For example, in Missouri taxed 8% on the lease payment.
If financing you pay the whole sales tax up front, ouch. But when you trade in (or sell privately) you get to deduct that sale from your cars sale price. So you are double taxing. So if I bought a new $25k wrx and zero trade in, nor sold a car beforehand, then pay $2k in sales tax, now let’s say you trade the car in 2 years later for $15k for another $25k wrx, now only paying the sales tax on $10k that time around.
Gets complicated for each state, Texas you pay the full sales tax up front whether leasing or not. And I believe Florida, or some states don’t even have a sales tax.
Have a 2017 Lexus Rx350 with $15K miles…Lease buy out is about $33K and Vroom offered $39 K…would they pay the taxes to Lexus or I need to pay taxes on my own…? if I do not have to pay taxes then I got a $6K equity towards next lease…? Not sure if this is correct…looking for help. thank you
Your current lease payoff is 33k or the residual is 33k? If current payoff is 33k and vroom is offering you 39k then yeah that is great. You pocket the 6k and you can do what you want with it.
2017 Subaru Outback Limited w/ Eyesight/Nav/Moon Roof, 21k miles
Vroom offered $27k which is much higher then what dealer, carmax, or carvana has offered. I owe $29k, but seriously considering taking it since if I keep my lease another 21 months I will be over miles.
Hint. Ask for more. Or wait a few days. They offered me more in an email a week later. Or let the offer expire and request another. This time when you go through the offer process, request $29k in the “what are you looking for” question. Tell them that’s what they buyout is.
I have submitted multiple times and have always gotten the same offer of $27k. No one has ever emailed me. I think the market is flooding with Outbacks because the Ascents are out
Just want to share my experience. 2016 Charger Hellcat 17k Miles. Vroom offered me 44500, Carvana 48000, and carmax 44000. My payoff is 52K. A local dealer offered me 50k to trade in. I was told by carmax that this car is not a car we want to buy and that’s why the offer is low. KBB for the car is 47-51 for trade in.
Thank you for the update. I have a question about the whole process, they essentially write a check to the lease company and then cut you a check for the difference correct? Also do they put a cap on how many miles you can put on the car after accepting the offer? Thank you in advanced.
Carvana is going pick up my 2015 Hyundai Genesis Coupe today and is going to cut me a check as well. Buyout was $18530. They offered $19440. After a few calls back and forth with Carvana, I was told that I did not have to pay sales tax or a dealer fee since they are their own dealer. This is in Florida so I am not sure about other states. I was slated to be 3000 miles over ($600 in overages) on my lease and I would have needed to buy new expensive low profile tires ($1000) as well by the time the lease was up in December.
For the payoff process, Carvana writes a check to the lease company and then cuts you a check for the difference after taking delivery of the car.
