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Anybody have any experience selling Carmax a 2017 LT? I'm wanting to get a price from them as a potential easy way to get out of my lease since I am moving and the cost to ship the car is pretty high. I know it's best to just go there but where I live there isn't a Carmax nearby so was wondering if anybody had an idea of what they pay before I drive an hour.
 

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Anybody have any experience selling Carmax a 2017 LT? I'm wanting to get a price from them as a potential easy way to get out of my lease since I am moving and the cost to ship the car is pretty high. I know it's best to just go there but where I live there isn't a Carmax nearby so was wondering if anybody had an idea of what they pay before I drive an hour.
I got a quote a couple of months ago on my $35k MSRP Siren Red '17 Volt LT with 5k miles....they offered $20k. :eek:

Luckily I found a person to take over my lease, so I offloaded my Volt that way.
 

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Discussion Starter #3
Ha... that's pretty much what I expected from them based on my past experiences. Where did you find the person to take over the lease? I'm considering that route too.
 

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I got a quote a couple of months ago on my $35k MSRP Siren Red '17 Volt LT with 5k miles....they offered $20k. :eek:

Luckily I found a person to take over my lease, so I offloaded my Volt that way.
Oddly enough, that is about right if you take a look at it from their point of view. 35k MSRP discounted 5k, minus 7.5K tax credit=22.5K And CarMax has to make some coin for their risk. Actually, I would consider that to be an extremely fair offer.
 

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Discussion Starter #5
Just called GM Financial and they informed me that to do a lease assumption both parties must live in the same state... that seems to be rather limiting for me.
 

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Oddly enough, that is about right if you take a look at it from their point of view. 35k MSRP discounted 5k, minus 7.5K tax credit=22.5K And CarMax has to make some coin for their risk. Actually, I would consider that to be an extremely fair offer.
Yeah, I think you're right. If I had purchased that Volt outright, I would have received $15,048 in total discounts/rebates ($3.7k dealer discount, $500 farm bureau, $1k Chevy.com private offer, 7.5k fed credit, 2.3k MD rebate). We're already down to $20k before any deductions for miles driven!
 

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Yeah, I think you're right. If I had purchased that Volt outright, I would have received $15,048 in total discounts/rebates ($3.7k dealer discount, $500 farm bureau, $1k Chevy.com private offer, 7.5k fed credit, 2.3k MD rebate). We're already down to $20k before any deductions for miles driven!
It would still be less loss if you have it shipped unless you are really looking to get rid of your Volt.
 

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Wow.. we were looking to take over a lease and been checking swapalease.com. Since we were looking at other brands, didn't notice the GM Financial restrictions. They don't let you transfer out during first 6 months and last 12 months of lease!!!! Plus, both parties must reside in same state! Lastly, $595 to GM Financial to make it happen. They are NOT lease transfer friendly.

That said, might be worth posting on website as there are not any 2017 Volts listed for KY. If you live in good size city, have a low monthly payment, and plenty of miles left, might be worth posting there. That said, unless you are moving out of the US, I would think you could get it shipped most places for under $1k. Likely the lease costly option if your only issue is the moving cost.
 

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I'm curious to what loopholes there are in the same state restriction...You purchased from KY and are a KY resident, but what if you move? Seems like there'd be some legal headaches for lenders to only approve transfers at the state you purchased it in...Can you simply change your address online and then sell? Clearly accepting a CarMax offer is thousands if not a ten thousand loss...Could you just open a Cali P.O. Box find someone to take over the lease and pay $595 fee and $700ish bucks to ship? Its really not a lot of time or effort and you could save up to ten thousand...Really easy to get started, simply call the lender tell them you're moving to Cali next week and wanted to transfer to a Cali resident, see what they say...

For the record, my $36,2XX MSRP Volt received an offer of $25K but that was last summer, I believe that was on of the first MY17 of any vehicle CarMax had to deal with so I think the offer was inflated...I got lucky and had three other "we beat carmax" places compete, I'll recheck, I wrote a check for the payoff for just under $100 to sell it, however, I received a $1500 incentive from Cali which I'm supposed to pay back the prorated portion...Widely reported they rarely come after you but some reports of if you get another PHEV/EV they'll deduct your previously owed amount from the new incentive so I'm not out of the woods yet...
 

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I'm curious to what loopholes there are in the same state restriction...You purchased from KY and are a KY resident, but what if you move? Seems like there'd be some legal headaches for lenders to only approve transfers at the state you purchased it in...Can you simply change your address online and then sell? Clearly accepting a CarMax offer is thousands if not a ten thousand loss...Could you just open a Cali P.O. Box find someone to take over the lease and pay $595 fee and $700ish bucks to ship? Its really not a lot of time or effort and you could save up to ten thousand...Really easy to get started, simply call the lender tell them you're moving to Cali next week and wanted to transfer to a Cali resident, see what they say...

