Selling Leased Car Back to the Dealer

[jrref]

I have a leased 2019 Honda CRV with very low milage. The lease is finished this coming April and we want to terminate it early since we want to downsize to one car. With all the new and used car shortages what's the best way to approach the dealer? Does it make sense to get someone privately to buy out the lease and purchase the car? With all the negative talk about Jenkins lately are there any other Honda dealerships close to the Villages to work with?

[gingersnap]

I have a leased 2019 Honda CRV with very low milage. The lease is finished this coming April and we want to terminate it early since we want to downsize to one car. With all the new and used car shortages what's the best way to approach the dealer? Does it make sense to get someone privately to buy out the lease and purchase the car? With all the negative talk about Jenkins lately are there any other Honda dealerships close to the Villages to work with?

Your best option is to take it to CARMAX. I’ve done it. They offer the best dollar for the car. Closest one is in Ocala. Other branches are in Sanford or Orlando. Any branch will be the same quote. They will give you a check on the spot or you have 7 days to take the car back and they will honor the quote. Private message me if you have any questions.

[cb1972]

You may not have to go through the dealer. Most of the time you can purchase the car from the finance company , or whatever institution you are sending your monthly payment . You will have to pay the remainder of your payments plus the residual cost of the vehicle listed on your contract including sales tax on thet amount. You may want to research what similar vehicles are selling for since as you mentioned quality preowned vehicles are selling at a premium. You could market the car to several dealers to see what they are willing to pay. good luck

[biker1]

You should reread his post. He doesn't own the car. Your suggestion would require him to pay the remainder of the lease plus the buyout cost and then he owns the car and can sell it. I acknowledge that it may make sense to actually do this depending on the numbers.

Your best option is to take it to CARMAX. I’ve done it. They offer the best dollar for the car. Closest one is in Ocala. Other branches are in Sanford or Orlando. Any branch will be the same quote. They will give you a check on the spot or you have 7 days to take the car back and they will honor the quote. Private message me if you have any questions.

[petsetc]

I recently (30 days ago) sold my 2014 Cadillac to Carvana who offered and paid $3,805 more than Carmax. The entire transaction, from my when I first queried for an offer until I had a check in hand was less than 48 hours. The entire transaction was exactly as they advertise. It was the easiest, cleanest car transaction ever!!!

[Gpsma]

A friend of mine just turned back his honda at the end of the lease. He was told by the dealer that they can no longer buy cars from the leasing company.

He was told that he could buy oit his lease at the expiration of the term for the agreed upon price on the lease documents.

I think the leasing companies want the cars back..at current prices they will make more money than selling it to the lessee. My friend said if he bought the car he could resell it for $10,000 more than the purchase price.

[Garywt]

I think you need to go to a Honda dealer and ask what it will cost for you to get out of the lease. Pay it and leave the car with them.

[sbussey350]

You should wait closer to April to do anything. Use the car until March/April because you are going to pay the monthly lease amount until April (one way or another). Then look and see what your options are.

My wife's Pacifica lease is up in Feb 2022 and Carvana offered me $10,000 more than the residual value (amount you pay at the end of the lease to buy the car).

[Karadad]

Just turned in leased 2019 CRV at Holler Honda in Orlando, and got another leased vehicle. Got a very fair deal! CRV was worth about 5K more than the lease contract stated!

[Indy-Guy]

Having retired after 32 years in automotive sales below is how I would handle what you have described.

1. Take your car plus the original lease documents and the most recent monthly statement with your account number on it with you to Carmax Ocala (since they are the closest Carmax)

2. Tell them you are wanting to sell them the car and you would like to know what they would be paying you for the car plus how much you would be receiving in a check from them and how this transaction would be structured since the car is leased.

With todays value of pre-owned cars and the fact that the residual value which was set in 2019 the Honda CRV is now worth quite a bit more than what it will cost to terminate and pay off the lease. The only question is how much they will cut you a check for and how the transaction is structured. Carmax will have handled many-many transactions of this nature and this will be simple and straight forward for them and it will be simple for you.

The most important part of the transaction is the amount of the check you will receive.

[ROCKMUP]

Carvana all day long. The value set in 2019 is nowhere near what the car will bring in todays market. Buy it and flip it to Carvana, before they go upside down. They will at some point.

