Ensure that CarMax provides you with a bill of sale that explicitly states the vehicle is being sold subject to the satisfaction of the lease agreement. The leasing company will usually require a release of liability form once the sale is complete.
Avoid Fees When Selling a Leased Car to CarMax
If not, you must decide if you are willing to pay the shortfall to move on from the lease. Conversely, if the offer is lower, you will be responsible for the "lease buyout gap," meaning you must pay the difference out of pocket.
Because of this, you cannot simply transfer the title to CarMax as you would with a personal asset. By understanding the gap between the market value and the lease obligation, you can navigate this transaction without facing unexpected financial burdens.
Avoid Fees When Selling a Leased Car to CarMax
The residual value set in your original lease agreement. The vehicle’s mileage against your lease allowance.
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