[jmg]

We have a car with a lease ending in 7 days and CARVANA made a decent offer to buy our car. I submitted the paperwork and now it is pending review. I'm wondering how fast their process is, if anyone has any personal experience. Would it even be possible to get paid, have them pick it up, clear the check, and pay off the lease buyout in 6 days?

[chris3g]

Originally Posted by jmg

We have a car with a lease ending in 7 days and CARVANA made a decent offer to buy our car. I submitted the paperwork and now it is pending review. I'm wondering how fast their process is, if anyone has any personal experience. Would it even be possible to get paid, have them pick it up, clear the check, and pay off the lease buyout in 6 days?

They won't buy the car if your lease expiration date is less than 60 days out, for some reason they do not tell you this up front.

[jmack]

Originally Posted by chris3g

They won't buy the car if your lease expiration date is less than 60 days out, for some reason they do not tell you this up front.

This. OP would have to extend the lease for two months and then sell it, which may or may not be worth it.

[jmg]

Originally Posted by chris3g

They won't buy the car if your lease expiration date is less than 60 days out, for some reason they do not tell you this up front.

Ok thanks, I just got a higher quote from Carmax so I'm going to try them. Do you know if there are any restrictions with them?

[MOTOP]

Originally Posted by jmg

Ok thanks, I just got a higher quote from Carmax so I'm going to try them. Do you know if there are any restrictions with them?

So did I with my F16.
Carmax gave me more.
They say you could drive away with a check (you can only deposit it...it cannot be cashed out). I don't see a reason why NOT to drive away with that check. :-)

[BMWCCA1]

I'd be very surprised if either of them actually cut you a check for a car for which you can't produce a title.

You obviously think you have equity over your contracted residual but if Carmax has to pay it off for you, their buy price might be more than yours or your dealers.

Let us know what you find.

[jmg]

Originally Posted by BMWCCA1

I'd be very surprised if either of them actually cut you a check for a car for which you can't produce a title.

You obviously think you have equity over your contracted residual but if Carmax has to pay it off for you, their buy price might be more than yours or your dealers.

Let us know what you find.

It's done all the time on leases. Bank holds the title and the are on the registration as well as I. They pay off the lease and cut you a check for the difference.

I did the online appraisal, and it was more, so hopefully they don't change their mind when I drop it off! Going tonight, will report back.

[jmg]

Originally Posted by BMWCCA1

I'd be very surprised if either of them actually cut you a check for a car for which you can't produce a title.

You obviously think you have equity over your contracted residual but if Carmax has to pay it off for you, their buy price might be more than yours or your dealers.

Let us know what you find.

UPDATE: Just came back from selling my old car. They offered $1k more than Carvana, who has YET to get back to me after 3 days of processing my paperwork.

Side note: About a month or two ago I got the car appraised at the Carmax dealership. Then two days ago I got it appraised online. The online quote was 3.2k higher than the in-person quote a month or two ago. I'm not sure if the used market is inflated right now because of production shortages or what, but if you want to sell, I would try getting an appraisal online first.


The process was simple: came in with the printed out appraisal. Got an inspection and they approved the appraisal. I showed my registration, ID, and account number on the lease and the keys. They called me an hour and a half later saying my check was ready. I went back, signed the DMV transfer, got the release of liability, signed some other forms and got a check for the difference between the lease payoff and the quote. They handled paying off the lender. I canceled my insurance and I will be calling the lender Monday to double check that my hands have been washed from the car. All in all a good experience. This is the first time selling a leased car to carmax, although I have sold an owned car previously with equally good results.

For those wondering, I came out no top with a check for $2k when I could have been paying the $300 lease disposition fee had I lease returned it to the dealer.


Edit:

She was well used, well loved, and will be missed. Good luck with your next owner courtesy of Carmax:

2018 Subaru Forester by JMG, on Flickr




Welcome her replacement:




2021.5 VW Atlas 3.6L V6 SEL 4Motion by JMG, on Flickr

[Vitacura]

Nice, Glad it worked out! It's crazy to see what offers are being made on used cars.

[damageprone]

Darn, Should have cross shopped to CarMax too. Carvana just made it too easy. 10/10 would sell to them again. Never even had to leave the house nor did they even test drive the car before picking it up.

[MaseinMA]

Just sold my 2016 Taurus SHO to Carvana. Stupid easy process. They quoted, verified some pictures/paperwork, and then I dropped the car off to them and they handed me a check. Might be a little more difficult if you have a loan/lien but pretty stupid easy if you own outright.

[vj123]

I have sold 2 vehicles to Carvana so far and pretty happy with the overall process as its pretty straightforward.

If a vehicle has a lien, all we need is a 10day pay off letter from the lender. Carvana will take care of the lien and give a check for the balance when they pick up the vehicle.

[BzsBimmer]

If I have a year left on my lease, can I still sell my vehicle? I’d imagine yes, but asking if others went through something similar.

I did notice on my payoff quote online, BMW states “ Please Note: This payoff is intended for you. This payoff will not be honored if sent in by a third party dealership.”

[houbmw]

What about damages and exterior cosmetic issues? How strict are they on that and how has the price quoted changed from what payment was actually recieved? Trying to sale a 2013 toyota highlander limited 140k miles in great interior condition. Minor exterior paint scratches and door dents.

[chris3g]

Originally Posted by houbmw

What about damages and exterior cosmetic issues? How strict are they on that and how has the price quoted changed from what payment was actually recieved? Trying to sale a 2013 toyota highlander limited 140k miles in great interior condition. Minor exterior paint scratches and door dents.

carvana doesn't even look at the car. does the VIN and mileage match what you submitted and can they drive it up onto the hauler? then you are good.

