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DansDeals Forum => General Discussion => Topic started by: yossig on October 12, 2020, 06:14:35 PM

Title: Dealer Lease buyout
Post by: yossig on October 12, 2020, 06:14:35 PM
I think this topic deserves a separate thread,

I was guided through this process in this thread (thanks DDF!) https://forums.dansdeals.com/index.php?topic=2990.4230
Maybe @mod can separate and merge.

The point of doing this is:
1) getting rid of your vehicle without any excessive wear and tear and mileage charges.
2) you might be able to cash out a significant amount like in my case if the offer is above your ďDealerĒ buyout amount.

Beware: This cannot be done with all Vehicles and it really depends what the secondhand market is on your specific vehicle, and what your buyout amount is.

So hereís my recent experience which I hope will be helpful.

My car model was a Honda sedan, and I was 16 months in, in a 36 month lease agreement, And I needed a bigger vehicle.

So I submitted for online quotes at Vroom.com algo.com and carvana.com, 3 biggest in the market)  Vroom came back with the highest offer seconded by Algo ($500 less).

the reviews here on DDF for Algo were very good so I decided to give them first choice and I scheduled a virtual inspection, after the approximate three minutes inspection they came back with the offer $900 less than their original offer (which was $1400 less than Vroom)
So I explained to the Algo appraiser that Vroom has offered me a significant amount more, and that Algoís policy is to match competing offers but he said that this is his final offer and that Vroom will eventually subtract from their offer after receiving the vehicle like they usually do, claiming that it has more damage then described originally.
So I contacted Vroom and told them I would like to go ahead with their offer and I raised my concerns about not receiving the full quoted amount, they reassured me that this rarely happens and that is only if itís significantly different than the way it was described, so I went over with him my vehicle condition and he assured me that Iíll receive the quoted price.
The rest went really smooth and fast,
I filled out the online contact
I Received the next day a vehicle transfer POA to sign via FEDEX overnight priority.
I returned it same day and they received it the next morning.
Pickup was scheduled.
A few hours after picking up the vehicle they overnighted me a check.

Total time spent: approx 2.5 hrs
Total gain: got rid of a car that I didnít want mid lease, didnít need to deal with any excessive wear and tear damage, and (more then) some extra cash.

I mightíve missed something, if I did just ask.
Title: Re: Dealer Lease buyout
Post by: Mordyk on October 12, 2020, 06:37:48 PM
How much wear and tear is ok for them? I wanted to do this but I have one bashed door and I was afraid they will cancel last second
Title: Re: Dealer Lease buyout
Post by: yossig on October 12, 2020, 06:40:57 PM
How much wear and tear is ok for them? I wanted to do this but I have one bashed door and I was afraid they will cancel last second
They take the vehicle as is and pay you according to its condition
Title: Re: Dealer Lease buyout
Post by: Mordyk on October 12, 2020, 07:19:33 PM
They take the vehicle as is and pay you according to its condition
They consider any condition?  Or must be more or less decent?
Title: Re: Dealer Lease buyout
Post by: yossig on October 12, 2020, 08:22:55 PM
They consider any condition?  Or must be more or less decent?
in the online form they ask you the condition, try it.
Title: Re: Dealer Lease buyout
Post by: ADG on October 12, 2020, 08:32:44 PM
Do you continue to pay the car payment until the end of the lease and then "buy it" from the dealer?
Title: Re: Dealer Lease buyout
Post by: yossig on October 12, 2020, 10:29:42 PM
Do you continue to pay the car payment until the end of the lease and then "buy it" from the dealer?
no. You can do a buyout mid lease.
Title: Re: Dealer Lease buyout
Post by: joe1234 on October 12, 2020, 10:51:16 PM
if i have a small dent in the bumper does it help that i have a damage waiver?
Title: Re: Dealer Lease buyout
Post by: yossig on October 12, 2020, 10:57:25 PM
if i have a small dent in the bumper does it help that i have a damage waiver?
im not sure how the damage waivers work, youíll have to ask your broker.
But I donít think one small dent will make a big difference in your offer.
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on October 13, 2020, 05:53:01 PM
How does this work with ALgo, for example? I "sell" a vehicle I only am leasing to them? They pick it up and then do what?? I don't have title, since it's a lease. Obviously they need to buyout from Nissan. How am I assured they don't take my vehicle and run for the hills, what guarantees they pay off MY liability to Nissan? On Nissan site; there are two buyout options; 1. "Dealer Assisted" 2. Financial Institution. with 1 being a lower buyout. Which do I use when selling to ALgo, Vroom etc? Sorry, I'm pretty clueless with this. TY
Title: Re: Dealer Lease buyout
Post by: yossig on October 13, 2020, 06:59:21 PM
How does this work with ALgo, for example? I "sell" a vehicle I only am leasing to them? They pick it up and then do what?? I don't have title, since it's a lease. Obviously they need to buyout from Nissan. How am I assured they don't take my vehicle and run for the hills, what guarantees they pay off MY liability to Nissan? On Nissan site; there are two buyout options; 1. "Dealer Assisted" 2. Financial Institution. with 1 being a lower buyout. Which do I use when selling to ALgo, Vroom etc? Sorry, I'm pretty clueless with this. TY
you sign a contract with them conforming your offer, and when they pick up the car you get a receipt that it was picked up.
You do ďdealer assistedĒ (but ALGO does all that work, not you).

On a side note, Nissan doesnít have a good resale value in general, But every car if different.
 
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on October 13, 2020, 07:47:00 PM
you sign a contract with them conforming your offer, and when they pick up the car you get a receipt that it was picked up.
You do ďdealer assistedĒ (but ALGO does all that work, not you).