[William MacEntee]

Do you go to any of the Carmax sites? ]

[Luggage]

We don't know what the car dealers will offer in April, but we do know what cars are worth right now. If you want to get rid of your car now and downsize, it's very simple go do homework and go one line to carvana. CarMax, hhgreg as well as talk to 2-3 dealers . It's a car war right now and they all want your metal. And yes even go to Jenkins but last. They are have the worst reputation but you never know what they'll pay you for your car until you go there and that's what they want you to do PS take your phone , set a 15 minute timer tell them point blank you are walking after those timer starts chirping. Make sure you have two sets of keys and keep one in your pocket to walk out with

[Luggage]

Go to cars.com and carguru.com. see what used cars of your mileage and your are selling for. Car dealers will generally pay 3-4,000 less than the retail currently. You should also of course go to Honda financial and ask them what it would cost to get out of your current lease right now. You might be surprised that they won't require possibly any more payments and you may get a lease by out different than what stated on your contract. So get all the details now and you also might get a good offer from someone locally to buy out your car

[Dabatts]

I have a leased 2019 Honda CRV with very low milage. The lease is finished this coming April and we want to terminate it early since we want to downsize to one car. With all the new and used car shortages what's the best way to approach the dealer? Does it make sense to get someone privately to buy out the lease and purchase the car? With all the negative talk about Jenkins lately are there any other Honda dealerships close to the Villages to work with?
We just finished a lease buy out in August with Honda.
Call Honda financial and ask for a lease payoff. Phone number on statement. Have your most recent statement with account number etc available. Based on numbers determine if you want to cancel early. The cost will be the lease buyout price + the payment cost from 5 months.
We then sold the vehicle ourself. Our resale value was $8,000 more than our lease buy out value. A WIN for us.
If you go to any Honda dealership they will do this for you and then charge you $1000+/- as a lease cancellation fee.
You then walk out the door. They get the car which they will resale for more than they pay for it. Easy but you LOSE.
It's an easy process, then you can sale the car yourself or sale it to CarMax.
I would avoid Jenkins for this, not worth the time and stress they cause.

[Two Bills]

Go to cars.com and carguru.com. see what used cars of your mileage and your are selling for. Car dealers will generally pay 3-4,000 less than the retail currently. You should also of course go to Honda financial and ask them what it would cost to get out of your current lease right now. You might be surprised that they won't require possibly any more payments and you may get a lease by out different than what stated on your contract. So get all the details now and you also might get a good offer from someone locally to buy out your car

I agree with this post!
I would def. try to sell privately when contract paid up.
Why share profit with a dealer?

[Gunny2403]

I had a similar experience with Carvana in Pittsburgh. They exceeded all other offers by over $3000. Check on the spot. Picked up car two hours later.

[Dabatts]

I just did a buyout with a 2018 Honda CRV in September.
Call Honda financial for a lease buyout price. Phone number on statement. Have statement available when making the call. It's an easy transaction. Based on the original structure of the lease, your buyout will be less than the resale value. Based on the numbers you can decide what to do.
Any Honda dealership will do this for you but they will charge you $1000+/- as a lease cancellation fee and they will take the car and resale it. You walk away with nothing. You lose they win.
My vehicle was worth $8000 more than the buyout. I resold and kept the additional cash.
The process is slow but easy, mostly wait time.
Do not us Jenkins for this process, slow, rude and arrogant.

[Dabatts]

You may not have to go through the dealer. Most of the time you can purchase the car from the finance company , or whatever institution you are sending your monthly payment . You will have to pay the remainder of your payments plus the residual cost of the vehicle listed on your contract including sales tax on thet amount. You may want to research what similar vehicles are selling for since as you mentioned quality preowned vehicles are selling at a premium. You could market the car to several dealers to see what they are willing to pay. good luck

I just did this with Honda, easy way to make $8K.
Stay away from Jenkins.

[jimbo2012]

When you get a quote online, a truck just comes to your door with a check, what if it's not as described or has something wrong on it.

I wondered what happens if not as stated or disputed as to condition

Does the pickup driver evaluate the car

[Jolson]

I have a leased 2019 Honda CRV with very low milage. The lease is finished this coming April and we want to terminate it early since we want to downsize to one car. With all the new and used car shortages what's the best way to approach the dealer? Does it make sense to get someone privately to buy out the lease and purchase the car? With all the negative talk about Jenkins lately are there any other Honda dealerships close to the Villages to work with?

Honda does not allow for them to payoff a third party so going thru CarMax or the like you would have to pay off the car first, get the title and then sell it to carmax. We turned our leased Honda in at the dealer in Ocala. There was still 18 month left on the lease. The man to talk to is Larry Lopez. They go by the blue book value. My husband went to the Honda website and did the how much is my car worth form. Within minutes he had an offer for $4000 above the payoff. We took the car in, they checked it to make sure it was as stated and we handed them the car and keys. It couldn’t have been easier. Good luck.

