CarMax Appraised my car, and I'm confused.
10-22-14, 09:30 AM
#16
Lexus Champion
That is what I thought. Buy the car now or at lease-end and avoid the over-mileage and wear-and-tear penalties.
So the OP should determine the extent of the penalties. Calculate the size of the over-mileage penalty ($ amount for every mile over the allowable limit, as per the lease agreement). Take the car into an autobody shop to get an estimate of what it would cost to fix the collision damage and (full) paint job; and cost out the replacement of the other wear items -- wipers, tires, etc.
The wear-and-tear penalty is very likely to be (much) higher than fixing the dings, dents, collision damage and other worn items. I don't know the over-mileage penalty, since I am not familiar with the $ amount for each mile over the allowed miles.
You are going to incur a loss. Minimize it.
If the penalties are greater that the $8,600 ~ $8,700 that the sale to CarMax would cost, buy out the lease and sell to CarMax or wait 10 months and buy for $16,400.
If, however, the calculated penalties are less than $8,600, decide whether you want to keep it, sell it or return and pay the penalties.
10-22-14, 02:06 PM
#17
Lexus Fanatic
iTrader: (20)
not sure i follow part in bold because 'buying out the lease' just means paying the remaining payments - that doesn't mean the car is his to then sell to carmax! he's had to pay the remaining payments AND the $16,400 and THEN sell it to CarMax - in other words, he'd get royally hosed.
10-22-14, 02:58 PM
#18
Lexus Test Driver
10-22-14, 03:16 PM
#19
Lexus Test Driver
Can I sell my leased car?
In most cases, you can sell your leased car in almost the same way as any other financed car. We'll appraise the car or truck, then contact the leasing company for a payoff quote and process any equity you might have. Please note that some leasing companies will not allow you to sell the car prior to the expiration of the lease. Also, be aware that your leased car might not be eligible for the trade-in tax savings described above. Check with your leasing company for complete details.
In most cases, you can sell your leased car in almost the same way as any other financed car. We'll appraise the car or truck, then contact the leasing company for a payoff quote and process any equity you might have. Please note that some leasing companies will not allow you to sell the car prior to the expiration of the lease. Also, be aware that your leased car might not be eligible for the trade-in tax savings described above. Check with your leasing company for complete details.
10-23-14, 08:16 AM
#20
Lexus Test Driver
Its very simple:
1. ANY ONE CAN SELL a LEASED car to ANYONE
2. They give you $10,000 for your trade, means you OWE another $6,xxx dollars to pay off the balance of the $16,000
3. CARMAX will buy your car, you don't have to buy a car from them, you just have to come up with $6,000
4. CARMAX SUCKS, stay AWAY they rip people off by offering LOW trade in values, and their Profit margins are 40-50%
5. If you sell the car to CARMAX you don't need to worry about excessive mileage
6. Read #1
Sell the car on your own
1. ANY ONE CAN SELL a LEASED car to ANYONE
2. They give you $10,000 for your trade, means you OWE another $6,xxx dollars to pay off the balance of the $16,000
3. CARMAX will buy your car, you don't have to buy a car from them, you just have to come up with $6,000
4. CARMAX SUCKS, stay AWAY they rip people off by offering LOW trade in values, and their Profit margins are 40-50%
5. If you sell the car to CARMAX you don't need to worry about excessive mileage
6. Read #1
Sell the car on your own
Last edited by FastTags; 10-23-14 at 08:19 AM.
10-23-14, 08:31 AM
#23
Long story short... you will owe one way or another. The only way you might get close to breaking even is buying one of Carmax ' s cheapest available.
Probably didn't open a claim on the hit and run cause you might have 1k deductible to counter the high rates due to the 100/300 limits required by most lease agreements... you might be better off fixing the fender and keeping the accord for awhile. Leases work for some folks but for most of us they don't.
Sulu broke it down pretty well.
Probably didn't open a claim on the hit and run cause you might have 1k deductible to counter the high rates due to the 100/300 limits required by most lease agreements... you might be better off fixing the fender and keeping the accord for awhile. Leases work for some folks but for most of us they don't.
Sulu broke it down pretty well.
10-23-14, 08:36 AM
#24
Lexus Test Driver
My advice, Sell the car for about $13,000 and get a new one, if you fine with paying another $3,000 to the bank.
You may be able to trade it for more value if you are going to buy a car from the dealer.
You may be able to trade it for more value if you are going to buy a car from the dealer.
Last edited by FastTags; 10-23-14 at 08:39 AM.
Thread
Thread Starter
Forum
Replies
Last Post
RX469
Car Chat
14
05-19-07 10:16 AM