Trade-In Help?

[cwerdna]

If you go to the buyer's bank with the buyer, you can receive a bank check that has zero chance of being a counterfeit.
If you have an account at that bank you can deposit it into your account immediately, otherwise you have to deposit the check at whatever bank you do use and you take a small risk of the check being lost/stolen/damaged in the meantime.

Yep on both of these.

 

[SageBrush]

Thanks for the info...how did you find the buyer??

I actually sold two cars --

One via Craigslist
One via Autotrader

Be ready for a LOT of spam and scammers. They are easy to spot, but annoying.
I recommend reading the tutorial on Autotrader if you are not scammer sensitive. The tell-tale sign is their unwillingness to expose their identity, e.g. by trading verifiable telephone numbers.

By the way, one other bit of information I left out earlier:
The bank check cannot be canceled by the buyer, and the bank pulls the funds from the buyer account so there is zero risk of insufficient funds. The impetus to deposit the bank check ASAP is because the bank might put up a fuss about replacing the check if it is lost/stolen/damaged.

 

[SageBrush]

KBB just gave me a super low instant cash offer of $20,180 and shift offered me $24,700.

I have to say, getting out from under your lease for only $1,300 is a lot better than I imagined. It is easy to try and sell the car privately, but every month it sits is another car payment, more insurance, the risk of car damage during test drives, and the associated hassles of being a magnet for scammers and low-lifes.

 

[SageBrush]

Here is a cautionary tale related to Bank Cheques

 

[K-MTG]

I have to say, getting out from under your lease for only $1,300 is a lot better than I imagined. It is easy to try and sell the car privately, but every month it sits is another car payment, more insurance, the risk of car damage during test drives, and the associated hassles of being a magnet for scammers and low-lifes.

Good point, I will probably just list it on Nextdoor for now (neighborhood social network...that verifies the neighborhood) and check with the instant cash offer places.

 

[SageBrush]

I will probably just list it on Nextdoor for now (neighborhood social network...that verifies the neighborhood) and check with the instant cash offer places.

That sounds pretty safe. For one point of comparison, I would do the following:

1. List privately until the Model 3 shows up, and if it does not sell by then accept the $24,700 offer
2. ABSOLUTELY DO NOT try and sell the car to a distance buyer
3. Require a visit to the buyer's bank for payment, as described above
4. Ignore any buyer who does not immediately offer up a verifiable identify. Just asking for the personal Tele# is enough to weed out the lion's share of the garbage.
5. Do not get greedy. If a buyer raises any doubts, move on.

Good luck, and congrats on the Model 3 !!

P.s., am I understanding correctly that the $26k buy-out Honda is presently offering lets you skip the outstanding payments ? If not, you could try advertising your car on websites like swapalease that let you transfer the lease to another person.

P.p.s: <soapbox>Leases are a headache. At best </soapbox>

 

[K-MTG]

That sounds pretty safe. For one point of comparison, I would do the following:

1. List privately until the Model 3 shows up, and if it does not sell by then accept the $24,700 offer
2. ABSOLUTELY DO NOT try and sell the car to a distance buyer
3. Require a visit to the buyer's bank for payment, as described above
4. Ignore any buyer who does not immediately offer up a verifiable identify. Just asking for the personal Tele# is enough to weed out the lion's share of the garbage.
5. Do not get greedy. If a buyer raises any doubts, move on.

Good luck, and congrats on the Model 3 !!

P.s., am I understanding correctly that the $26k buy-out Honda is presently offering lets you skip the outstanding payments ? If not, you could try advertising your car on websites like swapalease that let you transfer the lease to another person.

P.p.s: <soapbox>Leases are a headache. At best </soapbox>

Yea the $26k is essentially the payoff...so after I pay that the car is mine (no longer leased). I looked into swapleasd but it appears that Acura doesn’t allow this.

I had to do something similar when I got my Model X, get rid of my Acura MDX. I had to pay $2k to the Acura dealership to take it back a year early. With the down payment...I paid $25k to lease a $55k car for two years / 30k miles....bad deal!!