[crash]

I think you need to go to a Honda dealer and ask what it will cost for you to get out of the lease. Pay it and leave the car with them.

It shouldn’t cost anything because now you can sell it for more than the agreeded upon price in the lease.

[irishwonone]

Your right! Also, if you want to buy the lease vehicle ALWAYS negotiate and determine the purchase price upfront when you have leverage. You are always in a poor position when you negotiate to purchase vehicles after your lease is completed. Especially in today’s market!

[retiredguy123]

In my opinion, leasing a car is a misnomer. You're actually buying the car, but paying more than it's worth. Do the math before leasing.

[donfey]

You should wait closer to April to do anything. Use the car until March/April because you are going to pay the monthly lease amount until April (one way or another). Then look and see what your options are.

My wife's Pacifica lease is up in Feb 2022 and Carvana offered me $10,000 more than the residual value (amount you pay at the end of the lease to buy the car).

Why wait? If the china chips start hitting the US, new cars will become more available, and prices on newer used cars will drop.

[Petersweeney]

Exactly

[spd2918]

I'd negotiate over the phone with dealers and those other services (carmax, vroom, etc). Driving there makes you a captive audience. Calling also lets them know you are shopping it around.

You would make the most money selling it privately, but that comes with hassle.

I agree you should not wait. Strike while the buying frenzy is still on.

[noslices1]

I have a leased 2019 Honda CRV with very low milage. The lease is finished this coming April and we want to terminate it early since we want to downsize to one car. With all the new and used car shortages what's the best way to approach the dealer? Does it make sense to get someone privately to buy out the lease and purchase the car? With all the negative talk about Jenkins lately are there any other Honda dealerships close to the Villages to work with?

Talk to Carmax to do a purchase. They were willing to give me $2K less than I originally paid for my 2018 Toyota in June of this year.

[jog222]

I recently (30 days ago) sold my 2014 Cadillac to Carvana who offered and paid $3,805 more than Carmax. The entire transaction, from my when I first queried for an offer until I had a check in hand was less than 48 hours. The entire transaction was exactly as they advertise. It was the easiest, cleanest car transaction ever!!!
I agree! Carvana is a great service for selling and buying used vehicles. The online process is wonderful.

[BillDyer]

I have a leased 2019 Honda CRV with very low milage. The lease is finished this coming April and we want to terminate it early since we want to downsize to one car. With all the new and used car shortages what's the best way to approach the dealer? Does it make sense to get someone privately to buy out the lease and purchase the car? With all the negative talk about Jenkins lately are there any other Honda dealerships close to the Villages to work with?

don't go to Jenkins, rip off artist. Take you car and lease papers to CAR MAX. I just turned my 2019 Hyundai over tothem with 6 month left on the lease and they took the car, paid off my balance and gave me a check for over $7,000, with NO HASSEL. That was almost as much as I paid for the car. Jenkins wanted nothing to do with the leased car

[Waltdisney4life]

Avoid Jaykins travel the extra 30 minutes and save yourself a couple thousand dollars in excess of fees!!

[MollyJo]

Your best option is to take it to CARMAX. I’ve done it. They offer the best dollar for the car. Closest one is in Ocala. Other branches are in Sanford or Orlando. Any branch will be the same quote. They will give you a check on the spot or you have 7 days to take the car back and they will honor the quote. Private message me if you have any questions.

I’ve been on the other end with Car Max, I bought a 2012 BMW X3 with 32,400 miles. It was in mint condition & I paid $20,000. For another $2,000 I received a 5 year warranty or 75,000 miles w/zero deductible. Covers everything except tires, brakes, battery-the basics. It is a 2nd vehicle for me, so I expect to utilize the full 5 years warranty.
Car Max is fair & honest. They won’t dicker with price. Do your homework to get a ballpark dollar amount in your head before showing up on the CarMax lot.

[jimbo2012]

Bill Bryan offered my friend 12k, car gurus $21.250, Vroom $20,600.

$9,000 more!

[Doug Thomas]

I have a leased 2019 Honda CRV with very low milage. The lease is finished this coming April and we want to terminate it early since we want to downsize to one car. With all the new and used car shortages what's the best way to approach the dealer? Does it make sense to get someone privately to buy out the lease and purchase the car? With all the negative talk about Jenkins lately are there any other Honda dealerships close to the Villages to work with?

