![]() I seem to remember the payoff (really used-car purchase amount) was higher than I thought the car was worth on the open market, so I doubt it would have worked for me. When you buy a car through CarMax Auto Finance, you complete one application and get a rate quote based on your credit score and the amount of the loan. I just turned in an '18 Equinox on a 3 year lease late in '20, and now I wonder if I should have attempted something like you are doing. Write back here and let me know how it went. Overall, when applying for auto loans at CarMax, credit scores dont impact your chances of approval as much as credit history. ![]() They are Experts in this, they do it all the time. ![]() It's a little strange because you are getting a bonus but never own the car, I guess kind of like a broker's sales commission in a way.Ĭall one CarMax, and if you don't get a clear answer or they put you on hold forever, then call another location in your same state, somebody can figure it out there. In reality, they are transferring ownership from the Lease Company (Nissan or a surrogate here) to CarMax. If youre looking to restructure your payment plan, one of. Sounds like a good deal Ask CarMax about the 2 checks thing. Learn more from the automotive finance experts at Fisher Acura How to Change Your Car Loan Due Date. Used Leafs are cheap these days due to advancing battery tech and cheap new Leafs.ĬarMax gets you a check quick, and I think they can cut 2 checks to you: One to pay off the Lease, and one to you for the residual. I'm having a hard time believing that CarMax can beat the payoff amount on a used Leaf lease-return. I did lose a bit, but it saved me time, very quick and easy, professional operation. They gave me slightly better than a trade-in value. I sold a '15 Ford C-Max Hybrid to carMax. Or, the payoff amount $$ must be in the Lessor's pocket, not the dealership. You can return a leased Nissan to any Nissan dealership as a customer convenience, nothing more, and the lessor (title holder) has to come and claim the car after it's turned in. Since the dealership the Leaf came from actually sold the new car to an agency (the lessor who owns the title all along), the Leaf technically has nothing to do with the dealership once it was sold to the title holder. Therefore, as long as the Lease Company gets their money's worth out of the transaction, according to agreed upon lease-return payoff amount or the car turned in to them, that is all you have to worry about. Bottom line: The Lease Company, not the dealership, holds the Title to your leased Leaf.
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