First, contact CarMax to obtain a quote specifically for leased vehicles. The short answer is yes, but the process is more complex than selling a privately owned vehicle.
Understanding Dealership Acceptance for Leased Cars
Conversely, if the offer is lower, you will be responsible for the "lease buyout gap," meaning you must pay the difference out of pocket. 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.
However, you must also settle the remaining balance of your lease agreement, including any disposition fees or excess mileage charges, which are then paid to your lessor. Paperwork and Legal Requirements Transferring a leased car requires more documentation than a standard sale.
Can CarMax Accept a Leased Car: Understanding the Process and Requirements
If the offer is higher than the buyout price, you may have positive equity that can be used as a down payment on a new vehicle or cash. Because of this, you cannot simply transfer the title to CarMax as you would with a personal asset.
More About Can you sell a leased car to carmax
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