On a side note, Nissan doesnít have a good resale value in general, But every car if different.
So they cut me a check for the difference between the buyout and their offer and then pay the remainder to Nissan?
Their offer is still $2300+ more than my buyout. That may very well be because I only used half my mileage allowance. It is a Rogue Sport.
Title: Re: Dealer Lease buyout
Post by: Luvisrael on October 13, 2020, 08:05:42 PM
So they cut me a check for the difference between the buyout and their offer and then pay the remainder to Nissan?
Their offer is still $2300+ more than my buyout. That may very well be because I only used half my mileage allowance. It is a Rogue Sport.
yes
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on October 13, 2020, 08:13:41 PM
you sign a contract with them conforming your offer, and when they pick up the car you get a receipt that it was picked up.
You do ďdealer assistedĒ (but ALGO does all that work, not you).

On a side note, Nissan doesnít have a good resale value in general, But every car if different.
Car's in excellent condition with 17k on it), However; it is filthy (neighborhood road work). Mostly exterior but also the drivers mat from sand/mud....
Does it need a good cleaning prior to a virtual inspection?

One blemish it has is a relatively minor crack on the windshield. Was driving on the Hwy, s/o must've tossed a can out their window. I got a crack, perfectly round like the bottom of a soda can etc. Stayed like this for past 1-2 years. Will they change their offer? I think I read here that ALgo usually does not.
Title: Re: Dealer Lease buyout
Post by: yossig on October 13, 2020, 09:46:02 PM
Car's in excellent condition with 17k on it), However; it is filthy (neighborhood road work). Mostly exterior but also the drivers mat from sand/mud....
Does it need a good cleaning prior to a virtual inspection?

One blemish it has is a relatively minor crack on the windshield. Was driving on the Hwy, s/o must've tossed a can out their window. I got a crack, perfectly round like the bottom of a soda can etc. Stayed like this for past 1-2 years. Will they change their offer? I think I read here that ALgo usually does not.
why not schedule an inspection and take it from there, youíre not binding yourself by having an inspection.
The whole thing is 3 minutes and is a basic walk around the vehicle.

Did you also try another company like Vroom or carvana?
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on October 13, 2020, 09:57:16 PM
why not schedule an inspection and take it from there, youíre not binding yourself by having an inspection.
The whole thing is 3 minutes and is a basic walk around the vehicle.

Did you also try another company like Vroom or carvana?
Figured if it's not perfect on the first try, they'll just reduce the offer. and not go back up

Yeah, ALgo was the highest
Title: Re: Dealer Lease buyout
Post by: stooges44 on October 13, 2020, 10:30:10 PM
Car's in excellent condition with 17k on it), However; it is filthy (neighborhood road work). Mostly exterior but also the drivers mat from sand/mud....
Does it need a good cleaning prior to a virtual inspection?

One blemish it has is a relatively minor crack on the windshield. Was driving on the Hwy, s/o must've tossed a can out their window. I got a crack, perfectly round like the bottom of a soda can etc. Stayed like this for past 1-2 years. Will they change their offer? I think I read here that ALgo usually does not.

My car was also filthy although I did make an effort to get rid of all the large items of trash but I didn't actually vacuum it or do any sort of pesach cleaning.  They are not interested in the cleanliness at all because they make it like new anyway. They only asked me if there were any rips in the fabric and to be up font about any damage. I showed them my scratches and dents and they came back with a lower offer which I was expecting but i still came out ahead by almost 2k so I was more then satisfied.

I'm not sure where you read that they don't change their offer, I've only read that they always come back with a lower offer after the virtual inspection, it's classic sales tactic to get you in the door, but there are plenty of reports of successful negotiation to a better offer. It all depends on the demand for the vehicle.




Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on October 13, 2020, 10:59:28 PM
My car was also filthy although I did make an effort to get rid of all the large items of trash but I didn't actually vacuum it or do any sort of pesach cleaning.  They are not interested in the cleanliness at all because they make it like new anyway. They only asked me if there were any rips in the fabric and to be up font about any damage. I showed them my scratches and dents and they came back with a lower offer which I was expecting but i still came out ahead by almost 2k so I was more then satisfied.

I'm not sure where you read that they don't change their offer, I've only read that they always come back with a lower offer after the virtual inspection, it's classic sales tactic to get you in the door, but there are plenty of reports of successful negotiation to a better offer. It all depends on the demand for the vehicle.

I read it here (original topic discussion)https://forums.dansdeals.com/index.php?topic=2990.msg2324384#msg2324384 (https://forums.dansdeals.com/index.php?topic=2990.msg2324384#msg2324384) I think I saw a few comments in that thread indicating ALgo was better in that respect.
Title: Re: Dealer Lease buyout
Post by: Yef on October 14, 2020, 12:00:27 AM
Iím not sure I fully understand this. Why would anyone return car to the dealer if they can go through one of these companyís and make money off of it?
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on October 14, 2020, 12:03:41 AM
Iím not sure I fully understand this. Why would anyone return car to the dealer if they can go through one of these companyís and make money off of it?
I don't either understand it. Perhaps cuz they don't read DDF?  ;)
Title: Re: Dealer Lease buyout
Post by: yelped on October 14, 2020, 12:04:23 AM
Iím not sure I fully understand this. Why would anyone return car to the dealer if they can go through one of these companyís and make money off of it?
It doesn't always or even usually turn out this way. It's only now because of the crazy high used market that people are getting high offers. But, yes, it never hurts to get a quote.
Title: Re: Dealer Lease buyout
Post by: Yef on October 14, 2020, 12:06:45 AM
Does it affect your next lease price?
Title: Re: Dealer Lease buyout
Post by: thaber on October 14, 2020, 12:18:42 AM
Does it affect your next lease price?
no. unconnected.
Title: Re: Dealer Lease buyout
Post by: Saver2000 on October 25, 2020, 10:34:01 PM
@yossig
Thanks for the write up. Very helpful.

When selling my lease to algo/carava, there is no sales tax charge on the buyout price since essentially it's being sold directly to another dealer?
Title: Re: Dealer Lease buyout
Post by: yossig on October 25, 2020, 11:41:59 PM
@yossig
Thanks for the write up. Very helpful.

