Sold the Camaro LT1 lease for $3k over payoff

Under the influence from @asfarr86, I decided to inquire about the LT1’s trade in value as he got a decent amount over payoff. I didn’t realize how short inventory was until I spoke to actual dealers, the usual companies (Vroom, Carvana, GiveMeTheVIN) were quoting around $1k over payoff.

The first dealer I reached out to had a used 2018 Audi A4 6MT with only 20k miles listed for $28,200. The dealer definitely priced it too low, as most comparable models were over $34k, but since I reached out right away, they were going to honor the price. He said he was interested in my trade in, and came back within an hour with a Chevy dealer in his network offering $3k over payoff.

I was pumped so started to make some local calls around here, as this car was in VA and I didn’t want to drive 8~9 hours each way. Called my original Chevy dealer, and after a few texts back and forth he matched buyout and schedule pickup for the next day.

The bad part started that afternoon when I was slammed with meetings for 3 hours straight and couldn’t answer callbacks on the Audi. When I finally called back, the A4 was sold but they tried to give me first crack at it. It was another person from Detroit area flying out to buy it.

Took me a week to find a decent replacement, and I looked at every angle. Gave up on a manual almost right away, nothing decently priced. Tried to leverage the PenFed balloon loan option for a used A5 SB or 430 GC, which hold their values pretty well, but all the hidden dealer fees killed every deal.

In MI, dealers almost never charge hidden fees like VIN etching or reconditioning. Every dealer was tacking $1200-$2500 to the listed price, before tax, title, doc, etc. Dealers were telling me flat out I’d get a better deal with trade in, as they all need inventory. Super frustrating.

I really didn’t want to get anything older than a 2017, but prices are high. After driving multiple B9 A4 models, I definitely needed the sport suspension, as the base steering was too soft and goopy. The Camaro steering and handling is so damn good it spoiled me. Ruined every other car I drove.

Expanded my search to 335/340 after not finding an A4 w/sport under $25k, and landed a diamond in the rough. 2015 BMW 335i xDrive M-Sport with M-performance power kit, exhaust, and brakes for under $24k with only 42500 miles. Owner took meticulous care of the car, and worked with me every step of the way to check engine components, measure brake pads and rotors, check tire depth, everything. Drove down to Indiana last weekend and couldn’t be happier with purchase (unless it was a manual).

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Muy bueno! Good job and congrats !

@TheBigTuna Thanks! The M-performance exhaust is nice and adds character with the pops and burbles, but sounds comical compared to the Camaro’s dual mode. Like a .38 next to a 50 cal mini-canon.

Your welcome! Enjoy!

Great story!

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how long did you have the LT1? What was original MSRP? What was the offer?

Origin msrp was $39,470 and they gave me $36,500. Dealer payoff was $33,500.

Dang your dealer payoff was crazy low. Mine had an original MSRP of $37,185 and the dealer payoff was $33,8xx. I got $34,700 for it from ALgo so yup I don’t think that $3k over payoff was anywhere near possible for me. Meh I took the money and ran and I’m thrilled

Yours is more along the lines of mine - 39,7xx msrp, 4 months later sold for 36,200 against 35,517 payoff. I was thrilled to walk away clean and recoup more than half my payments.

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Bingo. Can’t beat having an LT1 for effectively $900 for four months. I’ve had much worse nights in Vegas and AC

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Very tempted to sell my 2020 ram as well.

Payoff is 44k and Blue book is 53k and thats on a stock unit… Mines lifted with new wheels and tires… Hard to turn down 10k lol

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The market is crazy for these, I say hang on for another month to get the most. Coworker in Seattle has a 50th anniversary edition and is getting offers for $38k. Granted his msrp was $52k but it’s 4 years old.

My mrsp was 39k called for payoff and they said it was 38k I’m 4months in. Don’t know why I’m so much higher than you guys paying 325 a month no money down in ny

Neither Vroom nor Carvana have responded to my buy bid request

Did you just ask for payoff? Because YOUR payoff is going to be higher than a dealer payoff due to taxes.

Yes I did what should I ask for? My tax rate is 8.625 % so it would be more inline with you guys if I get correct amount.

All of you guys unloaded your Camaros already? Haha… def easier not having to deal with potential transferees and the process. Making some profit too doesn’t hurt.

I’m 2 weeks in with my Camaro and seriously enjoy it. Not sure what else I can get that’s this much fun and has so much power/handling for this cheap. I’m going to be really disappointed to whatever else I get into next.

I believe the sweet spot is to wait a few months into the lease before getting quotes from Carvana/Vroom/ALGo etc.

Strange to see such a wide range of payoff amounts. My lease was $269/mo with 6% tax included, and my deal had GMS employee discount and lease loyalty rebate. That really shouldn’t affect payoff amount though.

Seriously. Unless Ford starts pumping out cheap mustang leases. But they don’t even lease GTs

You have no idea how many compliments I’ve gotten on my car in the last 2 weeks of having it. People coming up to me in the parking lot, asking me what year is it, etc. getting the “thumbs up” from people in traffic and folks tailing behind me when I get on the gas Lmaoo… I

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