Flyct
Posts: 416
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Delivery Date: 05 Dec 2019
Leaf Number: 310009
Location: Bradenton, Florida, US

Re: Leased Car, selling to CarMax

Mon Mar 29, 2021 7:44 pm

Baltneu wrote:
Mon Mar 29, 2021 9:45 am
Let me explain it again:

I have a 36 month lease, paying $447 per month, 6 months left on lease, so for 30 months have paid $13,410.
In October when lease is up I can walk away.
However, Nissan Finance gives me buy price now for $15, 568.
CarMax has given me written offer for buying the car now for $17,400.
I walk away with a check for $1,832.
That is all there is to it, no more.
I can get out early and have some equity.

The only issue here is will CarMax who said on 2 phone calls say they can buy the lease out, will they really be able to do it? That is all I posted about. Other people have muddied this post with their own stuff.

I have appt on 4/1 with CarMax, will report back. How is that? OK
Perfect. CarMax is a quality organization. You get out of your lease early and put some money in your pocket.
2020 Leaf SL Plus (replaced totaled 2019:SL+)
2015 Lexus RX450h Hybrid SUV
2019 F-150 XLT Extended cab
2020 Ford F-350 Lariat Ultimate Crew Cab Short Bed Diesel- Tow vehicle
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Baltneu
Posts: 295
Joined: Sun Oct 07, 2018 8:54 pm
Delivery Date: 06 Oct 2018
Leaf Number: 313633

Re: Leased Car, selling to CarMax

Thu Apr 01, 2021 10:33 am

Reporting back:

Yes. Yes. Yes

Carmax will buy the Nissan Leaf lease.

Buyout: $15,683.63
Carmax offer: $17,400
I walk away with check: $1716.37

Did not have to pay Nissan $300 as stated in lease if I want to buy

Nissan dealer said only a Nissan dealer can do this. Total BS.

In and out of Carmax in 1 hr.
2018 Gun Metallic Gray, SL, Technology Package, etc.

voltamps
Posts: 88
Joined: Thu Dec 17, 2020 6:13 pm
Delivery Date: 14 Dec 2020

Re: Leased Car, selling to CarMax

Thu Apr 01, 2021 11:11 am

Nice result. That was my experience at CarMax. They know what they are doing, and don't take too much time to do it.

Makes sense the Nissan dealership is not required to be involved at all. As long as the Lease Company is happy, the dealership has nothing to do with anything! The only way they would is if there was some "gotcha" item which would need to be written down (disclosed) in you Lease Agreement contract.

For future leases, you can find out what % interest rate you are actually paying for a lease by crunching numbers in:
https://www.bankrate.com/calculators/au ... lator.aspx
Remember a lease is really a balloon loan. The lease company pays cash for the car, and it ends up being a loan to you, and you either surrender the car in the end, or pay off the loan (balloon style).
2020 Leaf SV
2016 Ford Focus Electric (traded in at 34k miles, 5 years)

LeftieBiker
Moderator
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Delivery Date: 30 Apr 2018
Location: Upstate New York, US

Re: Leased Car, selling to CarMax

Thu Apr 01, 2021 1:58 pm

I'm considering doing this with my car. The mileage will be under or at 10k miles when I turn her in, and while the door was hit, it was replaced with a new one and, one scratch aside, the car looks like new. Now if I could only get into NMAC to see my residual again! They asked me something for a security question that I can't seem to answer correctly...
Scarlet Ember 2018 Leaf SL W/ Pro Pilot
2009 Vectrix VX-1 W/18 Leaf modules, & 3 EZIP E-bicycles.
BAFX OBDII Dongle
PLEASE don't PM me with Leaf questions. Just post in the topic that seems most appropriate.

Baltneu
Posts: 295
Joined: Sun Oct 07, 2018 8:54 pm
Delivery Date: 06 Oct 2018
Leaf Number: 313633

Re: Leased Car, selling to CarMax

Thu Apr 01, 2021 2:44 pm

LeftieBiker wrote:
Thu Apr 01, 2021 1:58 pm
I'm considering doing this with my car. The mileage will be under or at 10k miles when I turn her in, and while the door was hit, it was replaced with a new one and, one scratch aside, the car looks like new. Now if I could only get into NMAC to see my residual again! They asked me something for a security question that I can't seem to answer correctly...
I thought the numbers at Carmax were very competitive, in fact the highest of all the places I checked.
With such low mileage you should get a very good offer from them.
They do ask in the online offer if the car was in an accident. Mine was not, had a small dent/scratch on the pass door, disclosed that, but they did a very brief look over the car. Good luck.
2018 Gun Metallic Gray, SL, Technology Package, etc.

