Author Topic: Dealer Lease buyout  (Read 16048 times)

Offline ejb123

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Re: Dealer Lease buyout
« Reply #225 on: April 16, 2021, 10:31:36 AM »
They aren't againts the consumer making money. It's that they also need the car just as badly as carvana wants it. There's a shortage, and they want you to return it as opposed to buying it out. (they can't prevent you from buying it out, but they can prevent you from selling directly to a 3rd party by not cooperating with them)

Not really - Chrysler Capital takes my car and then sells it at auction to Carvana, Vroom, etc. and takes the profit I would have other been able to take. They are "in the money" on many of their leases now, so that want to take advantage on the profits and not only be stuck with the "out of the money" cars that they can't sell above the residual price they have on their books.

Offline mod

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Re: Dealer Lease buyout
« Reply #226 on: April 16, 2021, 10:32:12 AM »
Chrysler would sell to me at my price or the dealer less the taxes (per the phone call) - but they won't send a formal written payoff notice without the taxes, and Carvana and Vroom won't buy without the formal dealer payoff. I haven't tried Algo, but RODO offered to buy and would only give me the difference between their offer price and the payoff including the taxes.

Isn't what RODO offered exactly what these companies do? Am I missing something?

Offline ejb123

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Re: Dealer Lease buyout
« Reply #227 on: April 16, 2021, 12:55:44 PM »
Isn't what RODO offered exactly what these companies do? Am I missing something?

Which companies? Vroom/Carvana - not exactly. Vroom/Carvana will then resell my car. Rodo would likely sell to a wholesaler who would then sell to Carvana/Vroom, hence their price is lower. The issue is what will be paid to Chrysler and the amount of the difference that I would pocket.

Rough math:

Vroom/Carvana offer: $28,000
Rodo $26,500

Buyout: $24,000
Tax on Buyout: $2,000

Vroom/Carvana - should write me a check for $4,000, but won't since they can't get a written payoff without the taxes.
Rodo - would write me a check for $500 since they will pay the taxes.




Offline avromie7

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Re: Dealer Lease buyout
« Reply #228 on: April 16, 2021, 01:31:13 PM »
Which companies? Vroom/Carvana - not exactly. Vroom/Carvana will then resell my car. Rodo would likely sell to a wholesaler who would then sell to Carvana/Vroom, hence their price is lower. The issue is what will be paid to Chrysler and the amount of the difference that I would pocket.

Rough math:

Vroom/Carvana offer: $28,000
Rodo $26,500

Buyout: $24,000
Tax on Buyout: $2,000

Vroom/Carvana - should write me a check for $4,000, but won't since they can't get a written payoff without the taxes.
Rodo - would write me a check for $500 since they will pay the taxes.
Can you get the sales tax refunded by the state?
I wonder what people who type "u" instead of "you" do with all their free time.

Offline ejb123

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Re: Dealer Lease buyout
« Reply #229 on: April 16, 2021, 02:03:09 PM »
Can you get the sales tax refunded by the state?

Doubtful. Trying Algo now. Frustrating since not a small amount of money at stake, but at some point time to move on...

Offline mod

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Re: Dealer Lease buyout
« Reply #230 on: April 16, 2021, 02:08:56 PM »
You can try to push them all up a little.

Offline mod

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Re: Dealer Lease buyout
« Reply #231 on: April 16, 2021, 04:38:28 PM »
Sold to vroom. Car got picked up today.

Vroom did not change the price on me once they received the car (just mentioning because RODO and Algo claimed they could not match Vroom or Carvana because they will both lower their offer once they get the car).
Car picked up 4/15
Received email that I should receive the direct deposit 4/16 and received tracking # for the payment to the finance company today as well.

Offline elazarmn

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Re: Dealer Lease buyout
« Reply #232 on: April 16, 2021, 05:40:09 PM »
Vroom did not change the price on me once they received the car (just mentioning because RODO and Algo claimed they could not match Vroom or Carvana because they will both lower their offer once they get the car).
Car picked up 4/15
Received email that I should receive the direct deposit 4/16 and received tracking # for the payment to the finance company today as well.

Any DP on how much damage before they deduct or is it YMMV

Offline mod

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Re: Dealer Lease buyout
« Reply #233 on: April 17, 2021, 09:26:08 PM »
Any DP on how much damage before they deduct or is it YMMV
I think it depends on the car, but also the condition you put in. I changed it to average because I had a small crack in back bumper.

Offline zagguru

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Re: Dealer Lease buyout
« Reply #234 on: April 18, 2021, 12:41:52 AM »
I just read this thread and did not see any DPs regarding selling to Carvana. Anyone sell to them? They were the highest of the 3 and they are picking up my car on Tuesday.

Also, I keep reading that Vroom and Carvana can lower the offer after pick up. But Carvana has said that they will hand me a check for the positive equity when they pick up the car, so how can they change the offer later? Are they going to pay less to the dealer payoff?

Offline thaber

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Re: Dealer Lease buyout
« Reply #235 on: April 18, 2021, 02:55:06 AM »

Offline thaber

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Re: Dealer Lease buyout
« Reply #236 on: April 18, 2021, 03:05:11 AM »
Now Vroom and Carvana won't buy your car in the last 60 days of lease not matter what leasing company you leased the car from. I have a lease with Chrysler Capital and they won't provide a formal dealer buyout letter in the last 60 days of the lease even though the difference (as what they told me over the phone) between the buyout that they sent me is that the dealer doesn't pay the taxes. After waiting on hold for over 8 hours, Carvana confirmed that even though I have a personal payoff letter from Chrysler Capital they wont buy my car - even if I told them to pay Chrysler the full price including taxes (ie just give me the net difference assuming they had the pay the taxes). Carvana's suggestion was to extend the lease for two months (I am in my last month) and then they will buy the car on the spot. Chrysler said no extensions being granted unless I have a new Chrysler vehicle on order. If your lease expires in the next 90 days - go to Vroom/Carvana, etc. now and see what the price is to take advantage. In my case - excluding taxes, Carvana and Vroom offered $4500 above my lease buyout price.

Obviously captive leasing companies want to take advantage of the current white hot used car market and not let the consumers take advantage.
Chrysler is difficult. I had this with them 10 years ago, and wasn't the last two months. I ended up driving 2 hours to buy it back from the dealer with tax, (they insisted that was the only way) and then driving directly to Carmax and selling it to them, and still walking out with a few thousand dollars.

Offline Positive energy

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Re: Dealer Lease buyout
« Reply #237 on: April 18, 2021, 05:28:42 AM »
Sold to vroom. Car got picked up today.
You made any profit?

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Re: Dealer Lease buyout
« Reply #238 on: April 18, 2021, 06:41:28 AM »
You made any profit?
Yes, very nice amount.

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Re: Dealer Lease buyout
« Reply #239 on: April 18, 2021, 06:42:59 AM »
Vroom doesn't
I sent them pictures and was asking if this should be an issue. We changed condition to average, didn't change the price they offered.
They kept saying that as long as nothing major beyond the info I entered, price shouldn't change.