Sold one to CARVANA!

Signed Deals & Tips
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1523

Tried to sell my 2019 Jeep to Carvana and the employees were being ignorant af. They insisted several times that I need to call Chrysler for the payoff, when the doc (Dealer Payoff) was indeed only something that dealers can call in for. In the time it took for me to figure this out, the offer expired (and they said “no exceptions”) Fortunately, I had another broker who was willing to match the Carvana deal.

Still a win for me because by my estimates, I’m getting a lot of my lease payment back thru the payoff, and the depreciation on a $40k vehicle effectively will be less than $2000 :grinning:

1524

in NY You have a choice to keep the plate and use it on next car ( but insurance needs to be active) or just return to DMV in order to stop paying insurance for this car.

1525

Keep insurance active on what the plate itself ?

1526

Mostly free money and vehicle manufacturers in April who took 60+ day hiatus from making new vehicles. It will be fun to see all the faces of people in the near future who are upset when they don’t get paid to own a vehicle anymore lol :jack_o_lantern:

1527

Maybe things changed or have changed recently. I had a Toyota dealer drive 2 hours 1 way to take pics of my vehicle this week and do diagnostics test which was annoying with all these other great stories lol. She told me the price they would pay to buy my car and that a check would arrive in 5 days and they would send out 2 drivers to get it after I received my check. Well less than 12 hours later they emailed me and said KBB price crashed by over $1000 overnight and they wouldn’t honor the agreed upon price. Never doing business with them. If the price of my car went up at all since their offer there is zero chance they give me better price.

1528

Can someone tell me what my payoff is pretax from BMW FS? I’m unsure what “unearned amount” means. Thanks

Residual $28,639.25
Outstanding Balance $11,230.65
Unearned Amount ($1,676.29)
Total Late Charges $0.00
Outstanding Other Charges $0.00
Sales Tax $1,897.35
Security Deposit (Optional) ($3,150.00)
Total payoff amount $40,090.96
Overnight Courier Fee (Optional) $15.00
Adjusted Total Net Payoff $40,105.96

1529

Seems like it’s $38,193.61
Unearned Amount is the interest on the remaining payments-which you don’t pay if you buy it out

1530

YES, Carvanna & Vroom cars are EXPENSIVE!!! for buyers.

1 Like
1531

Everyone knows this can’t last. But it’s sure fun while it does.

3 Likes
1532

Ours was the total payoff amount give or take a few dollars.

1533

I’m not sure Matt. I think there are people in here who expect tomake money on car all purchases for the rest of their life. Lol seriously

1534

Yes everyone on this here message board is very smart and rational. Just ask the BMW CA’s taking myriad calls for 500/month 7 Series sedans.

1536

Hey guys,

Has anyone here sold a leased Infiniti directly to Vroom or Carvana? I just contacted IFS and they said the purchase has to be done through a bank or dealership so I’m assuming there shouldn’t be any issues but wanted to check just in case. As for the payoff amount, they told me the following:

“$23989.06 good till 10/01/2020. This does not include the purchase option fee of $300, taxes or dealership fees that may be assessed or add ons (GAP, extended warranty, maintenance, road hazard) that you decide to purchase at the dealer.”

The car does have some damage such as:

  • large crack on windshield
  • scuff on rear and front bumper and driver side mirror
  • few scratches on driver seat
  • good amount of curb rash and a dent on one of the rims

Carvana is offering $25,971 for “just OK” condition. I did check the scuffs and dents boxes but this price obviously doesn’t capture some of the other damage.

Should I bother getting some of this stuff fixed before I try to sell it?
Would it be best to just swing by Carvana to get an accurate quote?

My lease doesn’t end until 07/21 but I’m tired of the car TBH and would like an SUV.

Any feedback is much appreciated! Trying to avoid any surprises if I do decide to sell it now.

Thank you

1537

Having some issues with selling a leased Mercedes to Carvana. I did a three way call etc to get the dealer payoff – however, the amount MBFS is quoting as my payoff is exactly the same as what they’re quoting for Carvana. My impression was that my amount includes sales tax – makes this a worse deal that I thought.

