My bank can overnight cashier’s check today which I should get it on Wed. I’ll overnight check, payoff form, and odometer statement on Wed to Volvo with a prepaid overnight of title back to me. If what @michael said works then I’ll go to CarMax and get an extra week on Mon 7/26. Volvo is saying 3-5 days processing and faster with cashier’s check. Hopefully, it works out. If not, I’ll do another edmunds appraisal when title is in hands and hopefully still get closer to 39k. I don’t know how CarMax is willing to pay 4k more than 35k average I have gotten from other places.
FYI one poster in the CarMax thread said that CarMax doesn’t buy vehicles until 30 days after title is issued. You may want to confirm. Sold one to CarMax - #364 by CPA8818
Thanks @Chiefdragonfly. It does not get any easier selling leased cars. I’m probably done with leasing.
Hi I just went thru this and learned a lot. Here are the steps.
- do the pay off with your lease company and they will send you the title. It might take 3-4 weeks but that is life.
- once you get the title do not go to the dmv otherwise you will need to pay sales tax
- carmax will not buy the car from you with the title you get from the lease company even though it has your name on it. It makes no sense but that is what they do. Ive hear vroom and carvana are the same.
- still get the carmax appraisal so u have a confirmed price. The appraisal expires in 7 days so do this after you get the title.
- go to mycarauction.com an get a quote. If below car max they will match it. They come to you and give you a check and have no issues with the title. You sign the title over to them (there is a second place to sign next to lien holder).
- once the check clears they send a tow truck
As long as you don’t go to the dmv u don’t have to pay tax. No need to do the cdtfa steps.
Some hoops but that is life in this nutso car market and carmax idiotic business practices.
Btw this is cali only.
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@Charlieo When you say “As long as you don’t go to the dmv u don’t have to pay tax.”, isn’t the 10 day clock starts when you receive the title to avoid paying taxes if you are selling?
Does OP risk the carmax THEN showing it’s no longer an original 1 owner and that lowering the value some?
$39200? That’s nuts… Carmax only offered me $35200 on my 2019 XC60 T6 Momentum with 22k miles… Best offer recently was righ around $37k
XC60 is more expensive. I don’t know how xc40 t5 r-design compares price-wise to xc60 t6 mom 2019. I only have 8k miles on it so that may be it.
Yes good to keep within the 10 day window.
VERY helpful!
Thanks!
mycarauction is offering $37,000 and can’t match carmax $39,000. Carmax, as mentioned, won’t take title if it has volvo’s name on it. I paid off lease on 7/22 and should get the title from Volvo today 7/27. I’ll see if Volvo’s name is listed on the title. Does anyone know why that would be the case?
@mllcb42 A quick question. At the time of signing the lease, this XC40 msrp was around 46,500. Selling price listed on lease was 38,000. When I paid off the lease, it was based on 38,000. So, does that mean essentially I purchased a 46,500 listed vehicle for 38,000. I know lease added rent charges of around 1.5k. I’m curious what folks ends up paying if they were to purchase instead.
Hard to say without seeing your actual contract as to what actually happened.
@mllcb42 Added a screenshot of contract. I think with 38,000 price, it was not a bad idea to purchase and keep it (since I like the car except the mpg part). 600 for excess wear and tear was a waste. And, if I paid off earlier or refinanced it then would have saved a bit on interest charges. Nonetheless, I decided to sell it for 37k as I want to get an electric car or plugin hybrid. Please take a look and let me know what your thoughts are.
Volvo tends to include many of their incentives as direct to dealer incentives, so they show up in the sales price rather than being separated out. It’s difficult to judge the quality of the deal without knowing what the actual pre-incentive discount is, if the mf was marked up, etc. If the question is “could I have got the same selling price in a sale?”, the answer really depends on what lease vs finance incentives were doing at the time, etc. I’d be surprised, on an xc40 especially, if there’d be a big difference in purchasing vs leasing though.
Your rent charge here is spelled out on the contract and it is a lot more than $1500
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Understood. 44500 was the msrp.
Regarding rent charges, I didn’t pay for the entire 36 months. I calculated roughly 1500 for 22 months. Or, I’m mistaken that payoff included the entire rent?
Well, you would have paid 22/36 of $3800, so $2300
You only pay the rent charge for the monthly payments you have made. When you buy out the lease, no further rent charge is applied.
That’s right. I don’t know why 1500 was ringing in my head.