swttsx007

So, I am currently leasing a 21’ RDX Aspec. I am 1.5 years into my 3 year lease. I really like my ride, but I’ve been pondering trying to swap it out recently.

I happened to go with my buddy today to take his BMW in for service. While there, I decided to drive a 22’ 330i X Drive. I didn’t really expect to be super wild about it, but I actually really liked it a lot! I’ve been thinking about getting out of an SUV and into a sedan. I don’t need the SUV size per se, but I’ve always been an SUV fan.

So, here’s my question. Do I really have any options right now? I suppose I could buy-out the RDX and then trade it in. However, I was thinking maybe I could trade it in and get into a BMW for about the same monthly payment wise.

Anyway, I’m probably crazy, and this would be stupid to even attempt, but I thought I’d ask.

Thanks all!

tecwerks

If it’s a Acura Finance Co lease you are not allowed anymore to trade it in other than on a new Acura. Having said that your only option is to pay the lease off meaning the whole amount owed, waiting for the title then trade it in to any dealer you want or sell to a 3rd party.

Type X

You’d need to satisfy the loan clear the title then trade it in

swttsx007

Yes, it is through Acura Finance. Bummer! Oh well, I’ll just ride it out then. I do like the RDX though, so no biggie!

JeremyGNJ

Never trade anything in!!! EVER!

Buy your new car, then sell it privately to a dealer. It never takes more than a few days. You will get WAY more money.

Or if you need the $ from the sale....have everything ready for your new purchase. Then sell it and rent a car for a few days til your check clears.

heymonroe

CarMAX is also an option, since they are not a manufacturer they will provide them a lease payoff quote, however they will put a premium on it. So they will charge them more than they would charge you, thus lowering what you'll get from carman.

(I just did this with my Audi, who also doesn't allow it to be bought out by another brand)

swttsx007

If you don't mind me asking, how much money did you lose out on going through Carmax?

heymonroe

Well, I don't know yet.

My payoff right now is $26,400, Carmax offered me $34,000 so I have ~$8,000 in positive equity which is commensurate with the KBB/Edmunds valuation of my car. The problem is that Audi will quote Carmax a different payoff number. They can literally ask carmax for whatever they want, they dont have to provide them the same number as they provide me, so they will put a premium on it (CarMAX told me they will do this) also it takes 5 business days for Audi to provide that number to them. So I'm currently in a holding pattern waiting to hear what number they give carmax, and then I get to decide if I want to do the deal or not. If Audi quotes them some absurdly high number (which is likely) I'll probably have to buy the car out myself, wait the 30 days to get the car titled in my name, and then sell it to carmax at the number they have offered me ($34,000) basically Audi (and other companies) know that there is a car shortage so they are making it very difficult to get out of your lease anywhere but their dealerships.

swttsx007

My current pay off amount on my 21 RDX Aspec with 12k miles is $27,800. I am 1.5 years into my lease. I would imagine I could get a decent offer from Carmax right now, too.m

I did inquire about a lease on a new TLX Type S, and the dealer sent me some bogus numbers… basically, financing 53k for 72 months. $850/month!!! I wouldn’t want to buy anyway, so I don’t know where they got that from inquiring about a lease. Either way, I’m not going to pursue it, so who cares..

heymonroe

Do it online, CarMAX will honor that price you get quoted online as long as you don't lie. But, just like Audi, they may quote CarMAX a payoff higher than $27,800. CarMAX's offer will still stand regardless of what they quote them as payoff, but you get the difference between payoff and their buy price. So the higher they quote carmax, the less you will get.

Showkey

Total nonsense……….especially in a high state sales tax area. Some states/counties are 10% sales tax. So trading $30k vehicle at the dealer nets $2400 in sales tax to start. Dealers are no fools when it comes to match trade value. You do have know your values and strategy during the negotiation. Especially on leases where value and cost of money gets buried in double speak.

Acura gave me $2000 more when trading ‘17 CRV than Car Max or Carvana. Plus the sale tax offset.

Private sale of new cars in tough…….as the dealer as “certified used” witha 100k factory warranty all rolled in. Those buyers are all about the monthly payment.

Bamagirl77

I am going to throw my 2 cents in for what it's worth. I am in the process of trying to sell my 2022 MDX to downsize to the 2022 RDX Aspec Advance. Since my MDX is a lease, I have 2 options:
1. Sell it back to a Acura OR Honda dealership
2. Buy it outright and pay taxes on it and then turn around and sell it to Carvana, CarMax, VROOM, etc.

I was actually offered within $4000 of what I paid for my MDX back in September from my local Honda dealership-$3500 more than my Acura dealership. I plan to shop other Honda dealership's in my area to see if they will offer more. I plan to go ahead and sell it and take the equity in a check. I will not be penalized for not paying the remaining payments on my lease. I can sell it to Honda or Acura and then order my RDX. I can use a parent's Camry until my RDX comes in. But I plan to sell while the used car prices are so high.

Hope this helps!

Showkey

Stock values on the “aftermarket used car guys”. Stock price is always forward looking, so the future of three in not good*:

CARVANA………down 90% YTD Down 91% year over year
Carmax…………down 33% YTD
Vroom ………….down 90% YTD. Down 97% year over year

Vroom stock 5 year high was $75 it now selling $1.20 with a recent low of $1.03😳😳😳😳😳😳


*Will all three survive? Carmax almost for sure…….the other two maybe not as they a losing money hand over fist, with a history of never making money aka profit.

🤔If you sell to some of these guys……don’t hold the check, better yet get cash 😃😃😃😃😃😃😃😃😃😃

kevins

Try Carvana as well and see who might give you the better deal

alternatively, you could consider a lease trade. Post something on Craigslist and if someone is interested you can do a lease trade via Acura and essentially the new person takes over your lease. The process took me about 1-2 months but was able to get out of my lease

IM542

Even better is to have it sold to a private party and have the dealer do a "courtesy trade".

1. Agree to a price with your dealer on a new one
2. Agree to a price with the private party on your old one
3. The private party comes to the dealership to take your old car and the dealer does the tags, title, and sales tax as they technically "buy" the car from the dealer. They have to do all that anyway makes no difference where.
4. The sales price you got from the private party is then applied to the new car as a "trade in" reducing the state sales tax due by that amount.

Here in PA it's 6% so it's significant savings.