Looks like Carvana will check out the car before handing over any check, similar to how they have the buyer look over the car before agreeing to keep it or not. They’ll need the payoff amount but it appears that they buy out leased cars all the time.
I bought my 2017 out after lease, 17900, similar cars were last year and this year for mileage could go for 22k, but then I would have to buy another car, don’t want to deal with it myself.
OP should have it listed for sale now. Let’s see if they get any offers. Then he will have verification of its current value.
I should sell my 2020 vette and see what offers I get.
We need to remember that we are talking about a leased car. Which is another term for a rental car, just with a longer term.
If you rent a house, and then sell it out from under the owner, you go to prison, or get sued, or both. Expect similar treatment if you sell a car that you leased.
If I see a less than 2 year old vehicle for sale by owner then find out it is a lease 2 things will happen . 1. I will assume there is something wrong with it . 2. I am not going to the trouble to make sure the transaction is approved by the leasing company . Both things will make me look elsewhere.
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The only way to confirm this is to call the leasing company, explain your plans, and ask them for the total cost today, and for the procedure on how to do it.
More info here:
4 Ways to End Your Car Lease Early - NerdWallet
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That’s only the lease buyout. At the end of the lease they get the car. If you’re going to sell the car, you have to think lease buyout plus the value of the car.
Duh. That’s what they have been discussing for the last week.
An update on this topic. Many manufacturers have changed their policies and are only allowing the customer to purchase the car outright or return it. They are not allowing sales to third parties, at least until the used car market returns to a normal state.