Hello guys, i am ending the lease on VW Passat 2017 SEL 35,000 miles driven out of 36,000. Residual value is $14,400. My question is instead of returning the lease can i sell thi car private party, like on craigslist? And what procedure of paying off or transfer to the buyer from leasing company and myself would be?
Thank you in advance
First things first, is contact VW and get both the dealer payoff and the payoff for you to buy it. I would check with vroom, carvana, carmax, etc and see how much they would offer to buy your car. Hopefully they offer more than your payoff and you keep the profits. I suggest this route first as it would eliminate you from paying sales tax on the vehicle.
I believe to sell private party you would need to first purchase the car out-right and then sell to the private party buyer, which would include paying off the vehicle, getting the title in your name, then transferring the title to the new buyer or their bank.
If it would cost more for you to buy it than what your car is worth, it may be the best option to turn the car in and pay the termination fee etc.
Thank you. Pay off is 15900, just checked, vroom offered 15700 for it. Is it worth just to sell to them? Pay 200 for not dealing with lease return.
Is this dealer Pay off? Based on some poeple on this forum third party dealer pay off might be higher.
Double check with Your financial institution
There most likely is a lease disposition fee of $300+ just for turning the car in plus any damages they may tack on. As others have mentioned, make sure this is the dealer payoff and that it includes all fees. There may be a different buyout also if a VW buys it vs another dealership as well. Did you get an offer from carvana? The offers between vroom and carvana could be maybe a few dollars to a few thousand for the same exact car.
Actually AutolendersGo gave me 16.1 for it. That payoff quote is from my VW Credit online account when i requested a quote.
The quote online is most likely your payoff. I am not sure if it is different with VW but a lot of lease companies have one price for you personally to buy it (usually includes sales tax) and another price for a dealer to buy it (most of the time does not include sales tax). Ally and USBank also have fair market value buyouts for an even different buy out price. Best bet would be to do a quote with carvana or vroom and accept their offer, and have them get the payoff directly from VW.
There seems to be a mixed bag of reviews for ALGO where the initial offer is high and then when they do the virtual appraisal it drops substantial. The upside is, it seems to be pretty easy to talk to a real human being the entire process with them vs possible long hold times with vroom or carvana
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Exactly. Call VWFS and have them confirm what the third-party payoff is before selling to AlGo/Carvana/Vroom/Etc
I’ve done virtual appraisal with ALGO just now and after that they offered 16.1K
Before that they offered 15.2K
Will call VW Credit to make sure. Thank you.
Sounds good. I would get a quote from carvana just to make sure you’re not leaving money on the table. Otherwise ALGO sounds like the way to go. Have them call VW and you should be all set!
Thank you, guys.