Anyone Sell their Leases or Vehicles to CarMax?

kirkhilles

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I realize that this is probably 6-9 months early, but I'll go ahead and get the ball rolling in case anyone has closed a lease early.

I started a lease of my 2016 right about 2 years ago (Memorial Day sale) which means that I'll be giving more and more thought to my end of lease over the next 12 months. The Civic is a fantastic car, but I think I'll need to upgrade in size to the new Accord as even the base LX model has many of the features in my EX-T, plus Honda Sensing (important to me) and more space that would be more appropriate since it'd be more of a "family car" as opposed to my original intent of a "commuter car".

So, since I'm not going to buy it, my plan is to start by stopping at CarMax and see what type of offer they'd make. I would THINK that since they are currently selling 2016 EX-Ts for $19k-$20k (stupid to pay that - I leased mine 2 years ago at a sales price of $20k) that they'd be willing to pay more than the $14k residual value.

Anyone get an offers from CarMax? I'd love to have in mind about what they'd pay before stepping foot in there.
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360glitch

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I sold a 2014 WRX to Carmax after a great offer that could not be beat by any other dealers or on the private market. When I was ready to let go of my 2017 Civic Hatchback Sport (in an effort to buy an Si), I received a TERRIBLE offer. I think it was $12,xxx. I ended up trading it in at a local Honda dealer for $17,500. This is consistent with what I have read online about Carmax, in that they are very inconsistent. Their offers are hit or miss. I'm sure they at least halfway know what they are doing. If you have a Carmax locally, I would still say it is worth checking with them.
 
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kirkhilles

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I sold a 2014 WRX to Carmax after a great offer that could not be beat by any other dealers or on the private market. When I was ready to let go of my 2017 Civic Hatchback Sport (in an effort to buy an Si), I received a TERRIBLE offer. I think it was $12,xxx. I ended up trading it in at a local Honda dealer for $17,500. This is consistent with what I have read online about Carmax, in that they are very inconsistent. Their offers are hit or miss. I'm sure they at least halfway know what they are doing. If you have a Carmax locally, I would still say it is worth checking with them.
Thanks, good to know.
 
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kirkhilles

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It's interesting. I checked Carvana and in "great" condition they said the car was worth $16, 460
 


Kandiru

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Sold two cars to CarMax after OEM dealers lowballed the trade-in as usual. The entire process took 30mins, both time KBB private party sale prices or within $100 of it.

The hilarious part is that when negotiations on a new car start they always ask about the trade as you negotiate, and give you a "better" deal factoring in the profit they would make on the trade, they even ask questions like. You should have seen the guy's face when we drove off with both cars across town to CarMax after he could not match their documented offer, of course we stopped by CarMax first that morning.

The advantage of CarMax is that cars they buy stay with them to be sold, no middle men and auctions. If you look around their lots you will be hard pressed to find any junk.

Now, depending on the managers some are worse, the above experience is with the Morse Rd. in the hood of Easton Town Center, Whole Foods Market, and BB with Magnolia, which for us peasants from the Appalachian corner of OH is like a trip to Paris:)
 
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kirkhilles

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Yeah I've heard with CarMax it seems like one extreme or another: low ball or pretty good. My plan is to do the same and start at CarMax, get the offer and see how close the dealer can come. Around here, there is a big tax advantage to trading in and rolling it into the purchase so I'd imagine they will get just close enough to make me accept it.
 

EmanyoGG

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With Carmax its really a hit or miss. I work for that company and it really all has to do with demand. I would at least try it since its a free appraisal. Its all based on market. Since there is a shortage I would be surprised if they wouldn't put all the money down on it.
 

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Hey I didn't know that you can turn a leased car into carmax or any dealer, how does that work? (sorry, noob on leases)
 
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kirkhilles

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I think you just get an offer like if you owned it as it's a similar concept. You have an amount that you owe Honda (basically remaining Lease Payments + fixed Payout amount) and if they offer you more than that, they should just cut you a check for the difference. No different (other than potential taxes) then you buying it at lease end and then immediately turning around and selling it to Carmax.
 


samaximuss

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I think you just get an offer like if you owned it as it's a similar concept. You have an amount that you owe Honda (basically remaining Lease Payments + fixed Payout amount) and if they offer you more than that, they should just cut you a check for the difference. No different (other than potential taxes) then you buying it at lease end and then immediately turning around and selling it to Carmax.
so then you can use that money for a down payment, etc? also at that point you have no obligation to the dealer you got it from? this interesting...
 

Wxguru

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I have sold a lease before. Exact same process really. The dealership just gets the current payoff (negotiate the trade amount first)...they get payoff from the dealership...then you do the deal as you normally would.
I was upside down in my lease...easy process.
 

MrVvrroomm

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I went to Carmax for an appraisal on my leased '16 EX-L. Their offer was absurd based on what KBB/Edmund's said it should be worth on trade.

I brought it to my selling dealer and they gave me $300 more than my payoff. They wrote me a check.

I was 16 months into a 36/12K zero down lease.

I leased a new '18 Volvo S90 for $59 more/month with an msrp of $60K.
 
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kirkhilles

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I went to Carmax for an appraisal on my leased '16 EX-L. Their offer was absurd based on what KBB/Edmund's said it should be worth on trade.

I brought it to my selling dealer and they gave me $300 more than my payoff. They wrote me a check.

I was 16 months into a 36/12K zero down lease.

I leased a new '18 Volvo S90 for $59 more/month with an msrp of $60K.
How much did Carmax offer you for it? That's actually pretty cool if you can trade in your car after one year for a $300 profit! How many miles did you have on it?
 

Wxguru

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How much did Carmax offer you for it? That's actually pretty cool if you can trade in your car after one year for a $300 profit! How many miles did you have on it?
The real question to find out if that is a true profit is to ask how much did he put down on the lease....even a profit of $300 may not really be profit if there was a big down payment involved on it.
If I bailed on my civic right now, I would be about $6500 on the equity side (because of depreciation right off the lot)...but I put $9000 down on it. So really I would still be losing at this point. I bought the car 3 months ago. Make sense?
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