There are actually many positive points of using leasing rather than buying things, but what happens when you think of selling leased car to Carmax? Since we still have to deal with a global pandemic, it is not surprising anymore the percentage of using cars might be reduce a lot, and there is no point in still paying the lease when you did not use the car frequently. That is why you can choose a different method to sell the car even before the lease is up. Of course, before you do it, you must check the contract first to look up whether it allows you to sell the car or not to avoid getting into some problems.
In this case, you can go to the dealers like Carmax when you want to sell the car. They will offer you to pay the rest of car debt when the lease is still not up. However, you should also carefully consider some things, such as your car’s equity. If your car is two months or more away from the end of the lease term, you might consider checking your current equity by contacting the leasing company. Then, ask them for a buyout price. To see if you still have the equity, you can check it by subtracting your buyout price from the car’s current market value.
In addition, if you are selling leased car to Carmax, they will pay off the lease for you. However, sometimes you still have to pay the difference no matter how much they willing to give you and no matter how low the wholesale value of your car is. Moreover, you must also check some other things before selling leased vehicle to Carmax, such as the residual value of your car. If your vehicle’s worthiness is less than the residual value, it means you have to make up the difference.
In some cases, you can also make some money from it if the residential value and equity of the car are high. In fact, at a time where everything is difficult and the car business is also being greatly affected by the pandemic, it is great to help them to regain the business, while also earn some benefits for your own. Of course, you still have to consider many things beforehand, but selling leased car to Carmax can worth your choice because of its convenient deal.