Honda like most all other brands have changed their rules because of the car shortage. You only have 2 options now, 1st buy your lease out in which case you will have to pay sales tax, change of registration, and keep you vehicle insured, 2nd find a dealer or dealer group that owns a Honda franchise and they can buy your vehicle from you and pay you the equity.

Carmax, Carvana & Vroom or any dealer who doesn't own one of the franchises you are trying to sell won't be able to buy your lease out.

How to get the most equity out of your vehicle? Go online to KBB, Carmax, etc. Get a quote, then find a dealer that has the make you are trying to sell & negotiate the purchase with them.

Murgado Auto Group has a buying only center right here in the Villages called, WeBuyCarTrucks, they are located right behind Bargains & Treasures off CR 108 and currently buy 30-50 vehicle a month form our area. They have 18 different franchises so they are allowed to buy vehicles leased through every one of those franchises. They also honor KBB & Carmax prices and give you a check on the spot for your equity.

One of the things that make them stand out from the others is their mobile appraisal and purchase service, they will actually come to your home or office. It is the newest concept where you don't have to go to a dealership and have to deal with all the high pressure to buy something they have, they are only a buying center with all the vehicles they purchase going to one of their stores.

How do I know all of this you ask, because I'm the acquisition manager here.

[ElDiabloJoe]

What's the best way to buy our my lease? Same as the OP, I've got a 3 year lease coming up in May 2022. We are well below the yearly allowed miles, and wish to keep the 2019 Toyota Rav-4. Do I have any options other than paying the $20K Toyota Financial says is the residual value?

[Doug Thomas]

What's the best way to buy our my lease? Same as the OP, I've got a 3 year lease coming up in May 2022. We are well below the yearly allowed miles, and wish to keep the 2019 Toyota Rav-4. Do I have any options other than paying the $20K Toyota Financial says is the residual value?

The best & only way to buy your lease vehicle at the end of the lease if you are planning on keeping it, is through Toyota.
You will have to pay sales tax & registration change, but you will be buying it for 3-7,000 less than you could buy a similar one for anywhere else.
If you what to sell your lease vehicle, then do it 1-2 months before the end of the lease to the dealer that has that franchise, this way you don’t pay sales tax & you don’t have to have your money out waiting on the lease company to give you the title back which can take up to 30 days.

[rogerk]

Contact your leasing/finance company, NOT THE DEALER. Find the buy out price. We did that with SETF (Toyota Leasing Co). Once they sent us the clear title we sold the car for $7,000 more than the dealership offered. It was well worth the minimal hassle. 😀

[kkingston57]

What's the best way to buy our my lease? Same as the OP, I've got a 3 year lease coming up in May 2022. We are well below the yearly allowed miles, and wish to keep the 2019 Toyota Rav-4. Do I have any options other than paying the $20K Toyota Financial says is the residual value?

Looks like you are in a good postion to buy the vehicle. Residual value was set 3 years ago and did not reflect market condions of used vehicles. Bet that if you give vehicle back to Toyota they will sell vehicle for a lot more than they anticipated 3 years ago.

Good position to be in.

[cronin2]

Having a Honda CRV with low mileage you have one of the hottest used cars on the market. Wanting to terminate a lease early could have some added costs. I suggest you go to the dealer without your Honda and ask what your alternatives are otherwise you might get high pressured into something you don’t want. Other alternative would be to wait until April. That will be here sooner than you think. Prior to April you will get a letter telling what you can buy the car for and you would be in a better bargaining situation.

[bjswist]

I have a leased 2019 Honda CRV with very low milage. The lease is finished this coming April and we want to terminate it early since we want to downsize to one car. With all the new and used car shortages what's the best way to approach the dealer? Does it make sense to get someone privately to buy out the lease and purchase the car? With all the negative talk about Jenkins lately are there any other Honda dealerships close to the Villages to work with?

Please give me a call 949-683-8606 I’m interested in purchasing a car like you have.

[Altavia]

It's crazy bring offered close to purchase price on 2 yo vehicles...

The Villages is prime hunting ground for clean high mileage vehicles.

Agree on Jenkins, old school dealership, they offered $31k for a Honda Passport, $36k at Carmax, $37.5k at Carvana.

[asianthree]

Depends on the dealership, some have the first right of refusal. Meaning you may not have an option to buy the car after lease.

My guy just texted me to buy my 3 yo car for $10,000 less than I paid for it. Sadly he doesn’t have anything to sell me to replace it

[Doug Thomas]

It's crazy bring offered close to purchase price on 2 yo vehicles...