When selling my lease to algo/carava, there is no sales tax charge on the buyout price since essentially it's being sold directly to another dealer?
correct
Title: Re: Dealer Lease buyout
Post by: ~King Lake~ on October 27, 2020, 07:30:10 PM
no. You can do a buyout mid lease.
Does it effect your credit?
Title: Re: Dealer Lease buyout
Post by: avromie7 on October 27, 2020, 07:38:48 PM
Does it effect your credit?
If anything, it should have a positive effect because you paid off your lease.
Title: Re: Dealer Lease buyout
Post by: ~King Lake~ on October 27, 2020, 07:40:26 PM
If anything, it should have a positive effect because you paid off your lease.
Also thought so, but your credit score goes down for terminating a lease so wandering if this is considered a lease termination
Title: Re: Dealer Lease buyout
Post by: avromie7 on October 27, 2020, 07:43:59 PM
Also thought so, but your credit score goes down for terminating a lease so wandering if this is considered a lease termination
Why?
Title: Re: Dealer Lease buyout
Post by: LNS on October 27, 2020, 07:50:58 PM
great info here ... glad i came across the thread! thanks OP
Title: Re: Dealer Lease buyout
Post by: miles lover on October 28, 2020, 01:14:09 AM
Also thought so, but your credit score goes down for terminating a lease so wandering if this is considered a lease termination
Yep big time. Just had my score get lowered a lot after terminating my lease.
Title: Re: Dealer Lease buyout
Post by: ~King Lake~ on October 28, 2020, 01:41:49 AM
Why?
Good question
Title: Re: Dealer Lease buyout
Post by: ~King Lake~ on October 28, 2020, 01:42:53 AM
Yep big time. Just had my score get lowered a lot after terminating my lease.
You did a really lease buyout?
Or termination for other reasons?
Title: Re: Dealer Lease buyout
Post by: miles lover on October 28, 2020, 03:46:38 AM
You did a really lease buyout?
Or termination for other reasons?
I finished making my lease payments. Now Iím selling it to vroom. It shows on my credit report as completed even though I technically still owe them money.
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 01, 2020, 04:29:54 PM
So ALgo had given me an offer via e-mail of 15,800. After virtual inspection, which they said said car was flawless, they came back at 14,500. I questioned him, he said "oh the markets soft for your specific car......." bunch of baloney. As another commented above, they put in a higher offer than the others (carvana, Vroom) but then end up at the same place  :-\ Tried negotiating but they seem pretty firm.
Title: Re: Dealer Lease buyout
Post by: Saver2000 on November 01, 2020, 04:38:13 PM
So ALgo had given me an offer via e-mail of 15,800. After virtual inspection, which they said said car was flawless, they came back at 14,500. I questioned him, he said "oh the markets soft for your specific car......." bunch of baloney. As another commented above, they put in a higher offer than the others (carvana, Vroom) but then end up at the same place  :-\ Tried negotiating but they seem pretty firm.
:-\
So did you decline the new offer? Maybe they'll come back with their orginal offer if you decline the lower offer. Does that ever happen?
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 01, 2020, 04:42:03 PM
I finished making my lease payments. Now Iím selling it to vroom. It shows on my credit report as completed even though I technically still owe them money.
So you completed your full lease term? Why would your credit score drop??
Title: Re: Dealer Lease buyout
Post by: miles lover on November 01, 2020, 04:43:53 PM
So you completed your full lease term? Why would your credit score drop??
Having a car loan (any installments loan ?) is great for your credit score.
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 01, 2020, 04:45:16 PM
:-\
So did you decline the new offer? Maybe they'll come back with their orginal offer if you decline the lower offer. Does that ever happen?
They keep calling and e-mailing how they want my business blah blah and they know I was not happy with the drop in their offer, a significant drop. He said the e-mail was never an offer, only an estimate. Maybe, but they can and should try to better align their offers and estimates of value, don't ya think?   ::)
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 01, 2020, 04:46:53 PM
Having a car loan (any installments loan ?) is great for your credit score.
Well I intend to move into a new vehicle soon, financed though not leased. A loan nonetheless. How significantly did your score drop? My wife and I b'h have stellar credit (750-775 or so)
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 01, 2020, 04:50:51 PM
:-\
So did you decline the new offer? Maybe they'll come back with their original offer if you decline the lower offer. Does that ever happen?
My lease also goes thru the end of this month. How much time do I need to give the process of selling it to these dealers (Algo, Vroom etc) without running into issues with my lease return? ALgo told me they need 3-4 days after the appraisal to pick it up. But then they need to send the check to the finance co (in my case, Nissan). I don't wanna sell it too soon but also not too late!
Title: Re: Dealer Lease buyout
Post by: miles lover on November 01, 2020, 04:52:29 PM
Well I intend to move into a new vehicle soon, financed though not leased. A loan nonetheless. How significantly did your score drop? My wife and I b'h have stellar credit (750-775 or so)
I think financing  should have the same effect as a lease on your credit. I had 800 and I went down to 720 in one month. I had my lease terminated and I let a statement balance print with a high balance. I couldnít even pay it before it printed. It posted the same time the statement  printed. Iím assuming my score went down 50 points for the termination of the lease.
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 01, 2020, 05:00:32 PM
I think financing  should have the same effect as a lease on your credit. I had 800 and I went down to 720 in one month. I had my lease terminated and I let a statement balance print with a high balance. I couldnít even pay it before it printed. It posted the same time the statement  printed. Iím assuming my score went down 50 points for the termination of the lease.

