Dealer lease buyback

louisdecarlolouisdecarlo Posts: 12
edited September 2020 in Audi
Hello. Grateful for guidance on dealer lease buybacks. I have a 2018 Audi Quattro with 6 months left on lease but only 5300 miles on it. Looking for advice on possiblity of getting dealer to buy car back, any financial incentives for me to turning it in, etc. etc. I do not plan to lease a new Audi just looking to see if money can be gotten out of the deal. Thanks.
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  • MichaellMichaell ColoradoPosts: 180,600

    Hello. Grateful for guidance on dealer lease buybacks. I have a 2018 Audi Quattro with 6 months left on lease but only 5300 miles on it. Looking for advice on possiblity of getting dealer to buy car back, any financial incentives for me to turning it in, etc. etc. I do not plan to lease a new Audi just looking to see if money can be gotten out of the deal. Thanks.

    Call the leasing bank and find out the lease payoff, then check with CarMax / Carvana / Vroom to see what they will pay you for the car.

    That way, you'll know if you have positive equity in the car, or not.

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  • Thanks much. Riddle me this:
    My payoff amount: $47,374
    Payments remaining: $4259 (4 payments)

    Carvana offer = $39,458
    One dealer offer = take care of 4 payments + pay me $1,000 (still negotiating with others)

    The above looks like significant negative equity with Carvana and some positive equity with a dealer.
    Or am I misreading>? Thanks.
  • kyfdxkyfdx Posts: 185,545
    edited September 2020

    Thanks much. Riddle me this:
    My payoff amount: $47,374
    Payments remaining: $4259 (4 payments)

    Carvana offer = $39,458
    One dealer offer = take care of 4 payments + pay me $1,000 (still negotiating with others)

    The above looks like significant negative equity with Carvana and some positive equity with a dealer.
    Or am I misreading>? Thanks.

    Where did you get the payoff amount?

    Is the dealer's offer contingent on you buying another car?

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  • I got the payoff amount from the lender, Audi Financial.
    No, the dealer's offer is not contingent on my buying/leasing another car.
  • kyfdxkyfdx Posts: 185,545

    I got the payoff amount from the lender, Audi Financial.
    No, the dealer's offer is not contingent on my buying/leasing another car.

    It's possible that Audi gave you the payoff, including sales tax, which of course a dealer wouldn't have to pay.
    It is also possible that the Audi dealer (assuming it is an Audi dealer) gets a lower payoff from the bank than Carvana would.

    Of course, the payoff amount is for the current date, and the payments left won't have any effect.

    In any event, it certainly looks like negative equity on the Carvana offer.

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  • Thanks. It is an Audi dealer. The delta between dealer offer and Carvana make me wonder, too. Anyway, I'll not count my chickens til the deal is done. Thanks.
  • Closing the loop. Dealer came, picked up car, gave me check.
  • kyfdxkyfdx Posts: 185,545

    Closing the loop. Dealer came, picked up car, gave me check.

    Cool... Congrats!

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