The buyout at the end of a lease is predetermined in the contract so if you have less miles on it than you paid for you essentially overpaid and don't get any refund when you turn it in. Unless some third party like CarMax, Carvana, Vroom, Shift, etc. value it higher than your buyout price because of the low mileage then you let them buy it. However with the car shortage new-ish vehicles are commanding a premium and the manufacturers/lease companies didn't like losing vehicles that would return to their dealers and others getting to profit for it. So almost all disallow third party buyouts or charge them market price. Instead you now would need to buy out yourself, pay the taxes, secure financing, wait for the title to process, and then finally you can sell it to those third parties. Unless you replace it with a vehicle from the company you sold it to you lose the taxes if you live in a state that credits trade-ins which makes it less profitable.Could you please clarify the CarMax comment. How does it actually work?
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