Wow, wow, wow!! I better look over all my CC statements, make sure to pay them down before they print. I don't usually bother much with that (though I do pay them up every month). I know this is discussed plenty on DD, but how do I know the statement print date? Is that the same as statement close date?
Title: Re: Dealer Lease buyout
Post by: miles lover on November 01, 2020, 05:03:57 PM
Wow, wow, wow!! I better look over all my CC statements, make sure to pay them down before they print. I don't usually bother much with that (though I do pay them up every month). I know this is discussed plenty on DD, but how do I know the statement print date? Is that the same as statement close date?
Statement closing date is when it prints. I donít go crazy to pay up  the reg balances before closing date. Iím talking about very large  balances on cards that I always make sure to pay up before statements print. When it posts the same time as the statement closes, I get messed up.
Title: Re: Dealer Lease buyout
Post by: yossig on November 01, 2020, 05:11:51 PM
My lease also goes thru the end of this month. How much time do I need to give the process of selling it to these dealers (Algo, Vroom etc) without running into issues with my lease return? ALgo told me they need 3-4 days after the appraisal to pick it up. But then they need to send the check to the finance co (in my case, Nissan). I don't wanna sell it too soon but also not too late!
with Vroom it really went swift, from when I confirmed until Honda got the check was less then a week (although it took 14 days for the payment to show up online but it posted retroactively.)
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 01, 2020, 07:42:38 PM
with Vroom it really went swift, from when I confirmed until Honda got the check was less then a week (although it took 14 days for the payment to show up online but it posted retroactively.)
So 10-14 days should be sufficient, I assume? Did Vroom significantly change their offer after the virtual inspection? I think I read on this forum that ALgo tends to not change their offer. (or at least less than Vroom and Carvana) But apparently, there is little truth to that. There was no damage they noted, they simply dropped the offer by $1300, claiming the market was soft for my car specifically  ::)
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 01, 2020, 07:44:00 PM
I think financing  should have the same effect as a lease on your credit. I had 800 and I went down to 720 in one month. I had my lease terminated and I let a statement balance print with a high balance. I couldnít even pay it before it printed. It posted the same time the statement  printed. Iím assuming my score went down 50 points for the termination of the lease.

So how can someone preempt this so that his score does not drop after a lease ends?
Title: Re: Dealer Lease buyout
Post by: yossig on November 01, 2020, 10:05:34 PM
So 10-14 days should be sufficient, I assume? Did Vroom significantly change their offer after the virtual inspection? I think I read on this forum that ALgo tends to not change their offer. (or at least less than Vroom and Carvana) But apparently, there is little truth to that. There was no damage they noted, they simply dropped the offer by $1300, claiming the market was soft for my car specifically  ::)
i had the same experience with Algo, although I did have minor damage.
Vroom paid out their full offered quote (they donít do virtual inspections)
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 01, 2020, 10:22:10 PM
i had the same experience with Algo, although I did have minor damage.
Vroom paid out their full offered quote (they donít do virtual inspections)
The offer Vroom gave was still $250 less than the modified offer by ALgo so we'll see. Will try negotiating a bit more, I'm in no major hurry. Thanks
Title: Re: Dealer Lease buyout
Post by: yossig on November 01, 2020, 11:41:19 PM
The offer Vroom gave was still $250 less than the modified offer by ALgo so we'll see. Will try negotiating a bit more, I'm in no major hurry. Thanks
if algo is still better after inspection just go with them I donít think youíll get better.
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 02, 2020, 12:34:25 AM
if algo is still better after inspection just go with them I donít think youíll get better.
Thanks
Title: Re: Dealer Lease buyout
Post by: miles lover on November 02, 2020, 11:57:57 PM
I got this from vroom

Important: Itís your responsibility to notify your stateís Department of Motor Vehicles (DMV) that you no longer own the vehicle. This can be done by completing an online form on your stateís DMV website (typically called a ďNotice of Transfer and Release of LiabilityĒ (NRL)).

Where can I find this form ? NJ. I canít find it online. Is this important ?
Title: Re: Dealer Lease buyout
Post by: yossig on November 03, 2020, 10:35:44 AM
I got this from vroom

Important: Itís your responsibility to notify your stateís Department of Motor Vehicles (DMV) that you no longer own the vehicle. This can be done by completing an online form on your stateís DMV website (typically called a ďNotice of Transfer and Release of LiabilityĒ (NRL)).

Where can I find this form ? NJ. I canít find it online. Is this important ?
in NY I just turned in my plates and thatís it.
Title: Re: Dealer Lease buyout
Post by: ilherman on November 08, 2020, 06:18:33 PM
Anyone knows if this pays to do with a honda Odyssey elite?
Title: Re: Dealer Lease buyout
Post by: Saver2000 on November 08, 2020, 06:22:05 PM
Anyone knows if this pays to do with a honda Odyssey elite?
Just go online and punch in your VIN and your mileage, and you'll get an instant quote.
Title: Re: Dealer Lease buyout
Post by: ilherman on November 08, 2020, 09:12:44 PM
Just go online and punch in your VIN and your mileage, and you'll get an instant quote.
Sorry.. I'm a noob here... What do I do after that? Let's say I get a quote of 30k what calculations do I have to do after that? I check my payoff balance and check if I get enough money to pay it off? I checked my account it says pay off amount 28. That means I will get 30k for selling my car, 28k will go to the bank and 2k to my pocket?
Title: Re: Dealer Lease buyout
Post by: Saver2000 on November 08, 2020, 09:20:29 PM
Sorry.. I'm a noob here... What do I do after that? Let's say I get a quote of 30k what calculations do I have to do after that? I check my payoff balance and check if I get enough money to pay it off? I checked my account it says pay off amount 28. That means I will get 30k for selling my car, 28k will go to the bank and 2k to my pocket?
Correct. 
The online instant quote isn't guaranteed. It's just an estimate. They will do a remote inspection, and then hopefully stick with their offer, or they will lower it. At that time you can choose to proceed, or tell them you aren't interested anymore.
Title: Re: Dealer Lease buyout
Post by: yossig on November 08, 2020, 11:09:07 PM
Sorry.. I'm a noob here... What do I do after that? Let's say I get a quote of 30k what calculations do I have to do after that? I check my payoff balance and check if I get enough money to pay it off? I checked my account it says pay off amount 28. That means I will get 30k for selling my car, 28k will go to the bank and 2k to my pocket?
The payoff amount you see online is YOUR pay off. A dealer will pay less, leaving you with more in your pocket.
Algo.com is known to reduce their offer after inspection, Vroom doesnít inspect, and they paid off the offer in my experience.
Title: Re: Dealer Lease buyout
Post by: Saver2000 on November 08, 2020, 11:19:11 PM
A dealer will pay less, leaving you with more in your pocket.
Is there a typo here?
Title: Re: Dealer Lease buyout
Post by: Tomorrow on November 08, 2020, 11:25:12 PM
Is there a typo here?
He probably means you will pay the dealer less.
Title: Re: Dealer Lease buyout
Post by: Saver2000 on November 08, 2020, 11:33:17 PM
He probably means you will pay the dealer less.
Got it. It's true that dealer pays less, but that doesn't leave you with more. It's leaves them with more.

