I have equity in a leased Camry but car has been repo'ed
FredZilla19 Member Posts: 1
edited May 2022 in Toyota
I have a 2019 Toyota Camry SE 6 cylinder that is being returned on its lease. I have an offer for it from CARMAX for $24,000 in its current condition. The situation is that it has been repossessed and it is currently at the auction lot. It has a buyback price of $17,020 and $1,300 in DMV fees. The mileage is in the high 30’s , clean title, This is going to require some creativity since the car is not in my possession .Does anyone have any ideas?
You may not have much recourse, but let me see if I can get others to weigh in on your situation.
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2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4
I’d think you would have to contact the leasing agency and make up the missed payments and pay for the repo fees and arrange transportation from the auction lot. I would not think you would have any option until payments were caught up and it was in your possession.
Otherwise, it seems that the horse is already out of the barn
Mine: 1995 318ti Club Sport; 2020 C43; 2009 Cooper Clubman; 1999 Wrangler; 1996 Speed Triple Challenge Cup Replica Wife's: 2015 X1 xDrive28i Son's: 2009 328i; 2018 330i xDrive
Yeah….not your car. It’s the leasing agent’s car. What they do to get the car’s lease termination terms in order is the unknown.
YOU have no equity in the car. The leasing agent does.
Again, the only way you fit in all of this is to be in compliance with the lease terms and termination requirements.
I understand what you’re thinking. You want to make money on the car via CarMax. If you were in compliance with the lease terms, you could do that. But, given you’re not, you’re going to have to pay whatever you owe for the payments missed plus the lease termination fees, plus the repossession and towing fees. Then, you walk away.