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k6m3w Member Posts: 38
July 2021 edited July 2021 in General
Hi
Friend of mine told me to check out Carvana before trading my car in next month when it matures. So I did and they are offering me $7k over the residual value. Seems too good to be true. Anyone have experience with selling a leased car to Carvana?
Thanks in advance
Michaell Moderator Posts: 248,610
July 2021
@qbrozen, @stickguy, @breld - please come to the white courtesy telephone.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
k6m3w Member Posts: 38
July 2021
This sounds ominous... @qbrozen, @stickguy, @breld please do tell.
1
Michaell Moderator Posts: 248,610
July 2021
These are regulars here on the forums who have all sold vehicles to Carvana.
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Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!MODERATOR
2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
explorerx4 Member Posts: 19,771
July 2021
Don't forget to get quotes from Vroom and Carmax.
A friend of mine just sold his wife's Q5 to Carmax, 2 to 3k higher than the others.
This car vary a lot depending on vehicle.2023 Ford Explorer ST, 91 Mustang GT vert
nyccarguy Member Posts: 16,744
July 2021
k6m3w said:
Hi
Friend of mine told me to check out Carvana before trading my car in next month when it matures. So I did and they are offering me $7k over the residual value. Seems too good to be true. Anyone have experience with selling a leased car to Carvana?
Thanks in advanceWhat kind of car is this?
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2022 Wrangler Sahara 4Xe, 2023 Toyota Tacoma SR 4WD
henryn Member Posts: 4,289
July 2021
About 2 months ago I sold a 2016 Chrysler Town and Country to Carvana. Carmax and Vroom offered me $15.6, and Carvana came in at $16,696. The process was smooth and pleasant. My car was not leased, I had a clear title.
They offered to pick up the car (send a flat bed wrecker), or I could just bring it to them and they would give me a ride home (Uber). The money showed up in my bank account the next day. I have nothing but good things to say about Carvana, I'm not sure how they could have made it any easier.
2023 Chevrolet Silverado, 2019 Chrysler Pacifica
1
k6m3w Member Posts: 38
July 2021
Great to hear.
It's a 2018 VW Atlas ... Residual 22k, they offering $30K! Carmax was $28k. This market is bonkers.
breld Member Posts: 6,807
July 2021
Carvana was unable to purchase my vehicle leased through Nissan, though that seemed to be specific to Nissan Financial.
For what it's worth, Carmax can often be a simpler process since you're at a physical location. Something to think about.
2024 Audi Q8 e-tron - 2017 911 C4S - 2023 A6 Allroad - 2024 Genesis GV60 - 2019 Cayman
28firefighter Member Posts: 9,505
July 2021
VW does allow third-party buyouts, but VW does not charge third party dealers your residual + remaining payments as buy out - they charge "market rate" which can be dramatically higher. Make sure they call and get a real payoff for your vehicle before you decide whether this makes sense for you.
2018 BMW M240i Convertible, 2015 Audi Q5 TDI
1
stickguy Member Posts: 51,430
July 2021
Good info on VW.
Carmax is easiest to do but I used Carvana twice and it’s simple. Just hit submit/accept and follow instructions. You need pictures of your license, the odometer and registration. And I think lease company contact and account info. Once uploaded, they process and come back with final numbers (they need to get payoff directly from lease company) of what you get and what buyout is.
If you are good with that, they give you a link to arrange pickup time. The truck shows up, driver does a quick look over, you sign a few forms and driver hands you a check.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
stickguy Member Posts: 51,430
July 2021
Also, even if VWC wants a higher buyout, you can purchase it yourself at residual value then flip it. Lose some $ though because you need to pay sales tax. And might delay the process a bit.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
andres3 Member Posts: 13,899
July 2021
For me Carvana is way easier than the complicated and time-consuming Carmax process.
1. No driving to the "dealership" and not having a ride home (take 2 cars?).
2. No waiting for "finance" to write your check, they give it to you when they pick your car up (this saves a lot of time).
