When you sell a car through TRED, we handle your loan payoff or lease buyout at the point of sale!
So, what do you need to do? It’s simple!
If you have a loan: Simply provide us your estimated loan payoff amount and let us know who your lender is. Typically, your lender will call this a “10-day payoff amount”.
If you have a lease: Make a quick call to your leasing company and tell them you’re selling the vehicle through a non-franchised dealership and would like your full lease buyout amount. Typically, your leasing company will call this a “10-day buyout amount”. Make sure you’re not just providing the balance left on your monthly payments - this is not the same as a buyout value.
What's next? When you have a buyer in place and have agreed on a price for the vehicle, we’ll confirm your exact payoff or buyout amount with your lender or leasing company. Once your buyer has made payment in full and the sale is final, we issue that payment to your loan or leasing company directly.
If your buyout or payoff amount is less than what your vehicle sells for (factoring in our sale fee), you will receive any remaining profits from your sale!
If your buyout or payoff amount is more than what your vehicle sells for (factoring in our sale fee), TRED will let you know what you owe to cover the remaining amount due. Meaning, if your vehicle sells for less than what you currently owe on it, you will need to pay that difference in full at the point of sale. Some folks will refer to this as being “underwater” on your loan.
TRED is not able to offer financing or payment plans on underwater payments, but we’re happy to advise you on what your options are and help to determine if you’re ready to sell! Get in touch with our team any day of the week via web chat, text, call, or email!