For the record, my $36,2XX MSRP Volt received an offer of $25K but that was last summer, I believe that was on of the first MY17 of any vehicle CarMax had to deal with so I think the offer was inflated...I got lucky and had three other "we beat carmax" places compete, I'll recheck, I wrote a check for the payoff for just under $100 to sell it, however, I received a $1500 incentive from Cali which I'm supposed to pay back the prorated portion...Widely reported they rarely come after you but some reports of if you get another PHEV/EV they'll deduct your previously owed amount from the new incentive so I'm not out of the woods yet...
The person taking over the lease must register the car in the same state as the original lessee. And GMF confirms all this before proceeding with the transfer (driver's license copies and everything), so unless you have a license in the same state, it'd be mighty hard to get approved without being an actual resident.
 

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The person taking over the lease must register the car in the same state as the original lessee. And GMF confirms all this before proceeding with the transfer (driver's license copies and everything), so unless you have a license in the same state, it'd be mighty hard to get approved without being an actual resident.
Thanks for the info...So one would need to acquire a drivers license which may work for some in certain situations mainly those who legally claim residency in another state but who do not yet have that states license...With half of all PHEVs/EVs sold in Cali, Cali makes the most sense if one is looking to transfer a PHEV/EV...Yet it's also a ton of effort to obtain a Cali license as once get the required documentation, you have to show up to a CA DMV in person (that's a ton of effort in itself) and take a written test even if you hold a license from another state...
 

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Discussion Starter #12
Carmax in Indianapolis offered me $21,000 today. 2017 LT with 6100 miles. So obviously won't be taking that offer.

When I talked to GM regarding the lease they said that if I move then the policy just shifts to the new state and I have to transfer the lease to somebody in the new state.

The issue for me is in California the leases are way less to begin with so my $299.91/month lease is not attractive vs. just leasing a brand new one. In my area though my lease price is really good so hopefully I can just find somebody local to take it over.
 

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Carmax in Indianapolis offered me $21,000 today. 2017 LT with 6100 miles. So obviously won't be taking that offer.

When I talked to GM regarding the lease they said that if I move then the policy just shifts to the new state and I have to transfer the lease to somebody in the new state.

The issue for me is in California the leases are way less to begin with so my $299.91/month lease is not attractive vs. just leasing a brand new one. In my area though my lease price is really good so hopefully I can just find somebody local to take it over.
I understand. Of course you would like to have more, and it doesn't help your situation, but here is the real question.

1) How much would you pay for your car KNOWING that you had to make money off it?

That price from CarMax is extremely fair.
 

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Nothing will be lower cost than just having the car shipped, its not expensive.
Yep, CA-MD cost me $800 for my Bolt. East coast to west coast may be a little pricier.
 

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Discussion Starter #16
The thing is that once I'm in CA I could re-lease a Volt or Bolt for far less than I'm paying now so the equation includes not only the shipping cost but the monthly savings over the course of the lease.
 

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The thing is that once I'm in CA I could re-lease a Volt or Bolt for far less than I'm paying now so the equation includes not only the shipping cost but the monthly savings over the course of the lease.
I see your thinking. That does make it difficult. Good luck with whatever you decide.
 

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Carmax in Indianapolis offered me $21,000 today. 2017 LT with 6100 miles. So obviously won't be taking that offer.

When I talked to GM regarding the lease they said that if I move then the policy just shifts to the new state and I have to transfer the lease to somebody in the new state.

The issue for me is in California the leases are way less to begin with so my $299.91/month lease is not attractive vs. just leasing a brand new one. In my area though my lease price is really good so hopefully I can just find somebody local to take it over.
Thanks for reporting...

I would agree now that I know the price, it wouldn't be worth it here in CA...As I'm sure you know, you can incrementally increase the take over incentive so doing trying to swap in KY may be your least expensive method to get out of this...
 

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Yep, swapping sounds like best option. Process might take a month or longer though. If your rate is good for KY, then might go quick. If not, start offering take over incentive. Increase until gone.
 

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The issue for me is in California the leases are way less to begin with so my $299.91/month lease is not attractive vs. just leasing a brand new one. In my area though my lease price is really good so hopefully I can just find somebody local to take it over.
Not true. Current zero down, tax included, all fees included deals are about $260 per month. It's not worthwhile to change cars.
 
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