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Dealer lease buyback

louisdecarlolouisdecarlo Member Posts: 13
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 Moderator Posts: 241,336
    louisdecarlo said:

    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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    louisdecarlolouisdecarlo Member Posts: 13
    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.
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    kyfdxkyfdx Moderator Posts: 237,302
    edited September 2020
    louisdecarlo said:

    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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    louisdecarlolouisdecarlo Member Posts: 13
    I got the payoff amount from the lender, Audi Financial.
    No, the dealer's offer is not contingent on my buying/leasing another car.
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    kyfdxkyfdx Moderator Posts: 237,302
    louisdecarlo said:

    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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    louisdecarlolouisdecarlo Member Posts: 13
    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.
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    louisdecarlolouisdecarlo Member Posts: 13
    Closing the loop. Dealer came, picked up car, gave me check.
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    kyfdxkyfdx Moderator Posts: 237,302
    louisdecarlo said:

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

    Cool... Congrats!

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