Lease experts I need help. - Toyota GR86, 86, FR-S and Subaru BRZ Forum & Owners Community

Liquidsnake · 05-23-2012, 05:39 PM

My lease ends in August. The residual value of my car at that time is supposed to be $19,500.

Car Max just offered me $24,000. I want to sell them the car in the next 7 days.

What do I do now? Do I call my bank and get a payoff figure from them? Then does Car Max write a check to me or the bank, and then I get whats left over? Or do I get a check for $24,000 and then write a check to the lending bank for the payoff amount.

Thanks.

powertrip · 05-24-2012, 10:52 AM

Carmax can handle all that, they have to deal with the bank to get title at closing anyway. No way you can sell the car legally since you dont have title without involving the payoff to the bank.

Liquidsnake · 05-24-2012, 01:00 PM

Quote:

Originally Posted by powertrip

Carmax can handle all that, they have to deal with the bank to get title at closing anyway. No way you can sell the car legally since you dont have title without involving the payoff to the bank.

Gotcha. Thanks.

bestwheelbase · 05-24-2012, 07:36 PM

Calling @ruskymx - our resident leasing and financing expert.

Liquidsnake · 05-30-2012, 05:21 PM

Wow So the payoff on the car was $20,000. CarMax offered me $24,000.

Then Bank of America told Carmax to go F*ck themselves. They will not agree to a payoff unless I am getting a replacement. So I just got assed out of $4,000.

Bastards!!!!!

05-23-2012, 05:39 PM	#1
Liquidsnake Senior Member Join Date: Apr 2012 Drives: "I drives like a Porsche" Location: LA Posts: 638 Thanks: 89 Thanked 245 Times in 136 Posts Mentioned: 0 Post(s) Tagged: 0 Thread(s)	Lease experts I need help. My lease ends in August. The residual value of my car at that time is supposed to be $19,500. Car Max just offered me $24,000. I want to sell them the car in the next 7 days. What do I do now? Do I call my bank and get a payoff figure from them? Then does Car Max write a check to me or the bank, and then I get whats left over? Or do I get a check for $24,000 and then write a check to the lending bank for the payoff amount. Thanks. __________________ Last edited by Liquidsnake; 05-23-2012 at 06:33 PM.

05-30-2012, 05:21 PM	#5
Liquidsnake Senior Member Join Date: Apr 2012 Drives: "I drives like a Porsche" Location: LA Posts: 638 Thanks: 89 Thanked 245 Times in 136 Posts Mentioned: 0 Post(s) Tagged: 0 Thread(s)	Wow So the payoff on the car was $20,000. CarMax offered me $24,000. Then Bank of America told Carmax to go F*ck themselves. They will not agree to a payoff unless I am getting a replacement. So I just got assed out of $4,000. Bastards!!!!! __________________

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05-24-2012, 10:52 AM	#2
powertrip Senior Member Join Date: Feb 2012 Drives: Mercedes C320, S2000 Location: North Florida Posts: 155 Thanks: 3 Thanked 13 Times in 12 Posts Mentioned: 0 Post(s) Tagged: 0 Thread(s)	Carmax can handle all that, they have to deal with the bank to get title at closing anyway. No way you can sell the car legally since you dont have title without involving the payoff to the bank.

05-24-2012, 07:36 PM	#4
bestwheelbase Join Date: Nov 2011 Drives: 1985 P-Type Location: Nashville, TN, USA Posts: 3,710 Thanks: 3,273 Thanked 2,058 Times in 1,098 Posts Mentioned: 50 Post(s) Tagged: 1 Thread(s)	Calling @ruskymx - our resident leasing and financing expert.

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