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What does it mean to sell or buy out a leased car?

A lease buyout means the leased car gets purchased at the residual value set in your original contract, instead of getting returned when the lease ends. There are two ways to do it. You can buy the car yourself, paye the sales tax, and keep it. Or you can sell the lease to a dealer, who pays off your leasing company and hands you the difference if the car is worth more than you owe. That difference is your equity.

Can you buy out your lease early, before it ends?

Yes. Every lease allows for an early buyout. We can request the payoff from your leasing company at any point during the lease term and pay the car off directly with the lender. Bring it in and we'll pull the exact figure so you can see where you stand today.

Why can't most dealers buy out my lease anymore?

Around 2021, used car values climbed above the residual prices baked into existing leases. Captive lenders, the finance arms owned by automakers, realized that equity was leaving their networks every time a customer sold a leased car to an outside buyer. So they changed the rules. Many now refuse to give a payoff quote to anyone except the person on the lease or a franchised dealer of the same brand.

How does selling your lease to IMX actually work?

Get a number. Use the appraisal tool online or call us. For most cars we can give you a range before you drive over. Bring the car in. A quick fifteen minute inspection in Burbank confirms condition and mileage. Receive our finalized offer valid for 5 days. We can assist in determining your payoff (If applicable). Sign and get paid. We settle the lender balance and write you a check for your equity.

How do I know if my leased/financed car has equity?

Equity is the gap between what we'll pay and what you still owe on the payoff, whether leased or financed. When the residual was set two or three years ago and the car is worth more than that today, the gap is yours. Right now that's common on trucks, SUVs, hybrids, and electric vehicles, where market values held up better than the lease contracts predicted.