There seems to be some confusion when it comes to does Carvana buy leased cars?
Answer: Yes, Carvana does buy leased cars, which is a process also known as a “Lease Buyout.”
Click here to get an offer from Carvana for your leased car.
But there are some factors I will recommend you take into consideration which I will discuss below.
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Does Carvana Buy Leased Cars
If you’re currently leasing a vehicle and want to get out of your lease early, Carvana provides an option to sell your leased car to them. This can be a convenient way to avoid penalties for early termination of your lease agreement.
How It Works
Essentially how it works is that Carvana will work directly with the leasing company to pay off your remaining lease balance and take ownership of the vehicle directly from the leasing company.
Important Tip: Not all leasing companies allow lease buyouts, so check with your specific lender on their policy.
1. Get a Real-Time Value
Start by getting an online quote from Carvana for your specific leased car. This will give you an estimate of what Carvana is willing to pay to buy out your lease.
Tip: Carvana does not negotiate their offers like a typical car dealer would.
2. Provide Lease Details
You’ll need to provide information about your current lease, including the buyout amount, remaining payments, and lease-end date. Carvana will use these details to calculate their offer.
3. Review and Accept the Offer
If you accept Carvana’s offer, they will work with your leasing company to pay the buyout amount and any remaining fees on your behalf.
4. Complete the Sale
Once the lease buyout is finalized, you simply need to hand over the vehicle and its associated paperwork to Carvana to complete the sale, which they will do by coming to your home and picking up the vehicle.
Fees
There doesn’t seem to be any fees from Carvana associated with selling them a leased car other than the charge they have for traveling long distances to pick up a car.
Benefits of Selling Leased Cars to Carvana
- Avoid early termination penalties from your leasing company
- Streamlined process without having to negotiate
- Potential profit if Carvana’s offer exceeds your buyout amount
- Convenient at-home pickup service
Potential Cons of Selling a Leased Car to Carvana
- Carvana’s offer may be lower than you could get by selling privately
- Additional fees like taxes and transport costs can cut into profits
- Timing is important – market conditions affect used car values
Final Answer
So, yes, Carvana does take leased cars. However, you should consider that the offer from Carvana is going to be lower than market value and could potentially be lower than your payoff amount. You should also check with the leasing company for your car before you waste any time trying to get offers from Carvana or other dealers.
