Sold to Lithia Group!

Signed Deals & Tips
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1

Thanks to some homework on Leasehacker, I learned how to maximize the trade in value of my car. After getting tired of high “Instant Cars” from KBB and Cars.com, only to have dealers offer $10K-$15K less, I decided to come here and learned how other dealers can buy my lease. Similar to AutoNation, Lithia Group can buy BMW leases so I did some research and found a MB dealership.

Model: 2021 BMW X6 xdrive40i w/7 remaining months on lease
Miles: 12, xxx
MSRP: 82, xxx
Dealer Buyout: $44,254
Original Offer: $60,381
Counter & Final Offer: $61,000
Equity: $16, 746 (Including MSDs)
Net Equity: $10,096

Net Monthly Payment: $575 for 27 months. I did a sign and drive at inception.

Eligible Dealer Offers
Dealer 1: $60, 381
Dealer 2: $60, 000
EH: $59, 000
Dealer 3: $58,000
LH Dealer: $52,xxx or received a dealer buyout of $58,900. Odd enough, before giving me an estimated value, he needed to know my buyout. After providing the “buyout”, he needed to see a screenshot which I provided. Dealer proceeds to tell me my equity is $1,100 and my trade value is $60,000. This meant his buyout was $58,900 Nothing made sense since he was listed on LH as an eligible buyer of BMW leases. Why was his buyout 15% higher than all the other dealers’.

Third Party Offers
AutoNation: $65,000 >> $66, 500. [With no agreement, listed my car fo $63, xxx to seemingly influence the market).
Vroom: $58,xxx
WeBuyAnyCar: $56,xxx

11 Likes
2

Congratulations! Consider making a donation to LH or becoming a Super Supporter, in honor of your big equity check.

16 Likes
3

Always a little odd when someone needs to know your buyout before they make you an offer, huh?

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4

Will do very soon! Soon as my check arrives from MB!

5

Big odd! We’d love to buy your car. It’s low mileage and in excellent condition, but what’s your buyout. Oh no, we can’t allow you to have such large equity. Sorry.

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6

Congrats and good luck finding another ride!

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7

Was there a portal or URL for Lithia that you used?

8

Sign and drive means you pay interest on the tax, title and fees, but I did the same on my BMW lease. Now person who took over my lease is paying for 1/3 of those costs!

9

Not to directly get the car’s value, however to identify all the franchises (non BMW) dealerships that were eligible to buy the lease. Submitted to 2-3 and visited the dealer with the highest instant KBB offer.

10

Yes and the interest is minuscule. These days, If I put $5000 into a CD, I’ll gross about $600 in interest before taxes. I won’t pay that much in interest on the lease.

11

Driveway.com = Lithia, just FYI

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12

Thanks. I did not know that, however, they did offer $59,495. Since this was one of the lowest offers I never followed up. That goes to say that was worth searching for individual dealers in Lithia group and getting appraisals from each.

13

Does this mean someone you found through equityhackr?

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14

Just checked their offer on my 3 series I was going to sell off to the local at break-even. They offered 30.1k on my 30k customer pay off. Is the payoff subject to change if driveway buys it out? Does this mean positive equity?

Note: payoff w/o tax it 27.6k

15

Yeah, their payoff will be without tax.

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16

Let’s see what happens tomorrow morning. I had an appointment set with local dealer at 9am.

Thanks for confirming that!

17

No. This was a dealer listed here as eligible to buy BMW leases.

18

I also recommend visiting lithia.com to identify participating franchises then submit individual appraisals. Driveway came low for me, however the lithia dealer was $1500 ahead,

1 Like
19

I’ll check the site. It’s any dealer on their list, yes? Even if its a Honda dealer?

20

They have a few dealerships in their network in NJ, however, when I click the option to “Sell Your Car” it takes me to KBB instant offer.

How did you get your offer?