6 months ago, I missed out an opportunity to sell my leased car I got in unicorn deal and ended up paying $750 while returning. Learned my lesson. This time around, I have a different situation and wanted to ask the gurus and hackers.
I am moving to FL end of this month and was looking at options to ship the car… I just realized that instead of shipping for 2000 from Reno to FL, I could just sell my car to carvana or so. But my lease doesn’t expire until May 2022 (6 months out).
Toyota shows 27K or so buyout option and the carvana and other guys offer 36K+. I do have close to 4K security deposit.
What are my best options now? Will the buyout already consider eating security deposit? Does it include my 6 months due as well? Will I come out ahead or fall behind?
My carvana quote said 6K check based on my payoff value in Toyota web site for 27K or so. I am just not sure the 27K payoff is after consuming my security deposit or not. Also not clear on payments. So if I payoff now, that doesn’t require me to pay remaining payments? Only have 13K miles. So it should give good value.
Awesome. So I just need to run the numbers with taxes and fees. My security deposit is $3231. $27,964 is my payoff from their web site. Vroom says $36523 purchase price. How close they are in general?
So even if they offer 36000, my net is 36523-27964-3231 = 4805-any fees? If this is the case, this is no brainer as I have to spend $2000 to ship the car. I may have to find another one in short time but that should be doable?
This number isn’t correct. Your MSDs should be a round number. Vroom will not buyout a lease. To go with Vroom, you need to do the buyout yourself and get the title in your name, which may take too long for your timeline.
Finding a decent deal in FL is possible, but it’ll take some effort. Also, FL is not a small state so you’ll need to consider the logistics of finding another car there.
As @Jon said, Vroom doesn’t buy leases anymore, so you’ll want to do more research as to what your options are.
Thanks all. Good to know about Vroom. They offered the highest 36,523 and the carvana offer was 2K less 34,550. However, If I had to pay taxes, carvana might be easier and hassle free. Can anyone who had done this recently share their experience with carvana? I always think they will come and find something and reduce the price?. Also, do they handle all the title and fees as they take option to feed in payoff amount and show a final balance directly as check payment.
On a side note, the payoff does not consume security deposit. It’s refunded after payoff. So this makes it even sweeter.
@Jon Security deposit mentioned is accurate per their web site and their CSR.
I just looked at your original deal where you listed it was $3375, which makes sense (9 x $375). Not sure why it changed or is listed as $3231 on your account now.
Thanks @Jon… I even forgot about my original post. I also wonder why I paid 375 instead of 359? Hmmm. Let me check my contract then… I do not want to get less than what I paid
Any idea on the carvana? Do they normally offer close to what they quote and if they take care of title and transfer fees?
@mllcb42 Thanks. Did you have to deep cleaning or anything to give it to them? How long the process takes after we take the offer? I have it in decent condition but moving in a week and wondering if I have to go through all the hassle. TIA. Great news to hear…
Wow. Thanks.
I also checked in Shift and they offer 39K and above. But their process seems to be complicated. I have to drive 2 hrs to do final estimate and then they will do a full inspection which may take 2 days and then only send payment. Anyone has experience with them. May be should just go with Carvana as their process pretty simple and guaranteed.
Thanks. Good point. 2 years ago, I took my car to carmax and they were low balling but this is a new car. So it might still be worth checking out… As they are local and may be able to get on the spot offer too.
