in SE corner. If you buy in my State(SC) it is solely with SETF
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