LeftieBiker
Moderator
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Re: Leased Car, selling to CarMax

Thu Apr 01, 2021 3:43 pm

The accident was in a parking lot and may not show up. I'll do a history check soon.
Scarlet Ember 2018 Leaf SL W/ Pro Pilot
2009 Vectrix VX-1 W/18 Leaf modules, & 3 EZIP E-bicycles.
BAFX OBDII Dongle
PLEASE don't PM me with Leaf questions. Just post in the topic that seems most appropriate.

Baltneu
Posts: 295
Joined: Sun Oct 07, 2018 8:54 pm
Delivery Date: 06 Oct 2018
Leaf Number: 313633

Re: Leased Car, selling to CarMax

Thu Apr 01, 2021 3:49 pm

LeftieBiker wrote:
Thu Apr 01, 2021 3:43 pm
The accident was in a parking lot and may not show up. I'll do a history check soon.
If you ran it thru your insurance co then it might show up
2018 Gun Metallic Gray, SL, Technology Package, etc.

LeftieBiker
Moderator
Posts: 16748
Joined: Wed May 22, 2013 3:17 am
Delivery Date: 30 Apr 2018
Location: Upstate New York, US

Re: Leased Car, selling to CarMax

Tue Apr 20, 2021 11:53 pm

A free vehicle history check shows "no accidents." My insurance site shows 2 "incidents." Do I disclose this? The door was the only part of the car damaged, and it was replaced with a new door. Carmax's offer, with no accident disclosed, is $18,600. My residual is $17,388. That's a check for $1212 if I don't keep the car, instead of a bill for $300...
Scarlet Ember 2018 Leaf SL W/ Pro Pilot
2009 Vectrix VX-1 W/18 Leaf modules, & 3 EZIP E-bicycles.
BAFX OBDII Dongle
PLEASE don't PM me with Leaf questions. Just post in the topic that seems most appropriate.

Baltneu
Posts: 295
Joined: Sun Oct 07, 2018 8:54 pm
Delivery Date: 06 Oct 2018
Leaf Number: 313633

Re: Leased Car, selling to CarMax

Wed Apr 21, 2021 1:05 am

It sure is enticing to walk away with a check, I did. But coughing up $300 is not a big deal when you look at the total picture. I am no lawyer but not disclosing I guess is called Fraud. In your lease agreement it says that if you do buy the car from the thief dealers, you have to pay Nissan Finance a $300 processing fee, so you could consider it a wash. Also at lease termination if you turn the car back, you have the disposition fee, I can’t remember the exact amount but I think it was in the neighborhood of $375-$475. So if you want out early from the lease and move to a new car, then I think paying the $300 is a small situation and weigh it against the other expenses I noted above. I am not 100% sure but I think that Carmax does not pay the $300 fee to buy the car, they just pay the payoff amount so you do not pay the $300 robbery fee.

Edit: one other random thought, when one of the Nissan dealers worked up the quote for me to buy the car from them, they hit you not with only the $300 fee, but sales tax! Plus other DMV fees, and a lot of nonsense you can just laugh at, so the $300 is peanuts, in my book compared to the dealer BS.

I did this to get out of my lease early, wanted an AWD EV and longer range (226 miles these days is a joke). I Tesla Model is due for delivery early May, can’t wait!!!
2018 Gun Metallic Gray, SL, Technology Package, etc.

SageBrush
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Re: Leased Car, selling to CarMax

Wed Apr 21, 2021 4:15 am

Baltneu wrote:
Wed Apr 21, 2021 1:05 am
I Tesla Model is due for delivery early May, can’t wait!!!
Nice!

I thought you had decided on a PHEV
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Bought Jan 2017 from N. California
Two years in Colorado, now in NM
03/18: 58 Ahr, 28k miles
11/18: 56.16 Ahr, 30k miles
09/20: 54.3 Ahr; 38k miles
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2018 Tesla Model 3 LR, Delivered 6/2018

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