Amid the recent hike in used car value, if you’re looking to return your lease early, now could be a better time. When you want to sell your leased car, many options are available for you. You can decide to go through a dealership or third-party firms like Carvana, Vroom, and CarMax. Beyond the noise and the loads of ads you see, to make a more informed decision between a dealership and third-party companies, you need to understand their differences. What are the new laws against selling your leased car to a third party? How is selling to a dealership better than a third party?
The Third-Party Lease Sale Restriction
If you financed your car lease through any of the auto lenders or you’re hoping to finance your next car lease through them, you might have to understand that a number of these banks and credit unions have strict laws against third-party lease buyout. Over the past year, many auto-finance arms, including US Bank, GM Financial, Ford Credit, Mercedes Benz Financial, MetaBank, Exeter Finance corps, Ally Bank, and so much more, have banned the sale of leased vehicles to third parties like Carvana and CarMax.
While you can get your vehicle appraised to find out its value, taking your lease to these used car dealers is ruled out as they can’t negotiate with your banks to cancel out your auto loan or help you get a new car through your auto financial firm. So, when your car lease involves working with these banks and credit unions, your remaining option is to take your lease to any dealership near you or a leasing company.
Is There A Way Out Of The Third-Party Lease Sale Restrictions?
Although many more auto finance arms are joining the queue of financial bodies restricting the sale of leases to a third party, some auto shoppers have already found a way o get around it. If you want to jump over these restrictions, you can purchase your lease yourself, then turn around and sell to any of these used car dealers. However, this could be a more costly route. This process is equally time-consuming. Does it look like a more prudent way for you to terminate your lease early? Definitely not.
Save Thousands With VIP Over Third Party Lease Sale
If you want to save thousands selling your lease, going to a dealership is the best option over companies like CarMax, vroom, or Carvana. Unlike these third-party that offer a fixed price with a take it or leave it approach, VIP offers you pricing flexibility. If you need to deal with any automotive financing firm, VIP dealership can help you negotiate the best terms and guarantee a smooth transaction.
And should you want to get a replacement after returning your lease, VIP can offer you another satisfactory deal with zero shipping cost, unlike these third-party companies. We will deliver the car right to your driveway at no cost.
Whether you want to return your lease with a replacement or without any replacement, always remember that dealerships like VIP Auto offer you ways to save and even earn hundreds to thousands of dollars.
For more information or questions about our special lease trade-in, contact VIP Auto at 1204 Hylan Blvd, Staten Island, NY 10305 https://viplease.com/.
