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      10-08-2011, 06:39 PM   #1
ElBolo
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Selling lease @ CarMax

Does anyone have any prior experiences? I'm planning on doing it this week. The appraisal looks fair. Does BMW financial allow you to sell your lease prior to its expiration? Makes more sense to make some $$$$ by selling it than just turning it in to the dealer
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      10-08-2011, 06:50 PM   #2
hgtran21
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as long as your loan is paid off they dont care
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      10-08-2011, 08:54 PM   #3
kcdude24
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The payoff is the payoff. They don't care. Call BMWFS and ask them the $
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      10-08-2011, 11:37 PM   #4
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They suck on price man. All three times I tried over last three years they were the worst price.

Never have sold them the car. I use them to know what the worst trade in
Price is before I go anywhere else.
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      10-09-2011, 12:13 AM   #5
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carmax always gets me the lowest price
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      10-09-2011, 01:07 AM   #6
AlterZgo
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I'm surprised about the low price comments on CarMax. I sold my last car to CarMax for $23K. The BMW dealer offered me something like $17K for trade-in. I think Blue Book private party price was $24K. So, in my experience, CarMax bought my car for a great price.

Wouldn't hurt to get an appraisal from them. It only took about 45 minutes and is good for several days.
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      10-09-2011, 02:54 AM   #7
eisenb11
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CarMax isn't bad. The dealer offered me $27k to trade my car in. CarMax offered me $30k. I ended up keeping my car for another 2 months then sold it for $32k, 2 days after I put it on the market.
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      10-09-2011, 04:19 AM   #8
persian54
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Quote:
Originally Posted by eisenb11 View Post
CarMax isn't bad. The dealer offered me $27k to trade my car in. CarMax offered me $30k. I ended up keeping my car for another 2 months then sold it for $32k, 2 days after I put it on the market.
Selling it yourself is always 'better'

But, when doing a lease payoff.. best to go through a dealer (BMW, Carmax, MBenz, or any other dealer)
Why?

Well, (at least in CA), if a dealer buys the car, they don't pay tax

Meaning, if you call BWMFS, the pay off they give you is including your county tax

So if my payoff is 33k, if I sold the car to a dealer, the payoff is only 30k (assuming tax is about 10%)

So, if carmax offers you a 31k trade in, you're walking away with 1k cash

you'd have to sell for 34k, go through the trouble of doing the paperwork, dealing with crapy buyers, dealing with flakes, wasting time to post it online etc... just for the price

Now, if you could sell it yourself for like 38k, then sure it's worth it

or if the dealer only offered you 25k

you need to know what your payoff is, subtract the tax and then you will get dealer payoff (BMW FS won't give you dealer payoff since you're not a dealer)

then see what carmax offers you

I have never sold them a car, but they have given me fair offers

I used their offer to make BMW give me MORE so that I would buy my car from them :P
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      10-09-2011, 09:45 AM   #9
kcdude24
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Same here...if you sell to a private party you basically buy the car which includes the remaining lease payments plus buyout. Since you only paid tax on the leased portion then you have to pay sales tax on the buyout amount.

I sold a leased car to an individual and did the following: Set the deal with the individual and go buy a new car. Get the new car dealer to do an "in and out"...they buy the leased car and re-sell it to the individual. They don't pay the sales tax on the buyout because they are a dealer. Throw them a few hundred for the paperwork and you are set.

BTW, i have sold three cars to Carmax and all were offers the same as the dealer plus the amount of tax i would save by trading it in on a new one at the dealer... Basically the same offer with either deal. We have a sales tax offset in my state that only works if you trade in...Carmax is the same as a private sell. So even with the higher offer from Carmax they still make money....tells you the dealer is really screwing you on your trade and taking advantage off the tax offset.

Last edited by kcdude24; 10-09-2011 at 09:52 AM.
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      10-09-2011, 01:57 PM   #10
Moxie
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CarMax worked for me -
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      10-09-2011, 06:57 PM   #11
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I've sold my two cars to carmax..

96 s320
97 328cic

Only cause I didn't want to waste time private selling them.
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      10-09-2011, 10:26 PM   #12
ElBolo
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Thanks for the input guys.
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