I’ve got a Camaro LT1 and I’m driving it way less than I thought - I’d planned on selling to a 3rd party but obviously this got cut off last year.
If I buy out the lease and then sell to Driveway or Carvana, GMF collects sales taxes from me in order to get the title in my name (I’m in Illinois).
If I go to a local Chevy dealer… do they need to also pay taxes in order to sell the car? Would they simply cut me a check and deal with the overhead themselves?
I do not want to do this - dealers love to waste time and I figure they’ll jerk me around and lie - but I’m trying to maximize my profits.
Selling to a local chevy dealer will allow you to sell the vehicle without paying sales tax. But since there’s no 3rd party buyouts they can jerk you around and lowball you since you don’t have other options besides buying it out yourself and having that sales tax eat into your money.
Get quotes via calls and emails so you don’t have to waste time going to the dealer
I was in same situation as you are. Most dealers I emailed told me I had to bring the car in before giving me a quote, but I found one who asked for pics and sent me a conditional offer. I brought car over, guy looked at it for 10 seconds and they bought the camaro.
If you have equity, they’ll pay GM and then cut you a check.
If you don’t or you’re underwater, you’ll probably get nothing or have to cut them a check.
I think you also need to be realistic with what to expect. GM dealers know you can’t sell to third parties like Vroom, so they’re not going to pay top dollar.
The market has also changed since last year and I don’t think a lot of folks are walking away with nice equity checks. If I had to guess, most people are break even or under water. I don’t think it’s the worst thing to have to pay some money to give up the camaro. If you’re like some of us here, you wanted a big V8 before we all have to go EV. Or have always wanted a muscle car, even if it was for a short period of time.
Fun comes at a price.
Some autonation locations might be able to buy out the lease thru a chevy dealer. I briefly discussed this with one of their reps while selling my 4xe in September. Try getting an online quote from them.
To reiterate this point…all AutoNation dealers should be able to buyout a GM lease. It’s just more of a matter of finding a competent and willing AutoNation dealer.
Yes. Well, actually two competent dealers! The dealer you are at (assuming non-GM) and the dealer that would be facilitating the buyout. Depending on the offers it might be easier to go a less complicated route. My fiancée and I spent 4 hours at autonation for a very simple CCAP lease buyout. We both didn’t realize it was going to take so long and she was driving me home. I don’t imagine that timeline gets shorter with more complicated deals. So in this case it depends on how much more they can offer, travel time, etc.
Thanks for the help, guys! I’ll start with emails to the local Chevy dealers. I did get a 40k offer from Driveway a month ago, but I also would have needed to buy out the lease and get it titled first.
Interesting. I did reach out to Autonation and their Honda dealer that replied said he couldn’t handle it / needed to go to a GM store. Not sure if it matters, but it looks like the closest GM store is all the way down in TN.
I am in the same boat, although I have a Cadillac. I am waiting for GM to add the car to my account on GM financial (does anyone know how I can get account number before it updates).
After that my plan is to check through brokers or local dealer.
Please update if you sell your car. Thank you
I ran into that when I was selling my audi etron. Reached out to autonation, it auto directed me to the nearest store which was a chevy store. They said they couldn’t help. Reached out to another, all went well. The guy at the store that bought it basically said “we can all do it, it’s just a matter of them wanting to put the effort in”
Definitely shop around and don’t let anyone lowball you. Both the Mustang and Camaro are currently in a state of suspended production so you should have that working in your favor.
DM me your info on the car and I will see what I can offer!
If you would prefer my cell number is 917-685-3492
I am a broker and work with all brands if you are in the market for a new car!
Do you typically get the check immediately when you turn in your leased vehicel or how long does it take.
Background: We are non residential aliens and we have to leave the states in 2 weeks. We want to get the equity of our 2 leasing cars (Jeep Grand Cherokee and GMC Terrain) and therefore search for a dealer that buys out the lease and hands out a check to us.
We are shopping around a bit and the first dealers it made the impression (we have not inquired about the actual process) that we would get the check immediately at the same day when we are turning in the vehicle.
However today we were at a Jeep dealer which made us the best offer and he told us that we have to wait 3-4 weeks until they get the title from Chrysler Capital, then we have to sign the title and we would receive the check. Since we have to leave the US in 2 weeks that will not work out and I am now wondering if this is the regular process or if this dealer is just “slow” or does not know about certain workarrounds ?
The term “turn in” is deceiving here. If you are selling the lease for equity not turning in at the end of your lease you should be walking away with a check right away. It is no problem for any dealer to buy out your Grand Cherokee. The GMC lease will be much more difficult, as GMC does not allow for third party buyouts. Check autonation or a local GM dealer for an offer on that car.
Thank you
Yes, in our case we just want to bring our car to the dealership, sell it to them and get the difference between the residual value of our lease contract and the value offered by the dealership in form of a check.
If i get it right normally we should walk away directly with a check and it should not take multiple weeks?
You don’t want the difference between residual value and the price they are willing to buy it for. You want the difference between your buyout and the price they will buy it for. (There are many posts Here that will explain that to you, but I’m sure you’re in a rush trying to wrap up everything in this country.) you can get the buyout amount by requesting it from the leasing bank, in this case CCP and GM financial. Keep in mind the buyout that you are quoted usually includes sales tax, which a dealer will not have to pay.
But yes, you should leave with a check in your hand.
