Author Topic: Dealer Lease buyout  (Read 45934 times)

Offline Menachem613

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2012
  • Posts: 1074
  • Total likes: 56
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: NYC
Re: Dealer Lease buyout
« Reply #400 on: June 13, 2021, 08:33:07 PM »
@yossig
Thanks for the write up. Very helpful.

When selling my lease to algo/carava, there is no sales tax charge on the buyout price since essentially it's being sold directly to another dealer?

Does that mean if a buy the car at the end of the lease, the residual value amount isn't actually what I need to pay because it does not include sales tax?

Offline Menachem613

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2012
  • Posts: 1074
  • Total likes: 56
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: NYC
Re: Dealer Lease buyout
« Reply #401 on: June 13, 2021, 09:01:00 PM »
Does it pay to have dents and scratches fixed before selling? I haven't seen anyone mention doing so.

Offline Pad18

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Apr 2014
  • Posts: 906
  • Total likes: 99
  • DansDeals.com Hat Tips 9
    • View Profile
  • Location: United States
Re: Dealer Lease buyout
« Reply #402 on: June 13, 2021, 09:01:13 PM »
Does that mean if a buy the car at the end of the lease, the residual value amount isn't actually what I need to pay because it does not include sales tax?

Correct, you will need to add the sales tax and fees (if applicable) ..

Offline Pad18

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Apr 2014
  • Posts: 906
  • Total likes: 99
  • DansDeals.com Hat Tips 9
    • View Profile
  • Location: United States
Re: Dealer Lease buyout
« Reply #403 on: June 13, 2021, 09:02:16 PM »
Does it pay to have dents and scratches fixed before selling? I haven't seen anyone mention doing so.

In this crazy days, no !

Sell it to carvana/case/algo/enterprise and you will save the fixing, and maybe even makes some money..

Offline Saver2000

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Apr 2011
  • Posts: 7662
  • Total likes: 27
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Dealer Lease buyout
« Reply #404 on: June 13, 2021, 09:02:53 PM »
In this crazy days, no !

Sell it to carvana/case/algo/enterprise and you will save the fixing, and maybe even makes some money..
+1

Offline Mikeoracle

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Aug 2008
  • Posts: 2030
  • Total likes: 67
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Location: NJ
Re: Dealer Lease buyout
« Reply #405 on: June 13, 2021, 10:03:15 PM »
Would a Nissan dealer directly be interested in buying out my lease?

haven't gotten around to this yet, but is it weird that Carvana and Vroom are both still giving me (high) quotes on my Nissan. Why wouldn't they just give me a message that they can't buy out Nissan?

Offline whacked1

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Oct 2012
  • Posts: 2232
  • Total likes: 260
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Dealer Lease buyout
« Reply #406 on: June 13, 2021, 10:36:24 PM »
haven't gotten around to this yet, but is it weird that Carvana and Vroom are both still giving me (high) quotes on my Nissan. Why wouldn't they just give me a message that they can't buy out Nissan?
Have you spoken to them or only an online quote? Algo is also giving online quotes. Its only once you speak to them that they inform you that they cant purchase it

Offline Mikeoracle

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Aug 2008
  • Posts: 2030
  • Total likes: 67
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Location: NJ
Re: Dealer Lease buyout
« Reply #407 on: June 13, 2021, 11:34:33 PM »
Have you spoken to them or only an online quote? Algo is also giving online quotes. Its only once you speak to them that they inform you that they cant purchase it
just the online quote, seems like a waste of resources when they can just call it out online

Offline Menachem613

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2012
  • Posts: 1074
  • Total likes: 56
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: NYC
Re: Dealer Lease buyout
« Reply #408 on: June 17, 2021, 06:18:56 PM »
I am pricing a Highlander with < 10k miles and offers were Algo > Carvana > Vroom.

