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Oh wow, that was quick! What brought you to sell it and what are you getting next?
I trade in every year 1-2 years. To make a long story short, I recently discovered that almost all Auto Finance companies are no longer taking lease payoffs from other brand dealers. So I could only sell to a MB dealer or buy it from the bank. I guess the banks were tired of people getting positive equity from other dealers. I have a Range Rover, G Class, and Escalade on order. The Escalade is first on my list because the dealer has promised MSRP.
Yeah I have heard that, pretty underhanded IMO. You can buy it out and resell it but thats a huge pain.
Right. And with the economy being iffy at the moment, and dealer inventories rising, I didn't want to wait too long and the car depreciates too much. So I decided to sell it back to MB. Hopefully in another 3 months I'll have one of the vehicles I've ordered.
Right. And with the economy being iffy at the moment, and dealer inventories rising, I didn't want to wait too long and the car depreciates too much. So I decided to sell it back to MB. Hopefully in another 3 months I'll have one of the vehicles I've ordered.
I trade in every year 1-2 years. To make a long story short, I recently discovered that almost all Auto Finance companies are no longer taking lease payoffs from other brand dealers. So I could only sell to a MB dealer or buy it from the bank. I guess the banks were tired of people getting positive equity from other dealers. I have a Range Rover, G Class, and Escalade on order. The Escalade is first on my list because the dealer has promised MSRP.
Never used to be lol, thats something that many people (myself included) never thought would be an issue. BUT, for me I will just compare the leasing manufacturer's offer and a third party offer, and if its worth it I will buy the car out then trade it. Carmax will find a way to make that work easier. Not everybody has the ability to just write a check for the payoff of their leased vehicle though...
Just the tax savings alone I would still have to lease.
Note, TFS/LFS are absent from this list! Only SETFS which is a separate entity.
I had to come up with a few thousand after fighting with a few offers. But depending on when I take delivery on the next vehicle, I'm not really out of any money when it's all said and done.
I'm contemplating whether or not I want to lease the next vehicle. But since I get new vehicles so frequently, leasing may be the best option for me. Also some of the cost can be written off through my business.
I had to come up with a few thousand after fighting with a few offers. But depending on when I take delivery on the next vehicle, I'm not really out of any money when it's all said and done.
So annoying! Did you have Carmax appraise it too? I'd be interested to know how much more they would have been.
Personally, I don't want to make money on them, I just want to trade out clean or as close to clean as possible.
So annoying! Did you have Carmax appraise it too? I'd be interested to know how much more they would have been.
Personally, I don't want to make money on them, I just want to trade out clean or as close to clean as possible.
Naw I didn't try. I'm curious as well. But the last time I checked, they didn't have any W223s at any of their locations so I'm not sure if they could give me a strong value.
Never used to be lol, thats something that many people (myself included) never thought would be an issue. BUT, for me I will just compare the leasing manufacturer's offer and a third party offer, and if its worth it I will buy the car out then trade it. Carmax will find a way to make that work easier. Not everybody has the ability to just write a check for the payoff of their leased vehicle though...
Just the tax savings alone I would still have to lease.
Note, TFS/LFS are absent from this list! Only SETFS which is a separate entity.
Yeah this is new, it makes it even more complicated to factor in if one should buy or lease.
If the economy goes down, i wonder if all the automakers will amend this rule and allow 3rd parties to purchase a lease. Definitely not right what they are doing.
I trade in every year 1-2 years. To make a long story short, I recently discovered that almost all Auto Finance companies are no longer taking lease payoffs from other brand dealers. So I could only sell to a MB dealer or buy it from the bank. I guess the banks were tired of people getting positive equity from other dealers. I have a Range Rover, G Class, and Escalade on order. The Escalade is first on my list because the dealer has promised MSRP.
I had to buy out my BMW lease for the same reason. It only cost me about $300 to reregister it in my name and overnight a check to BMWFS. It was worth it for me since I was able to get about $5k more when I sold it to another dealer vs. breaking even giving it back to BMW.
It doesn’t cost much to buy out leases in MD because we pay sales tax for the entire car up front on leases vs CA where you would don’t pay full sales tax upon lease inception so you would have to pay a lot more to buy out your lease. Probably not worth it for you and would cost you more.
It doesn’t cost much to buy out leases in MD because we pay sales tax for the entire car up front on leases vs CA where you would don’t pay full sales tax upon lease inception so you would have to pay a lot more to buy out your lease. Probably not worth it for you and would cost you more.
06-06-22, 02:15 PM