Anyone with MBFS and Carvana experience here that can help? My only hope is the MBFS finance people that get the check from Carvana sort out the difference when they put the car in the system.

1538

@Mike2000 @OzzyF

My personal MBFS buyout (on their website/phone) is exactly the same as dealer payoff they are quoting. MBFS is unable to tell me whether and how much sales tax is includes in the payoff.

Did you have this issue at all? I was expecting a lower dealer payoff than my own payoff.

1539

Mine was financed, so the payoff includes always the sales tax, since I payed it at time of purchase. I don’t know how MBFS does it. I had an agent on the phone, who told me that the dealer payoff is different because it includes tax. Even though I told her mine was financed, she was saying the dealer gets a different payoff quote because of the tax what was BS.

1540

Yeah I spoke with 2 agents - both clueless. They said all taxes are included – I asked them to break down the taxes but they said they couldn’t. Regardless, for MBFS leases in CA – my payout and dealer payout seems to be the same. My guess is they don’t collect taxes; DMV does.

Does change the ROI of the deal for me but committed now.

1541

Take your tax rate and multiply it by your residual value and you should have a rough estimation of the tax charged on a buyout. Or, take the residual value, add your remaining payments and take the difference between that number and your buyout.

1542

I first read about selling to Carvana here on LH, so I had to finally make an account and post about my experience. Thanks to those who came before me and shared their experiences, it really helped me.

tl;dr: after a lengthy process, I ended up selling my '17 Silverado Double Cab LT to Carvana in the last month of the lease for ~$3400 over the payoff.

My lease expired on 9/1 with a residual of $25.7K. I was way under on miles (24k on 39/10k lease) due to COVID and a shorter commute, and the truck was in excellent condition. Got my first appraisals on 7/24. Carvana was at $28.1K, about $3500 above where Vroom and local dealers were at. After not putting many miles on the truck over the next couple weeks, Carvana appraisal went up a couple hundred bucks. I accepted their offer and started the process of getting a payoff quote from GM Financial. A few days later I got a notification to schedule my appointment for pickup. I thought this was weird because I hadn’t heard anything about the payoff. I called Carvana and got the call back option, so after a few hours I had a person on the phone, and they confirmed that they had received the payoff. I was also nervous because the email I got said that they wouldn’t buy a car within 60 days of lease maturity date, but I didn’t mention it and it never came up again.

Carvana rep showed up a few days later. As everyone has said, experience was great - the rep was professional and did a quick (~10 min) inspection of the truck. Unfortunately, when it came time to do the paper work, the check he had made out to me was for the full amount. The rep talked to his boss and suggested that I take the check and payoff GM Financial myself. I explained that wouldn’t work because of the sales tax that I’d have to pay (and I didn’t want to go through the hassle). So after that, he told me I’d have to reschedule and that someone from Carvana would contact me with next steps.

From that point on, it took numerous three-way calls, emails, and all-told about ten days for GM Financial to send Carvana the dealer payoff (they sent the wrong number twice). Finally, they got everything lined up and I rescheduled to have the truck picked up on 8/19. The bright side was that during this time, I checked back for a fresh appraisal and it went up to $29.1K! Once again everything went smoothly at pickup, and this time they had the check for the right net amount (just under $3400). Yesterday (9/7), I received a letter from GM Financial that it was paid off.

Thought it was extremely frustrating at times, it was mostly due to GM Financial and not Carvana (although it was tough to get a hold of someone most days). I didn’t find out about this site until after I got this lease, but I think I got close to my original deal in the calculator at the link below. After factoring in the $3400 positive equity, I ended up paying ~$275/mo for a $46K truck. Very happy with the Carvana experience and grateful for the help I got on this site!

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5 Likes
1543

My 2019 Hyundai Sonata was finally picked up by Carvana. $550 over payoff.
Took about 4 weeks because HMF is incompetent and has to fax over the dealer payoff. This took about 3 weeks of daily phone calls to HMF before a manager personally faxed over the dealer payoff while I was on the phone with him. For future deals I highly recommend one does NOT finance with HMF. Carvana was great and pick up took 5-10 mins. Check in hand.