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Forum
-> Household Management
-> Finances
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amother
OP
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 Wed, Jul 28 2021, 6:16 am
Has anyone done this recently? I've heard that due to a shortage of vehicles, there is an opportunity to make a few thousand dollars by buying your car at the end of the lease and then selling it via CarMax or carvana.
The catch seems to be that it can take 30-45 days to obtain the title in order to sell the car. If you've done this recently can you please advise how you did it and if it was worth the headache?
In NJ if location is relevant.
Tia
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amother
Tiffanyblue
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Wed, Jul 28 2021, 6:28 am
My friend just did this in Maryland and made 5k.
I don't know more info but it didn't sound hard.
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amother
OP
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Wed, Jul 28 2021, 6:31 am
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Specifically I'm wondering about the time gap . How long does it take from time of purchase until you get the title and can sell. It's a lot of money to put out and have tied up for 45 days. Appreciate all relevant input.
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amother
Freesia
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Wed, Jul 28 2021, 7:16 am
| amother [ Tiffanyblue ] wrote: | My friend just did this in Maryland and made 5k.
I don't know more info but it didn't sound hard. |
This may be me  just did this in MD and made a bit over 5k. It was such an easy, seamless process and carmax took care of all the payoff information, and cut me a check on the spot. Just make sure to bring in your car around the time that your monthly payment is due - you can call carmax and they can look into this for you to see what days are best for you to bring in your car.
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jweiss
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Wed, Jul 28 2021, 8:35 am
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I sold my car with Carvana. Got 5k for my super low-end car. They took care of the title purchase. We got a check when they came to pick up our car. Just make sure your car has 60 days left on the lease. If it doesn't you can always call the dealership to extend. Super seamless process and we got confirmation that the car was bought by carvana a few weeks later from the company who financed our lease. Highly recommended. It's free $.
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amother
Freesia
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Wed, Jul 28 2021, 8:38 am
| amother [ OP ] wrote: | | Specifically I'm wondering about the time gap . How long does it take from time of purchase until you get the title and can sell. It's a lot of money to put out and have tied up for 45 days. Appreciate all relevant input. |
I posted my experience above, but wanted to reiterate that you don’t have to lay out any money upfront. When we sold through carmax, they took care of the payoff straight to the car company, and cut us a check for the difference. You can even get an online quote from carmax and then compare it to your payoff amount to see how much you’d pocket.
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amother
Dahlia
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Wed, Jul 28 2021, 8:45 am
We're any of you selling a minivan?
How much did Carvana/Carmax charge? (I assume they are taking a cut?)
Basically, would anyone be willing to sell a van directly to someone? If so, for how much?
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