My dad’s taco was bought out and TFS didn’t say anything? This was about 10 days ago? We already got difference of check from Vroom and TFS account is closed.
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So is this just that TFS doesn’t want to sell to Vroom, or they don’t want to sell to any third parties? I had an insane offer on my Taco from Vroom that they’ve been dragging their feet on. I think I’ll take it over to Carmax tomorrow to see if they can pull it off since their offer was also pretty good. If they can’t do it, I’ll pay cash for this thing and trade it in afterwards, purely to spite TFS (and turn a decent profit).
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I sold to carmax a few days ago but they tell me they deal with this all the time and not to be worried. I think if a new policy came out they would honor the deals that were closed already, they are all huge companies… im confident they can figure it out. I can’t find any instances online of a car being returned to the consumer, I assume the big companies will figure something out between each other.
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Given this crazy market, I wouldn’t be surprised if most , if not all, captives put a halt to these 3rd party buyouts.
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Or bare minimum switch to charging market price for 3rd party buy outs.
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I had this happen today. Vroom called me to confirm they received my documents after a painstakingly long process of trying to send them (some fluke fed ex couldn’t scan their initial label). They got the docs in time but TFS said they changed their policy today.
If this is true and TFS did that they lost a customer. I was about to take the equity and roll them into my new Toyota.
We all knew this wouldn’t last forever. But simply put I earned my equity when I chose to put money down on a Toyota knowing they hold their value. As a customer that’s how I see it. Jumping through hoops to try to fix the situation.
You still have the equity. You just have to buy the car yourself.
That’s correct but they changed a policy that costs their customers time and money to make a few bucks themselves on the back end.
Literally if they still took Vroom’s money they would have had another sale.
They are protecting dealer networks but I think it kills their velocity. What do you do with positive equity on a car? Probably buy a more expensive car. Not the best advice. But usually what happens
This thread sounds like a lot of opportunity for that “contracts dont mean anything” dude… i mean lawyer.
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It’s entertaining to read for sure. Kind of funny too, people getting all bent out of shape over the corporations getting their max profit. WTF did you all think they have been doing? The rules / contracts/ deals / will always be in their favor. If you see an opening, like equity in an lease car, jump on it! That shit is a glitch in the matrix. It will be gone in no time.
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I just sold my Tacoma to Shift this morning, no problem so far…
I’m in So Cal area.
Are you able to take your Vroom/Carvana/Carmax offers to Toyota dealers and see if they’ll match it? Usually franchise dealers are allowed to buy at account value.
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Sure, why wouldn’t you be able to?
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I did that on my Tacoma TFS Lease a few weeks ago, Vroom was the highest and I had a local dealer match it.
I think you’re missing the part about it not being your car.
Also, where I work we actively identify and thin out unprofitable customers, and in cases where we suspect they’re gaming us, we’ll blacklist them forever.
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Imagine how much the captives and dealers are losing because they’re not getting a number of lease returns they usually get.
Just because it’s not working in your favor doesn’t mean the banks, or anyone for that matter, are doing anything wrong.
It’s their car. You’re renting it. They can do whatever they want.
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Yeah…but we still dont like it! LoL.
In seriousness, if these leasing companies were not doing what they could to maximize their profits in a reasonable and legal manner, it would almost be considered malfeasance.
Yesterday, I secured a 6-month lease extension agreement from TFS for my 2019 Tacoma, but haven’t signed it because of the open ended wording below. I take this to mean return to Toyota or else.
Early Termination. You may have to pay a substantial charge if you end this Lease early. The charge may be up to several thousand dollars. The actual charge will depend on when the Lease is terminated. The earlier you end the Lease, the greater this charge is likely to be.
That verbiage sounds like just turning the lease in and walking away. Not sure as it doesn’t say anything about buying the lease yourself or trying to sell to a 3rd party. Is there another clause about buyouts?
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While I do not have access to my TFS lease agreement at the moment, I’m pretty sure the exact same clause is in your initial lease agreement and is boiler plate language.
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