If they quote is higher than your payoff amount, you keep the difference. Once they take the car, they negotiate a lower price with the bank. The new lower rate has no effect on your wallet.
Title: Re: Dealer Lease buyout
Post by: yossig on November 09, 2020, 12:00:35 AM
Got it. It's true that dealer pays less, but that doesn't leave you with more. It's leaves them with more.

If they quote is higher than your payoff amount, you keep the difference. Once they take the car, they negotiate a lower price with the bank. The new lower rate has no effect on your wallet.
-1
They pay YOU the price you agreed on, they deduct the pay off amount due to the title holder and that is mailed directly to them.
The reason a dealer pays less is because he doesnít pay sales tax.
Title: Re: Dealer Lease buyout
Post by: AsherO on November 09, 2020, 12:02:26 AM
Got it. It's true that dealer pays less, but that doesn't leave you with more. It's leaves them with more.

If they quote is higher than your payoff amount, you keep the difference. Once they take the car, they negotiate a lower price with the bank. The new lower rate has no effect on your wallet.

How do they negotiate with the bank? What leverage do they have?
Title: Re: Dealer Lease buyout
Post by: yossig on November 09, 2020, 12:05:25 AM
How do they negotiate with the bank? What leverage do they have?
they donít.
Title: Re: Dealer Lease buyout
Post by: Pad18 on November 09, 2020, 12:06:19 AM
How do they negotiate with the bank? What leverage do they have?

Dealer do not have any negotiate with banks ! They received a payoff amount that the bank decided based on a few factor.
The difference between the 2 payoff is no sales tax and processing fee that usually a private person will have
Title: Re: Dealer Lease buyout
Post by: ilherman on November 09, 2020, 01:39:03 AM
Thanks guys! My payoff amount is about 28k and they offer about 32k!

Someone here mentioned that some companies don't do inspection. How does it work? Not even virtual inspection? No pictures? How do they know that the car is the condition it's described in?
Title: Dealer Lease buyout
Post by: miles lover on November 09, 2020, 02:00:11 AM
Thanks guys! My payoff amount is about 28k and they offer about 32k!

Someone here mentioned that some companies don't do inspection. How does it work? Not even virtual inspection? No pictures? How do they know that the car is the condition it's described in?
Vroom didnít do an inspection by me. When they picked up my car they took a few pics and that was it. I had a decent dent on my bumper and they didnít deduct any money.
 Btw algo and vroom both came back to me with a higher offer then what was first quoted, after ignoring both of them for a few days.
Title: Re: Dealer Lease buyout
Post by: miles lover on November 09, 2020, 02:02:37 AM
-1
They pay YOU the price you agreed on, they deduct the pay off amount due to the title holder and that is mailed directly to them.
The reason a dealer pays less is because he doesnít pay sales tax.
I got paid from vroom the quote they gave me minus the customer buyout . I thought I would get the quote minus the dealer buyout. (Buyout minus taxes )They get to keep that difference ?
Title: Re: Dealer Lease buyout
Post by: AsherO on November 09, 2020, 08:22:22 AM
Btw algo and vroom both came back to me with a higher offer then what was first quoted, after ignoring both of them for a few days.

Great data point because if youíre not in a big rush then itís worth waiting a week or so to see if you get this as well.
Title: Re: Dealer Lease buyout
Post by: yossig on November 09, 2020, 08:42:13 AM
I got paid from vroom the quote they gave me minus the customer buyout . I thought I would get the quote minus the dealer buyout. (Buyout minus taxes )They get to keep that difference ?
call them. You should get whatever is left after dealer buyout amount.
Title: Re: Dealer Lease buyout
Post by: yossig on November 09, 2020, 08:42:53 AM
Great data point because if youíre not in a big rush then itís worth waiting a week or so to see if you get this as well.
I think everyone gets it.
Title: Re: Dealer Lease buyout
Post by: Saver2000 on November 09, 2020, 08:47:25 AM
-1
They pay YOU the price you agreed on, they deduct the pay off amount due to the title holder and that is mailed directly to them.
The reason a dealer pays less is because he doesnít pay sales tax.
Are you sure the listed buy out price includes sales tax?
Title: Re: Dealer Lease buyout
Post by: Pad18 on November 09, 2020, 08:52:10 AM
Are you sure the listed buy out price includes sales tax?
Private, yes.
Title: Re: Dealer Lease buyout
Post by: Josef.koney on November 09, 2020, 09:09:48 AM
This is awesome! Sadly I just spent about 4k fixing up my lease in August!
Title: Re: Dealer Lease buyout
Post by: nafnaf12 on November 09, 2020, 07:22:13 PM
If algo missed a few nice dents during the inspection (car was dusty and old phone camera) will they charge you after picking up/receiving the car?
Title: Re: Dealer Lease buyout
Post by: yossig on November 09, 2020, 07:30:41 PM
If algo missed a few nice dents during the inspection (car was dusty and old phone camera) will they charge you after picking up/receiving the car?
probably not
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 09, 2020, 09:44:52 PM
The payoff amount you see online is YOUR pay off. A dealer will pay less, leaving you with more in your pocket.
Algo.com is known to reduce their offer after inspection, Vroom doesnít inspect, and they paid off the offer in my experience.
Yes, ALgo reduced their original offer to me by $1300 for no reason whatsoever. There was no damage... just a sales tactic I guess.
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 09, 2020, 09:47:47 PM
I think financing  should have the same effect as a lease on your credit. I had 800 and I went down to 720 in one month. I had my lease terminated and I let a statement balance print with a high balance. I couldnít even pay it before it printed. It posted the same time the statement  printed. Iím assuming my score went down 50 points for the termination of the lease.
Seems odd that it should affect the credit score so significantly. It's not a revolving credit line that close, thus raising your utilization ratio. It's just a loan paid off. A slight dent I'd understand but an 80 point drop?!
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 09, 2020, 09:50:05 PM
with Vroom it really went swift, from when I confirmed until Honda got the check was less then a week (although it took 14 days for the payment to show up online but it posted retroactively.)
Do you recall roughly how long it took from your acceptance to when they picked up the vehicle? My lease is up the 24th, don't wanna return it too soon  ;)
(Vroom gave me the best offer now vs ALgo and Carvana)
Title: Re: Dealer Lease buyout
Post by: ilherman on November 09, 2020, 10:11:51 PM
Yes, ALgo reduced their original offer to me by $1300 for no reason whatsoever. There was no damage... just a sales tactic I guess.
I guess that was during inspection? The OP is taking about a case where they approve the amount during inspection but wants to know if they can change the offer after that. Let's say when they actually come to pick up the vehicle.
Title: Re: Dealer Lease buyout
Post by: cozmohoot on November 09, 2020, 10:19:11 PM
Thanks guys! My payoff amount is about 28k and they offer about 32k!