 

[SageBrush]

Yea the $26k is essentially the payoff...so after I pay that the car is mine (no longer leased).

Thanks.
Do you know the car residual ?

 

[K-MTG]

Thanks.
Do you know the car residual ?

It is $26k right now and by the end of the lease in 10 months, it should be about $22k

 

[johnnyS]

I sold my 2012 model S with a listing on Auto trader. The guy that purchased it had to get a loan from a bank that I have an account with. The bank deposited the purchase amount directly into my account. They wanted to make sure the title was clear.

 

[Runt8]

I had to do something similar when I got my Model X, get rid of my Acura MDX. I had to pay $2k to the Acura dealership to take it back a year early. With the down payment...I paid $25k to lease a $55k car for two years / 30k miles....bad deal!!

I must have a different definition of “bad deal” - if I paid 25 grand for a car over two years and ended up with nothing, I wouldn’t be happy about it. I guess that’s why I never lease.

 

[SageBrush]

I must have a different definition of “bad deal” - if I paid 25 grand for a car over two years and ended up with nothing, I wouldn’t be happy about it. I guess that’s why I never lease.

I think K-MTG is agreeing with you.

 

[X Fan]

Lease problems aside, congrats on making it to the front of the line for the 3.......

btw: needless to say, if you can get that extra $2K to $26K it would pay for a new series of sunshades for the new car.

 

[EV-lutioin]

Already ordered the 3 so it is too late to cancel now...and I want the tax credit. But I need to get $26,000 for my TLX.

What am I gonna do with 5 cars? Even 4 cars...can only fit 3 in the garage.

Tangental to OP, but based on current production estimates when do you predict the $7,500 tax credit will expire? I thought we still had six months or so... (there is probably a thread for this, I just can't find it).

 

[K-MTG]

Tangental to OP, but based on current production estimates when do you predict the $7,500 tax credit will expire? I thought we still had six months or so... (there is probably a thread for this, I just can't find it).

True, but part of it is my attempt to make a mental justification of purchasing the 3...because I lack the patience to wait till my lease is over lol

 

[shokunin]

Tangental to OP, but based on current production estimates when do you predict the $7,500 tax credit will expire? I thought we still had six months or so... (there is probably a thread for this, I just can't find it).

There's still a minimum of 6 months for the full $7500 tax credit before the phase out begins. If they hit 200,000 in Q1 of 2018, then it will good for another full quarter (Q2). Q3 & Q4 will drop to 3750.

If they don't hit 200K in Q1, then most definitely they will hit the limit in Q2 and that would extend the full $7500 tax credit to the end of Q3.

 

[Runt8]

I think K-MTG is agreeing with you.

Wow, yeah, I completely read that wrong.

 

[Big Earl]

Already ordered the 3 so it is too late to cancel now...and I want the tax credit. But I need to get $26,000 for my TLX.

What am I gonna do with 5 cars? Even 4 cars...can only fit 3 in the garage.

I say let Acura have it back for $23,000. Not only will you save 10 months of payments (unless I misunderstood you and you'd still be responsible for the remaining payments) but you'll save on insurance and registration fees (if your state prorates and refunds). Here in Fairfax County, Virginia, we'd save on personal property tax, as well.

 

[EV-lutioin]

True, but part of it is my attempt to make a mental justification of purchasing the 3...because I lack the patience to wait till my lease is over lol

Ah, now the truth comes out! Same here, ever since I got my configuration email a little devil on my shoulder has been saying, "You don't really need AWD, the traction of RWD is great.... buy it now! You don't need air suspension... buy it now! You might miss out on the tax break... buy it now!"

 

[K-MTG]

I say let Acura have it back for $23,000. Not only will you save 10 months of payments (unless I misunderstood you and you'd still be responsible for the remaining payments) but you'll save on insurance and registration fees (if your state prorates and refunds). Here in Fairfax County, Virginia, we'd save on personal property tax, as well.

If I let Acura have it back for $23k, I would have to pay $3.2k. Since my payoff is $26.2k.

And 10 months of payments is $4k.