A man is going viral on TikTok after sharing how he discovered he had equity on his leased Cadillac CT5—and what happened once he tried to cash in on it. Markeon Edwards (@markeon.edwards) posted the video as a PSA for anyone currently leasing a car. "Nobody tells you this about car leases," he wrote in the on-screen caption. Edwards filmed the clip outside the Cadillac dealership where he originally leased the vehicle, but he explains that his first stop wasn’t Cadillac at all. Before heading to the dealership, Edwards says he had his car pre-appraised at CarMax to see whether he had equity he could sell. According to Edwards, the numbers surprised him. The CarMax offer came in higher than what he still owed on the lease—meaning he did, in fact, have equity. Armed with that appraisal, he decided to take it back to Cadillac to see if the dealership would match it. As of this writing, Edwards’ video recounting the experience had racked up more than 11,500 views. What Happened at the Cadillac Dealership? Edwards says he brought his car to the same Cadillac dealership where he leased it, hoping it would honor the CarMax appraisal. "Once you have that appraisal, it’s your appraisal," he said. "Either they honor it, or they don’t." At first, Edwards didn’t immediately mention the CarMax offer. He says a Cadillac salesman attempted to run their own appraisal, but Edwards refused. As the visit dragged on, he says he was shuffled between employees and told that the used-car or sales managers were out to lunch. Eventually, Edwards revealed that he already had an offer from CarMax—and says that’s when things became contentious. "They told me CarMax can’t do third-party buyouts," Edward recalls. To double-check, he called CarMax directly and learned that wasn’t true. At that point, Edwards says he decided he was done negotiating. "I said, ‘I’m going to CarMax right now,’" he said. According to Edwards, CarMax offered 49 (presumably $4,900), while Cadillac countered at 46 before bumping it to 48—still short of the CarMax offer. Edwards says he asked Cadillac to match it, but it initially declined. As he was preparing to leave, however, Cadillac changed course and agreed to match CarMax at 49. "I know you will. Because you want your vehicle," Edwards says, suggesting he wasn’t surprised by the last-minute reversal. He closed the video with a warning for fellow lessees: Do your homework and don’t take everything a dealership says at face value. How he’s treated during the process, Edwards added, determines whether he’ll return. "How you treat me depends on whether I come back or not," he said. Can I Sell My Leased Car to CarMax? It’s not unusual at all for drivers to sell leased cars to CarMax. While you don’t need to own the vehicle outright for this to work, you do need to know what you owe and whether your leasing company allows it. As Edwards shared, the process starts with drivers getting an appraisal from CarMax, either online or in person (which is usually good for seven days). After that, call your leasing company—so, Cadillac, in Edwards’ case—and ask for your lease payoff amount, specifically the third-party payoff quote. That number tells you what it would cost for a dealer like CarMax to buy out the lease. From there, it comes down to equity. If CarMax’s offer is higher than your payoff, you get the difference. If it’s lower, you’re responsible for covering the gap. CarMax then pays off the leasing company directly and handles the paperwork. Before you do any of this, though, it’s important to confirm that your lessor allows third-party buyouts. In recent years, some Nissan customers, particularly those with third-party leases, have complained that the brand has either limited or blocked third-party lease buyouts altogether. Selling early can help you avoid end-of-lease fees for wear and tear or disposition. And you don’t have to wait until the lease is up. If the numbers make sense and your leasing company allows it, you can do it at almost any point during the lease. Viewers Suggest Cadillac Tried to Shortchange Customer Some viewers who came across Edwards’ video argued that Cadillac—which operates under the General Motors umbrella—was wrong to make a low initial offer. "After the dealership lied, they would’ve had to beat the appraisal to get the car," one viewer said. "Lying without verifying if Carmax can do third-party buyouts is unacceptable to me. Glad everything worked out for you." "I would’ve made them give me 50 for playing around with me," another wrote. "I would’ve said 50 from the beginning," a third added. Several commenters also used the moment to share their broader approach to negotiating with dealerships—or avoiding negotiations altogether. "I always go into a car dealership understanding they need my business and my money," one woman explained. "They can’t tell me anything if it’s not on my terms, and YES I will walk out." Others offered tips on squeezing out the highest possible offer when selling a vehicle, regardless of the buyer. "I used [Kelley Blue Book] and got higher than CarMax! KBB sends your car info to multiple dealers, and they bid on your car," one person shared. "Tho you do have to take it in for appraisals at different places, but I used that to get other dealers to increase pricing. Came out 2k higher than CarMax/Carvana." Not everyone sided with Edwards, though. A few commenters argued that Cadillac’s approach was simply part of how dealerships operate. "I’ve been working in the car business for 8 years, and it’s all about getting the customer to accept an agreeable amount for their trade without paying the max," one viewer said. Motor1 has reached out to Edwards via a direct message on TikTok and to General Motors through email. We'll be sure to update this article if either responds. We want your opinion! What would you like to see on Motor1.com? Take our 3 minute survey. - The Motor1.com Team
