Dad Sells a Leased Car to CarMax

Not sure what to do with your leased car at the end of the lease term? Usual options are returning the car to dealer, returning car and leasing/buying a new car from same dealer, or buying the car. But have you considered selling your leased car? That’s another option. And it’s a really efficient process when you sell to CarMax.

[chrisr]

Dude! You personally saved me thousands of dollars with this video! Thank you so much!

[SuperJM]

Thanks Dad for taking the time to educate and inform! Appreciate you.

[edgaracevedo]

I like this option. I was thinking of buying the lease car at end of lease term but the dealers is giving me the run around, ignoring my question on the lease purchase process, their adm fee and just basically want to buy out my lease and get me into a new one. Inventory is low so of course they want the car. I put the vin number in Car Max and they offered me $25K and the purchase at the end of lease is $17, 852 so it's a $7, 148 profit less $1400 in lease payments I still owe and I still profit $5, 748. Carvana only offered $22k so I would profit $2, 700. Not bad as I would use the money on a down payment for a new one.

[SquidSnuggles]

CarMax is offering me 24k and some change. My payoff amount is 21k and some change. Selling approved to CarMax per Mazda Leasing Company. Sounds like a smooth transaction. When you did this- was there anything you had to pay out of pocket yourself? Like any surprise fees or bills that came later from either party? From what I understand- there is nothing that I should expect coming out of my pockets then.

[natebailey]

I appreciate you and your channel so so so much. Thank you!

[lui]

Unfortunately a lot of car companies like Kia motor finance has restricted carmax from buying leases. I went to trade in my lease to carmax and wasn’t allowed by Kia.

[edwardharris]

thank you for this I have the same feeling and im in the last year if my lease. you gave me some good info

[carriebishop]

This was a very interesting video I enjoyed it thanks

[saulm]

Hi! Great Video! I have an 2020 Acura ILX Pre. with 12, 500 mi and my lease is almost up March 2023..Pay off is 18k and CarMax offering 29k..

[deveng]

I agree this was my exact plan what to do with my car once my lease is up great video

[pedrozaragoza]

How can you check if you’re allowed or not to sell your lease?

[peterh]

Honda Financial Services has a Restricted Power of Attorney form on their website. I wonder if that would give Carmax authority to handle the lease buy out.

[alexm]

I knew nothing about this. Looked at my lease and I’ll owe 19k if I choose to buy. Carmax is offered 26k! 💰

[matimckinney]

Awesome video, what a great alternative avenue! 👍

[jamesstencil]

im a little confused on your interaction with the dealership. what do you do with the dealership after your car is sold? do you notify them beforehand?

[Vaderdk]

If you’re selling you’re current lease, you won’t have the title. Leasing company has it. They’re not giving it up till you settle up the payments and purchase the vehicle at the residual value.

[이수민-qnd]

Do you have to tell Carmax that it is a leased car in the beginning? If not, when is it best to say that?

[cjwhite]

Thank you so much for this video! I have a quick question if anyone can help. When you sell to Carmax, do they pay the lease off for you and give you the difference, or will they pay you the total car cost then you have to go to the dealer to pay the buyout? Just wondering how that all works and if we need to buyout the car prior to selling to carmax. Thank you!

[donnaeichenlaub]

I went to Carmax with my lease car. The issue was their buyout was much higher than my buyout. So I went from a potential $2000 profit to needing to write a $2000 check. Needless to say I did not sell to them. I am buying my lease out then I will sell it. Im wondering why their buyout was so much higher than mine by thousands?

[_lunavisuals]

I like this Guy, great video sir. Thank you