Offline cozmohoot

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jan 2012
  • Posts: 4387
  • Total likes: 74
  • DansDeals.com Hat Tips 5
    • View Profile
  • Location: NY
Re: Dealer Lease buyout
« Reply #409 on: June 17, 2021, 06:55:17 PM »
I am pricing a Highlander with < 10k miles and offers were Algo > Carvana > Vroom.
Looking to sell it? Price? Does it have 3rd row?

Offline Saver2000

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Apr 2011
  • Posts: 7662
  • Total likes: 27
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Dealer Lease buyout
« Reply #410 on: June 20, 2021, 12:59:26 AM »
One of the 3rd party buyout companies just successfully bought out my Nissan.
Which one?

Offline Menachem613

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2012
  • Posts: 1074
  • Total likes: 56
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: NYC
Re: Dealer Lease buyout
« Reply #411 on: June 21, 2021, 11:21:41 AM »
After selling the vehicle, what forms are required to be filed with the NY DMV (assuming the seller lives in NY)?

Offline yelped

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Mar 2015
  • Posts: 7902
  • Total likes: 2004
  • DansDeals.com Hat Tips 28
    • View Profile
Re: Dealer Lease buyout
« Reply #412 on: June 27, 2021, 11:15:41 PM »
PSA: GM stopping to allow third party buyouts (at least temporarily) from July 1st.

Offline Mikeoracle

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Aug 2008
  • Posts: 2030
  • Total likes: 67
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Location: NJ
Re: Dealer Lease buyout
« Reply #413 on: August 15, 2021, 12:49:46 AM »
Any update on NMAC not allowing buyouts?
I'm seeing some reports on leasehackr that Vroom is buying them successfully but not Carvana

Offline Mikeoracle

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Aug 2008
  • Posts: 2030
  • Total likes: 67
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Location: NJ
Re: Dealer Lease buyout
« Reply #414 on: August 15, 2021, 01:01:35 AM »
Any update on NMAC not allowing buyouts?
I'm seeing some reports on leasehackr that Vroom is buying them successfully but not Carvana
actually I may have misread, not sure.

Offline googwallet

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1177
  • Total likes: 53
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: PA
Re: Dealer Lease buyout
« Reply #415 on: August 17, 2021, 11:28:20 AM »
I'm looking to buyout an Odyssey, Sienna or Sedona. I'm willing to match what the other buyers (vroom, carvana etc.) are offering if it makes sense. This is for my family car, not a business. Please PM if you are able to help. Thanks!

Offline ilherman

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2013
  • Posts: 8862
  • Total likes: 164
  • DansDeals.com Hat Tips 35
    • View Profile
  • Location: Brooklyn
Re: Dealer Lease buyout
« Reply #416 on: August 26, 2021, 04:54:56 PM »
PSA: GM stopping to allow third party buyouts (at least temporarily) from July 1st.
Does this mean I can not sell my car to Vroom lets say now that my lease is over?
You can say what you think when you think what you say.

Offline whacked1

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Oct 2012
  • Posts: 2232
  • Total likes: 260
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Dealer Lease buyout
« Reply #417 on: August 26, 2021, 04:58:12 PM »
Does this mean I can not sell my car to Vroom lets say now that my lease is over?
Not directly. You would need to buy it out first (pay tax and wait for title)

Offline ilherman

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2013
  • Posts: 8862
  • Total likes: 164
  • DansDeals.com Hat Tips 35
    • View Profile
  • Location: Brooklyn
Re: Dealer Lease buyout
« Reply #418 on: August 26, 2021, 10:00:57 PM »
Not directly. You would need to buy it out first (pay tax and wait for title)
So id have to put up the cash up front.

Does it pay to call a GM dealership to ask if they wanna buy out? My understanding is that they are allowed to buy it out.
You can say what you think when you think what you say.

Offline Spoon

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Dec 2019
  • Posts: 433
  • Total likes: 69
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NY
Re: Dealer Lease buyout
« Reply #419 on: August 26, 2021, 10:17:35 PM »

Does it pay to call a GM dealership to ask if they wanna buy out? My understanding is that they are allowed to buy it out.

Yes they can. Contact multiple dealers.