It Depends on Your Lease Company
CarMax can buy leased vehicles, but only when the leasing company allows third-party buyouts. Since 2021, several major captive finance companies have restricted this option. Before you drive anywhere, call your leasing company and ask directly: is my vehicle eligible for a third-party purchase?
Which Lenders Allow or Restrict Third-Party Buyouts?
Policies change, but here is the general picture as of 2026:
- Toyota Financial Services: restricted in most states
- Honda Financial Services: restricted
- Subaru Motors Finance: restricted
- BMW Financial Services: generally permitted
- GM Financial (Chevrolet, GMC, Cadillac): generally permitted
- Ford Credit: generally permitted
- Chrysler Capital / Stellantis: check current policy
This list is not exhaustive and policies change without notice. Calling your leasing company directly is the only reliable way to confirm.
How the Process Works When Eligible
If your lease company allows it, here is what happens at CarMax: they inspect the car and generate an offer, then contact your leasing company to confirm the residual. If their offer exceeds the residual, they pay off the lease and cut you a check for the difference. If the offer equals the residual, you exit the lease at no cost. If the offer is below the residual, they will not complete the purchase. Plan on two to four hours in the store.
What If CarMax's Offer Is Below the Residual?
Get more quotes. CarMax sets prices on their own inventory model, which may not reflect what other buyers would pay. Try Carvana for a second instant quote, visit a franchise dealer in your brand, or use Vantage, which shops your vehicle to multiple buyers simultaneously rather than generating one internal appraisal. The spread between a single CarMax offer and what competing buyers produce can be significant, particularly on trucks and SUVs that hold value well.
For the full picture on leased car selling options, read our post on how to sell a leased car and capture equity.
What If Third-Party Buyouts Are Restricted?
Your options narrow to: buy the car yourself at the residual, take title, and then sell as a used vehicle; or return the car at lease end. Buying out first triggers sales tax in NJ (6.625%), which can eat into any equity. Run the full math before committing to a self-buyout strategy.
Getting the Most From Any Offer
Get at least three or four quotes before deciding. CarMax, Carvana, a local dealer in your brand, and Vantage. When your lease company does allow third-party buyouts, Vantage can facilitate that process as one of the competing buyers, handling coordination with the leasing company and paperwork on your behalf. The spread on identical vehicles across buyers can be $2,000 or more, and that difference is the equity you capture.
You can get a Vantage offer here to add to your comparison. If the lease equity math works in your favor, competing offers give you the best shot at capturing it fully.
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