Lease Buy Out?

[Barney556180]

Did you follow up and find out what they listed and/or sold your Laramie for?

I believe they had it for about $1,800 over the buy offer to me.
With the Chrysler lease wrap up, plus picking up and detailing the truck, seems a reasonable markup.

 

[PowrRam]

I believe they had it for about $1,800 over the buy offer to me.
With the Chrysler lease wrap up, plus picking up and detailing the truck, seems a reasonable markup.

OK, thanks for the info.

I started the process with Carvana. For anyone interested in the process, they wanted me to upload a pic of my odometer, a copy of the buyout amount on the leasing company's letterhead, a picture of my driver's license, a copy of my vehicle registration card. They also ask you a bunch of questions about the condition of your vehicle. The initial offer came back at $2,873 over my buyout price. But then they emailed me and told me I needed to get them the dealer buyout price NOT my (the consumer) buyout price. I assume the dealer buyout price would be less than my buyout price, so perhaps the offer will come back for more than $2,873. I presume my buyout price includes state sales tax, but not sure.

I have a friend in the auto business and he gave me a couple of contacts at nearby dealers that are known to purchase vehicles from people. I'm also going to approach these dealers and see what happens.

 

[PowrRam]

I assume the dealer buyout price would be less than my buyout price, so perhaps the offer will come back for more than $2,873. I presume my buyout price includes state sales tax, but not sure.

I got a hold of a copy of the dealer buyout sheet from Chrysler Capital they sent to Carvana and it has the same numbers on it as the one they sent to me, only difference is the name the letter is being sent to--me or Carvana. Buyout from Carvana remains at $2,873 over my number.

I have a friend in the auto business and he gave me a couple of contacts at nearby dealers that are known to purchase vehicles from people. I'm also going to approach these dealers and see what happens.

First contact is at a Dodge/Jeep/Ram dealer. He came in at $2,200 over my buyout number.

Second contact is at a Ford dealership. Initially, he came in at $2,049 over my buyout number but when I told him he was in third place in the contest he said he would beat whomever was in first place (Carvana) and he did. He came in at $2,949 over my buyout number.

 

[Barney556180]

Yes, the end lease buyout figure is the same regardless. The leaser will get their full money no matter what.

But, at lease here in Michigan, a personal buyout creates a 7% sales tax event, whereas a direct to dealer buying does not.

That meant over $2,170 more to me from Carvana over buying and selling myself.