Someone here mentioned that some companies don't do inspection. How does it work? Not even virtual inspection? No pictures? How do they know that the car is the condition it's described in?
When you call the honda automated system and ask for payoff quote , choose the option as if a dealer is buying the vehicle. The amount should be lower.
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 09, 2020, 10:29:08 PM
I guess that was during inspection? The OP is taking about a case where they approve the amount during inspection but wants to know if they can change the offer after that. Let's say when they actually come to pick up the vehicle.
Yes, ALgo dropped their offer (sent via e-mail) after doing the inspection. But the appraiser himself said it's brand new cond. But then he came back saying "the market is soft for my specific vehicle". Uhuh.
Title: Re: Dealer Lease buyout
Post by: yossig on November 09, 2020, 11:02:28 PM
Do you recall roughly how long it took from your acceptance to when they picked up the vehicle? My lease is up the 24th, don't wanna return it too soon  ;)
(Vroom gave me the best offer now vs ALgo and Carvana)
3-5 days.
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 09, 2020, 11:20:29 PM
3-5 days.

But I have to give some extra time for them to pay off Nissan before the 24th, so I probably need to add a few more days.
Title: Re: Dealer Lease buyout
Post by: yossig on November 09, 2020, 11:27:33 PM
But I have to give some extra time for them to pay off Nissan before the 24th, so I probably need to add a few more days.
I would start ASAP
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 09, 2020, 11:32:13 PM
I would start ASAP
Yeah, I already sent in whatever docs they requested at this time.
Title: Re: Dealer Lease buyout
Post by: ilherman on November 10, 2020, 01:34:20 AM
When you call the honda automated system and ask for payoff quote , choose the option as if a dealer is buying the vehicle. The amount should be lower.
I don't think it's through Honda directly. I think it's through some sort of union bank
Title: Re: Dealer Lease buyout
Post by: miles lover on November 10, 2020, 04:09:19 AM
Yes, ALgo reduced their original offer to me by $1300 for no reason whatsoever. There was no damage... just a sales tactic I guess.
Someone else told me he also had issues with Algo. Vroom seems to be the better option. They usually pay more as well. Besides that vroom is a much bigger company then Algo.
Title: Re: Dealer Lease buyout
Post by: miles lover on November 10, 2020, 01:41:27 PM
call them. You should get whatever is left after dealer buyout amount.
My Honda account is showing the payment received from vroom is the buyout with the taxes. Is it possible that vroom paid the taxes and didnít get the dealer buyout ?
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 10, 2020, 04:27:14 PM
3-5 days.
I actually just called Vroom because I never even heard from them! With ALgo, once I put in all my info, they didn't stop, they called, they texted, they e-mailed! With Vroom, I accepted the offer last night, uploaded whatever docs they requested and I never heard anything since.
She told me they verify the docs sent in and then send me a contract to e-sign.
Title: Re: Dealer Lease buyout
Post by: yossig on November 10, 2020, 04:46:55 PM
My Honda account is showing the payment received from vroom is the buyout with the taxes. Is it possible that vroom paid the taxes and didnít get the dealer buyout ?
everything is possible, PUTPAC
Title: Re: Dealer Lease buyout
Post by: yossig on November 10, 2020, 04:47:57 PM
I actually just called Vroom because I never even heard from them! With ALgo, once I put in all my info, they didn't stop, they called, they texted, they e-mailed! With Vroom, I accepted the offer last night, uploaded whatever docs they requested and I never heard anything since.
She told me they verify the docs sent in and then send me a contract to e-sign.
I called them to expedite it
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 10, 2020, 04:57:38 PM
I called them to expedite it
I called them too but she said the next step is I will get a contract e-mailed to me, once they verify the documents I sent (drivers license, registration and odometer read). I didn't ask but she didn't offer any info about expediting.
Title: Re: Dealer Lease buyout
Post by: ~King Lake~ on November 11, 2020, 11:19:12 PM
I called them too but she said the next step is I will get a contract e-mailed to me, once they verify the documents I sent (drivers license, registration and odometer read). I didn't ask but she didn't offer any info about expediting.
HUCA may help
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 12, 2020, 02:27:39 PM
3-5 days.
It is already 4 days since I accepted their (Vroom) offer submitted the docs they requested! Didn't hear from them once (besides possibly one auto e-mail). I called twice and keep getting told once documents are reviewed, I will receive a contract via e-mail. Yeah, and the clock keeps ticking. And I even thought of buying a van thru them! But I'm reading horrendous reviews on Vroom online (both, on buying and selling to/from them). I'm scared they will mess me up with my lease return (due 11/24).
Title: Re: Dealer Lease buyout
Post by: avromie7 on November 13, 2020, 11:04:27 AM
It is already 4 days since I accepted their (Vroom) offer submitted the docs they requested! Didn't hear from them once (besides possibly one auto e-mail). I called twice and keep getting told once documents are reviewed, I will receive a contract via e-mail. Yeah, and the clock keeps ticking. And I even thought of buying a van thru them! But I'm reading horrendous reviews on Vroom online (both, on buying and selling to/from them). I'm scared they will mess me up with my lease return (due 11/24).
I wonder if they're pushing you off so by the time they come back with their lowball offer you don't have time to go to someone else.
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 13, 2020, 11:59:03 AM
I wonder if they're pushing you off so by the time they come back with their lowball offer you don't have time to go to someone else.

