So for giggles I just called Vroom and they actually picked up right away. I was expecting the we can’t do it story but the lady told me that they just got the vehicle record from NJ on Friday. Not sure is thats like a car fax from the state never heard of it. So she’s telling me it’s going to take 2-3 days to review then they will overnight me the forms to sign and schedule pickup. My Carmax offer is good until Friday. Do you think I should roll the dice for the extra $1,700 or should I just take the Carmax offer and run?
Hyundai/kia allows 3rd party buyouts and don’t charge extra for it. They’re about as simple as it gets.
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If your goal is the get out, I would take the first offer that can confirm it with Toyota so you get in the door before they stop accepting buyouts. If you really don’t care if you don’t sell it, I would try for the higher offer.
Just to clarify, does this situation regarding TFS not allowing 3rd Party Buyouts apply to lease only or have people experienced the same with an existing loan?
I’m confused if it’s really a thing or if it’s just a speculation. I’m going through Carmax and Vroom and they haven’t called Lexus yet but they haven’t told me that they can’t do it anymore either.
Can anyone help to list it out here which brand car that is not allowing the third-party buyout? Like Infiniti, Toyota etc…
Thanks a bunch.
I have a 19 Rx350 that I love which I leased with the intention of buying out. I love it but unfortunately it’s pre apple play which is driving me nuts. My work van’s aftermarket Kenwood I installed is such a better experience. I almost ordered a Chinese radio mod to get apple play but ppl are having so many issues with them. I would of probably ended up returning it to the dealer in March so I can get a newer one or see what the new GX will look like. I was watching hoovie on YouTube and he mentioned how crazy used car prices are now which got the wheels turning and led me down this path. Looks like I can get 6-8k out of this I’m planning on buying a $10-12k older Lexus ride that for about a year until the new gx is out and then sell it and get back into a cool car lease.
No 3rd party sales
Nissan/Infiniti
Possibly Volvo (some people have had success with Carmax still)
Possibly Toyota (^^)
Different buyout- personal vs 3rd party
Audi
VW
Us bank
Ally
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Which means LX soon not gonna allow either if Toyota does?
This was always the deal with Volvo leases, and the Vroom guys are causing of a lot of FUD on here by Vroom now straight refusing Volvo’s (at least in my case)
With VCFS, 3rd party dealers MUST pay your pay-off price, which is the dealers + state tax.
VCFS is happy to take a cashiers or certified check / MO, at your payoff amount. You just need a competent title department like GiveMeTheVin has or CarMax.
Just print out your payoff price from VCFS website, then call them and ask them to put a note on your account to verify numbers for any interested parties to verify payoff numbers for 1 week. They will usually not verify, it takes 2 mins to ask them to add a note, and that’s one less hurdle. I gave it a chance asking, and she added a note no problem.
Even with my payoff price, I made $3k off of a 1 year Volvo lease, essentially drove it for a year for free.
tl;dr - VCFS allows anyone to pay the customer buyout price. It’s only been a thing the last month or two where people are actively seeking to do it and realizing that your payoff price must be paid. VCFS will only offer the tax-less figure to a Volvo dealer.
I had my number pulled, it was $35,063 Volvo dealer payoff. My PDF said $37,360 on VCFS payoff, so pretty much * 1.06625 (NJ tax) exactly and rounded off to a pretty number.
Vroom seems to do great if it’s a car you own, and doesn’t require more than a minute or two of customer service input.
If you have a lease with a company that’s even the slightest bit difficult Vroom will back away or just ghost you. Great numbers and others are having success, they just dropped the ball for me and after 1 hour on hold to have it drop me - I gave up on them. Have heard great things about Shift but they don’t do NJ.
The one person I’d suggest for a no bullshit deal is Duane @ GMTV. With those guys I went from worrying about the deal to having the GM contact me to assure me they have a title department that rivals the big guys, and they do all cars expect Ford, which is apparently a PITA.
Fedex’d check the next day Saturday AM, dropped it off at Manheim 20 minutes away because I could only cash the check after they found a transporter, and NJ isn’t their main area. I was more than happy to drop it off and give it a final waterless car wash.
Awaiting payoff notification to get that sweet MSD back.
Hope this helps someone who’s worried about numbers. Hit Duane up at GMTV and see if the TFS stuff is true, or they are making it harder (perhaps no dealer-buyout numbers) ? Even if you don’t sell to them, their title department can research the truth on TFS and 3rd party pay-offs. They almost basically matched my Vroom price, so I have admittedly been singing their praises. Dunno why they don’t advertise more in Northeast, but I can only thank LeaseHacker for introducing me them.
-K
Nissan/infiniti beginning 05/10 no 3rd party buyout, deals started prior to that will be honored. Confirmed with 3 IFS representatives on recorded calls.
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So essentially this entire thing is coming to an end. If these companies are stopping it they all will. They are tired of losing quality used vehicles to carvana/vroom.
Thinnest could change at any time but Toyota seems to be allowing buyouts.
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sounds like they cant just not allow it for existing deals. But going forward on new deals its done.
Right, imagine the mess because most who already sold their car have returned the plates or got new cars. I can’t find any instance on any forum of a dealer returning a car back to someone after they took possession of it
I think Vroom is trying to get out of the deal because it takes Toyota no less than 8 weeks to transfer the lease. this is a lot of time lost for the commercial company. I backed out of the Toyota vehicle for the same reasons on the swapalease.com website.
Not if you buyout the lease with cash or even a finance. Sell it right after.
There should be a new business that will payoff leased cars for a short term for this purpose only. Like how bail bonds loans you money.
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So Carmax bought out my Lexus lease today. I did call Vroom and the lady told me they just sent out a internal bulletin that they won’t be buying out Toyota, Volkswagen, or Ford lease anymore. Carmax was $1,700 less than Vroom but I still walked away with a $6,294 check.
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I know nobody knows for certain, but how likely is it that Kia implements a stop on these third party deals in the next few months?
Looking to downgrade from my current car to capitalize on the third party offer and since I’m working remote, am planning on just immediately leasing a more reasonable car, like a Forte, etc.
Was planning on potentially exploring the third party thing again in a few months if circumstances change, I can get a better car, and if there’s still a demand do this third party stuff with the Kia.
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Nobody knows since you know it’s a copycat industry. All it takes is a couple of dealers complaining about supply. Why don’t we do what XXX does to get the wheels turning.
I’d say get a quote online and see what you can walk away with and you have 7 days to find a deal on a new car. Or find a deal and then get a quote.
That’s my plan to get a cheap 10kish car cheap and drive it or let it sit in my garage better said until the new car/deal pops up that I really want.