ST Alpha - "Almost all captive finance companies have stopped processing third party lease buyouts. If you want to sell to Carvana you'll have to buy it first. -- (edited)" (Reading a Post)

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In response to "LIR: Car stuff. Anyone have experience with lease returning/buyout? I have a buyout quote from Kia for $18,884. I have a Carmax quote (online) for " by oblique

Almost all captive finance companies have stopped processing third party lease buyouts. If you want to sell to Carvana you'll have to buy it first. -- (edited)

Posted by spamlet Oct 7 '21, 08:58

And then sell it to them. You may or may not have to pay sales tax twice in this case. You will have to front the $18k.

You can ask Kia to match the offer and they might given the dearth of used cars.

It's better to take the $6k cash than putting it "down" on the lease because if your lease gets wrecked the day after you sign the lease you lose the $6k (gap insurance pays Kia but your money is gone).

edit: are you buying or leasing the new one?

Responses:

The Kia buyout says that the sales tax would be collected by IL at the time of registration. Wonder if a buyout/sell would still require me to - oblique Oct 7, 09:03 1
- I honestly don't know. MO gives you a sales tax credit for any sales w/n 90 days but I'm not sure about IL. - spamlet Oct 7, 09:07
We are looking to buy a new car, not lease another in this case. -- nm - oblique Oct 7, 08:59 1
- I tried to edit quickly. Everything else still applies but yes you could put the $6k down on the new car. -- nm - spamlet Oct 7, 09:00

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Almost all captive finance companies have stopped processing third party lease buyouts. If you want to sell to Carvana you'll have to buy it first. -- (edited)

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