I already jumped ship. ALgo came up significantly. Please see next post (I want others to read it and benefit)
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 13, 2020, 12:10:41 PM
To anyone considering transferring their lease to ALgo, Vroom, Carvana etc- I just wanna post my experience. I think there have been varied experiences by DDF members but this was mine. My verdict- stick with ALgo.

ALgo initially sent the highest offer via e-mail, upon inspection they dropped it by $1300 (even though car was amazing cond) saying the "market was soft for my specific vehicle". Uhuh  ::) Sales tactic to get me thru the door.

Waited a month. Put my info in again on all 3- Vroom came in highest. Accepted the offer, uploaded all docs etc. They said next step- a contract will be e-mailed to me. That's been going on for 5 days already! They don't call, never e-mail, nothin! In fact I called them 3 times, get the same shpiel....docs still being reviewed....

 Yesterday, got nervous, decided to reach out to ALgo again. They said they need to do another appraisal. I replied very firmly to please not waste my time if they can't come in very close to their e-mailed offer. Ok, he will speak to his supervisor. Guess what? They came up by $500, by far the highest now. So guys- definitely negotiate and play hardball! Accepted the offer. Within about 45 minutes, I had a contract sent to me to sign. Vroom is still stuck in the same spot!! I don't hear from them, nothing. Communication by ALgo is positively amazing thus far. Will advise how the full process goes down.
Title: Re: Dealer Lease buyout
Post by: stooges44 on November 14, 2020, 11:29:24 PM
Yes, ALGO wins. Just sold my 2nd  (https://forums.dansdeals.com/index.php?topic=37772.msg2309736#msg2309736) car to them last week.

I had a nightmare with carvana trying to sell a lease to them in the summer, ALGO was a pleasure although their fee went up to 95 from 75  :-\
Title: Re: Dealer Lease buyout
Post by: Saver2000 on November 15, 2020, 07:18:33 PM
Yes, ALGO wins. Just sold my 2nd  (https://forums.dansdeals.com/index.php?topic=37772.msg2309736#msg2309736) car to them last week.

I had a nightmare with carvana trying to sell a lease to them in the summer, ALGO was a pleasure although their fee went up to 95 from 75  :-\
They charge a fee for selling them your car?

Title: Re: Dealer Lease buyout
Post by: stooges44 on November 15, 2020, 07:36:58 PM
They charge a fee for selling them your car?

A "document" fee. If you've ever tried selling to vroom or carvana, trust me their fee is worth every darn cent.
Title: Re: Dealer Lease buyout
Post by: elazarmn on November 15, 2020, 09:04:45 PM
Can i sell my lease before the contract is over?
Title: Re: Dealer Lease buyout
Post by: Pad18 on November 15, 2020, 09:05:48 PM
Can i sell my lease before the contract is over?

Most yes. Some will have a penalty fee ..
Title: Re: Dealer Lease buyout
Post by: elazarmn on November 15, 2020, 09:06:46 PM
Most yes. Some will have a penalty fee ..
How can i check?
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 15, 2020, 11:21:16 PM
Yes, ALGO wins. Just sold my 2nd  (https://forums.dansdeals.com/index.php?topic=37772.msg2309736#msg2309736) car to them last week.

I had a nightmare with carvana trying to sell a lease to them in the summer, ALGO was a pleasure although their fee went up to 95 from 75  :-\

Took Vroom SIX days from my offer acceptance (and uploading of requested docs) to send me a contract. ALgo- had it within 45 min+-
I guess if Vroom has the highest offer, it may work for some but keep your timeline in mind. And to me, a company with such poor communication (actually zero) raises red flags. There are LOADS of horrendous reviews on Vroom online.
Title: Re: Dealer Lease buyout
Post by: thaber on November 16, 2020, 02:52:32 AM
Vroom is more yeshivish. But sticks to the quote in my experience.
Best service has been Carmax. In half an hour you have a check in hand. But lately their prices haven't been competitive.
I've sold a number of cars to each. That's been my experience
Title: Re: Dealer Lease buyout
Post by: avromie7 on November 16, 2020, 09:44:49 AM
How can i check?
You're looking for the early buyout price.
Title: Re: Dealer Lease buyout
Post by: stooges44 on November 16, 2020, 10:10:31 AM
Vroom is more yeshivish. But sticks to the quote in my experience.
Best service has been Carmax. In half an hour you have a check in hand. But lately their prices haven't been competitive.
I've sold a number of cars to each. That's been my experience