The Villages is prime hunting ground for clean high mileage vehicles.

Agree on Jenkins, old school dealership, they offered $31k for a Honda Passport, $36k at Carmax, $37.5k at Carvana.

You are so correct, I have been in the car business since 1987, never in my 34 years have I seen used cars APPRECIATE, like this!
Every week I buy a car from a customer where I’m paying original MSRP or thousands over for their 1-3 year old vehicle.

[Seasonal]

I had a similar experience with Carvana in Pittsburgh. They exceeded all other offers by over $3000. Check on the spot. Picked up car two hours later.

Another vote for Carvana. Recently sold our second car (Honda) to them for $1,500 more than I paid new, a year prior. We didn't use the extra car much, so why have it in the garage. Working with Carvana couldn't have been easier. They picked the car up and I got paid a day later.

[Villages Kahuna]

Almost without question your car is worth more than your lease buyout price. If you buyout the lease and then sell the car privately you would maximize your profit.

Another alternative is to approach a dealer to buyout your lease. In that case, the dealer would enjoy all the profit from selling your car for much more than the buyout price. Any dealer would jump at the chance of doing that.

A third alternative is to approach a dealer and offer him the right to buyout your lease under the condition that he split the profit with you. Pick the percentage of the split, but 50-50 would be fair. The dealer might want you to use your portion of the profit to buy another car from him, but you can demand your portion of the split be paid in cash.

Remember, you’re in the driver’s seat in this negotiation. You can always revert to buying out your lease and putting an ad in the paper. Your car will sell quickly.

[Foxmd]

I have been leasing Subaru Outbacks every three years. This year I will lease a 2022 and turn in my 2019. Two Subaru dealers will lease the new car at the usual price because my 2019 is worth 10,000 more than the lease buyout price. Both dealers don't have any 2022s in stock but promise to lease at fair price when then get one.

[gingin]

You can trade in a leased car just like one you own. Just traded my leased Jeep on a new Hyundai and got $2600.00 more than I owed on the lease.

[Lil GTO]

Read your lease you most likely do not have to buy the car in order to sell it.

Most open end leases give you 3 ways to exit. Purchase the car for the agreed to residual value on the lease contract, turn the car in and pay the fees at the end of the lease. Honda will likely be sending you in the next 90 days offers to get out of your lease early without making the remaining payments or fees if you’re willing to lease another Honda. Sell the car and everything you get above the agreed to purchase price on your lease is yours to keep.

Have done this several times with residual values far out stripping what they thought they would be back in 19 selling to Carvana without purchasing it is the smart money.

Contact them share your lease info and VIN with them they will handle the rest.

They’ll pay off the car and cut you a check for the balance of the agreed to purchase price. Quick easy and very safe.

I have a leased 2019 Honda CRV with very low milage. The lease is finished this coming April and we want to terminate it early since we want to downsize to one car. With all the new and used car shortages what's the best way to approach the dealer? Does it make sense to get someone privately to buy out the lease and purchase the car? With all the negative talk about Jenkins lately are there any other Honda dealerships close to the Villages to work with?

[kstew43]

I just sold my leased 2019 Murano back to the dealer, Jenkins Nissan Leesburg. Lease expires in dec 2021
and buy out option was $24300. Like you I didn't need another car. They paid me $29,500, for the car. I pocketed $4100.... worked out for me...

[Catalina36]

Yes, Equity worth more then your buy back price because of automobiles chip shortage. Check your buy back price and then negotiate a deal. My wife turned in her Subaru at the end of the lease and received approx. $4200 when the dealer purchased her buy back rights and wrote it up as a trade in so with trade in and tax savings we were able to put down the $4200 toward a new Subaru. By the way the new Subaru was priced $500 under the sticker price. Don’t let the dealers inflate the sticker price due to auto chip shortage???

[ElDiabloJoe]

I'm not the OP. Appreciate the insights and replies to my mid-thread inquiry about buying out the lease. I think we will do that. She wants to keep the car when the lease ends in May 2022.

[Altavia]

If you buy a new car first and then sell the old one, can you get the sales tax back on the old car sale?

[Altavia]

If you buy a new car first and then sell the old one, can you get the sales tax back on the old car sale?

DMV says the tax credit is only available for dealer trades at time of sale.

[Pballer]

Some car companies like BMW will no longer allow third parties like Carvana to buy the leased car at the buyout price. So in this case you will have to buy the leased car at the buyout price, pay sales tax, and then sell it to Carvana - cuts down on your profit.