3. Minimal paperwork at Carvana while you have to sign the equivalent of a new mortgage worth of paperwork at Carmax.If it was a tie on the price/offer, I'd easily choose Carvana.
'21 BMW X3 M40i, '15 Audi S4, '16 Audi TTS, Wife's '19 VW Tiguan SEL 4-Motion
stickguy Member Posts: 51,430
July 2021
Carmax advantage is you get the offer pop up, and just have to print it off and take it to the location. No dealing with submitting documents pictures or scheduling times. Either way you leave with a check (well, Carmax is technically a bank draft).
Vroom I don’t like since you have to wait on them to send you payment after they have the car.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
andres3 Member Posts: 13,899
July 2021
stickguy said:
Carmax advantage is you get the offer pop up, and just have to print it off and take it to the location. No dealing with submitting documents pictures or scheduling times. Either way you leave with a check (well, Carmax is technically a bank draft).
Vroom I don’t like since you have to wait on them to send you payment after they have the car.
I haven't done Carmax's new "instant quote" sale yet. Do they have the bank draft DRAFTED when you arrive, or do you have to wait in the waiting room for someone to print it?
'21 BMW X3 M40i, '15 Audi S4, '16 Audi TTS, Wife's '19 VW Tiguan SEL 4-Motion
stickguy Member Posts: 51,430
July 2021
They print it once the car is inspected and paperwork complete. Did not take long when I did it.
Not sure what Carvana does if the driver shows up and finds damage you did not disclose. I assume has to leave and come back another time with a different check.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
explorerx4 Member Posts: 19,771
July 2021
When I sold my truck to Vroom, they FedEx'd my check before the shipper picked it up.
2023 Ford Explorer ST, 91 Mustang GT vert
stickguy Member Posts: 51,430
July 2021
Pretty brave since they haven’t actually seen the car before you got the money. Or given them the keys.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
explorerx4 Member Posts: 19,771
July 2021
@stickguy,
I did send them a key as part of the offer acceptance, but how would they know if it was the correct one?2023 Ford Explorer ST, 91 Mustang GT vert
1
andres3 Member Posts: 13,899
July 2021
Yes, VROOM requires 1 of 2 Key FOB's..... didn't like that part AT ALL!!!!! Basically commits you to not "back out" of the sale, but my worry is a $350 bill for a Key FOB I'm no longer in possession of!
'21 BMW X3 M40i, '15 Audi S4, '16 Audi TTS, Wife's '19 VW Tiguan SEL 4-Motion
andres3 Member Posts: 13,899
July 2021 edited July 2021
stickguy said:
They print it once the car is inspected and paperwork complete. Did not take long when I did it.
Not sure what Carvana does if the driver shows up and finds damage you did not disclose. I assume has to leave and come back another time with a different check.
I asked the driver that and he said one main thing:
1. People were more honest than you'd think. It hasn't been a problem, and as long as the car starts and moves in first gear that's all he needs to know; literally a 20' test drive.
Personally, I'm sure Carvana includes a "BS" buffer in their offer so they "expect" things to be wrong that you didn't disclose.
'21 BMW X3 M40i, '15 Audi S4, '16 Audi TTS, Wife's '19 VW Tiguan SEL 4-Motion
explorerx4 Member Posts: 19,771
July 2021
Sending Vroom a key was a leap of faith but clearing 43.5K was worth the risk.
2023 Ford Explorer ST, 91 Mustang GT vert
1
oldfarmer50 Member Posts: 23,225
July 2021
k6m3w said:
Great to hear.
It's a 2018 VW Atlas ... Residual 22k, they offering $30K! Carmax was $28k. This market is bonkers.Carvana offered me just shy of what I paid for my car new 6 years ago. I urge you to jump on that offer as the chip shortage causing the insane used car market may be coming to an end.
Just be sure you can do without the car you’re selling as anything you buy will be similarly inflated.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
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