[damageprone]

Originally Posted by houbmw

What about damages and exterior cosmetic issues? How strict are they on that and how has the price quoted changed from what payment was actually recieved? Trying to sale a 2013 toyota highlander limited 140k miles in great interior condition. Minor exterior paint scratches and door dents.

They didn't really look at mine either. They turned it on, to check to see if there were any check engine lights (I assume), and that was it. They mainly want to make sure they can drive it up on the hauler it seems.

[mantis]

Originally Posted by jmg

UPDATE: Just came back from selling my old car. They offered $1k more than Carvana, who has YET to get back to me after 3 days of processing my paperwork.

Side note: About a month or two ago I got the car appraised at the Carmax dealership. Then two days ago I got it appraised online. The online quote was 3.2k higher than the in-person quote a month or two ago. I'm not sure if the used market is inflated right now because of production shortages or what, but if you want to sell, I would try getting an appraisal online first.


The process was simple: came in with the printed out appraisal. Got an inspection and they approved the appraisal. I showed my registration, ID, and account number on the lease and the keys. They called me an hour and a half later saying my check was ready. I went back, signed the DMV transfer, got the release of liability, signed some other forms and got a check for the difference between the lease payoff and the quote. They handled paying off the lender. I canceled my insurance and I will be calling the lender Monday to double check that my hands have been washed from the car. All in all a good experience. This is the first time selling a leased car to carmax, although I have sold an owned car previously with equally good results.

For those wondering, I came out no top with a check for $2k when I could have been paying the $300 lease disposition fee had I lease returned it to the dealer.


Edit:

She was well used, well loved, and will be missed. Good luck with your next owner courtesy of Carmax:

2018 Subaru Forester by JMG, on Flickr




Welcome her replacement:




2021.5 VW Atlas 3.6L V6 SEL 4Motion by JMG, on Flickr

I'm currently looking for a Subaru on Cargurus, CarMax, and carvana. thinking about hitting a dealer to learn the differences between Forester, Outback, and Crosstrek, as well as the differences between all the packages, ie limited, or premium. need an AWD vehicle for dirt roads in Arizona as well as good gas mileage for the drive from SoCal out to there

[vj123]

Originally Posted by houbmw

What about damages and exterior cosmetic issues? How strict are they on that and how has the price quoted changed from what payment was actually recieved? Trying to sale a 2013 toyota highlander limited 140k miles in great interior condition. Minor exterior paint scratches and door dents.

For the first vehicle, inspector didnt even look at the exterior condition. For the second one, inspector just walked around the vehicle for namesake. I dont think they would worry on minor scratches.

Inspector would have the check in hand when he is picking up the vehicle. I dont think they would want to go to the hassle of redoing the offer unless there is a significant damage.

[MaseinMA]

Originally Posted by vj123

For the first vehicle, inspector didnt even look at the exterior condition. For the second one, inspector just walked around the vehicle for namesake. I dont think they would worry on minor scratches.

Inspector would have the check in hand when he is picking up the vehicle. I dont think they would want to go to the hassle of redoing the offer unless there is a significant damage.

What he said. I was a little concerned because I claimed the best condition in the options but there was a little curb rash on the right two rims (texting and driving ) and the front bumper was pretty chewed from highway miles. They didn't look twice. I have to imagine it would be a pain for them to re-cut check / renegotiate so they probably won't do that for just any old little issue.

[jmg]

Originally Posted by mantis

I'm currently looking for a Subaru on Cargurus, CarMax, and carvana. thinking about hitting a dealer to learn the differences between Forester, Outback, and Crosstrek, as well as the differences between all the packages, ie limited, or premium. need an AWD vehicle for dirt roads in Arizona as well as good gas mileage for the drive from SoCal out to there

Touring is the highest trim in the Subaru lineup (not counting special editions). That usually means more chrome or satin metallic trim on the exterior, nicer wheels etc, which IMHO really makes the car look decent, since styling isn't really their strong point and the standard trim looks really cheap with all the black, scratch and fade prone plastic IMHO. ALL trims come with EYESITE thankfully, which is HUGE considering more expensive cars charge extra for any level of autonomous driving aids. Touring comes with the nicer leather interior and features such as moonroof, heated seats/steering wheel, stereo etc. For me, Touring is a must because Subarus aren't luxury cars, they can get really cheap inside and out, which is good for those on a budget, but not so much if you want a better than below average driving experience.

The Ascent was going to be our next car before we went with the VW Atlas. It has more room, 3 rows, and a more powerful engine than the rest of the lineup. All the Subaru SUVs have the same 8.7in ground clearance but the Forrester has the best approach angle afaik.

Personally, I like the shape and interior of the Outback the best of the bunch, but it just doesn't have the cargo layout that I want that the Forrester and Ascent has. We did a good amount of light offroading including some hairy river crossings in our Forrester, but it's not going to do any rock climbing or anything crazy like that. Some gravel and light mud, it does great.

[MOTOP]

I tell you this - I told the dealer I would sell my F16 to Carmax when visiting him 2 days prior to my M50i delivery. They knew they had offered me $7k less than CM (told them the number).
So i went to CM in PA (the closest to me) and 1 hr later drove away with the check (their bank is Wells Fargo). Deposited it and full amount was available on the next day.

On Friday I come to pick up my car and the guys goes "we'll give you what you wanted". But it was too late. And kinda sad since I had lost this $$$ in taxes as trade-in.

My point is, if your trade-in is in excellent shape and can be put on a lot instead of going straight to Manheim, ask your dealer if they could match Carmax.
Trust me - they can. And if they say no - it's just weird and your guy is a lazy-ass morron (excuse my French).