Carmax requires you to bring the car to them, time is money, and in my case totally not worth it.
Title: Re: Dealer Lease buyout
Post by: thaber on November 16, 2020, 10:13:13 AM
Carmax requires you to bring the car to them, time is money, and in my case totally not worth it.
Obviously that would depend on how far you live from Carmax. There's a world outside of the tri-state
Title: Re: Dealer Lease buyout
Post by: whacked1 on November 16, 2020, 12:03:31 PM
Vroom is more yeshivish. But sticks to the quote in my experience.
Best service has been Carmax. In half an hour you have a check in hand. But lately their prices haven't been competitive.
I've sold a number of cars to each. That's been my experience
FYI algo also has the option to drop off your car by them and get a check on the spot. I went with the pickup option (discussed in the lease thread) and it was super convenient
Title: Re: Dealer Lease buyout
Post by: drosenberg88429 on November 16, 2020, 03:25:08 PM
Does algo stick to quote, or lowers on you?
Title: Re: Dealer Lease buyout
Post by: whacked1 on November 16, 2020, 04:44:58 PM
Does algo stick to quote, or lowers on you?
Once you have the zoom the new number they stick to
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on November 16, 2020, 06:39:04 PM
Once you have the zoom the new number they stick to
Correct. It's the initial e-mailed "estimate of value" that they drop down from significantly
Title: Re: Dealer Lease buyout
Post by: crownsbroyal on January 14, 2021, 10:54:11 AM
Does anyopne know if any of the buy out companies actually buy leases off US bank? I tried with Algo and they told me that US Bank will not deal with them. 
Title: Re: Dealer Lease buyout
Post by: Dovdovmoneytree on January 14, 2021, 11:23:48 AM
Does anyopne know if any of the buy out companies actually buy leases off US bank? I tried with Algo and they told me that US Bank will not deal with them.

Tried Vroom or Carvana?
Title: Re: Dealer Lease buyout
Post by: Yehuda57 on January 14, 2021, 11:41:18 AM
Has anyone bought out a lease from someone personally? Is it a stupid idea?
Title: Re: Dealer Lease buyout
Post by: lcm on January 14, 2021, 11:44:01 AM
Has anyone bought out a lease from someone personally? Is it a stupid idea?
I know of someone that did and who they bought it from, but not personally.
I suppose that if the price is decent, you have the advantage of knowing how the last owner took care of the car
Title: Re: Dealer Lease buyout
Post by: avromie7 on January 14, 2021, 12:04:33 PM
Has anyone bought out a lease from someone personally? Is it a stupid idea?
If it's a good deal, no real reason not to.
Title: Re: Dealer Lease buyout
Post by: crownsbroyal on January 14, 2021, 12:18:34 PM
If it's a good deal, no real reason not to.
Anyway to do it without double taxation? I was thinking of doing this with a buddy of mine whose lease is ending soon with Toyota.
Title: Re: Dealer Lease buyout
Post by: Saver2000 on January 14, 2021, 12:21:28 PM
Anyway to do it without double taxation? I was thinking of doing this with a buddy of mine whose lease is ending soon with Toyota.
No way out, unless he sells it to a dealer who pays the ban directly.

On that note, a friend of mine was told that ALGO is no longer buying out leased cars directly from the bank.

Anyone else heard of this?
Title: Re: Dealer Lease buyout
Post by: ilherman on February 03, 2021, 06:50:25 PM
I called affinity credit union where I pay my lease every month and they said that my lease is paid up. I'm supposed to return my lease in 2 weeks. Does that make sense?

Then they said that something that Fusion is holding the lease. Does anyone know what they are talking about?

Also, I saw people mentioning that some banks don't deal with algo etc. What does this mean? Is it up to the bank if they want to sell it or not? I thought that anyone can pay it off.
Title: Re: Dealer Lease buyout
Post by: whacked1 on February 03, 2021, 06:54:33 PM
I called affinity credit union where I pay my lease every month and they said that my lease is paid up. I'm supposed to return my lease in 2 weeks. Does that make sense?

Then they said that something that Fusion is holding the lease. Does anyone know what they are talking about?

Also, I saw people mentioning that some banks don't deal with algo etc. What does this mean? Is it up to the bank if they want to sell it or not? I thought that anyone can pay it off.
Perhaps dealing with dealers
Title: Re: Dealer Lease buyout
Post by: ilherman on February 06, 2021, 07:35:20 PM
I got a quote from vroom on Thursday night and uploaded my docs. Friday morning I got some docs to sign online. I got an email that they are going to FedEx me some more paperwork with tracking info. It's supposed to arrive Monday. So far seems like a very easy process!
Title: Re: Dealer Lease buyout
Post by: Saver2000 on February 06, 2021, 07:37:39 PM
I got a quote from vroom on Thursday night and uploaded my docs. Friday morning I got some docs to sign online. I got an email that they are going to FedEx me some more paperwork with tracking info. It's supposed to arrive Monday. So far seems like a very easy process!
No virtual inspection?
Title: Re: Dealer Lease buyout
Post by: Saver2000 on February 06, 2021, 07:40:10 PM
Also, I saw people mentioning that some banks don't deal with algo etc. What does this mean? Is it up to the bank if they want to sell it or not? I thought that anyone can pay it off.
If the dealer buys it directly from the bank, they negotiate a better price, and they don't pay sales tax.

If you buy it out, you'll need to pay the full buyout price + sales tax.


Title: Re: Dealer Lease buyout
Post by: ilherman on February 06, 2021, 07:57:43 PM
No virtual inspection?
No virtual inspection.
If the dealer buys it directly from the bank, they negotiate a better price, and they don't pay sales tax.

If you buy it out, you'll need to pay the full buyout price + sales tax.



my buyout price was 26.5k for the dealer the price is 28.5.  For me they are obligated to sell it at the residual value. But for third party they can charge whatever they want. And it's usually higher.
Title: Re: Dealer Lease buyout
Post by: avromie7 on February 08, 2021, 11:20:07 AM
No virtual inspection. my buyout price was 26.5k for the dealer the price is 28.5.  For me they are obligated to sell it at the residual value. But for third party they can charge whatever they want. And it's usually higher.
I'm not familiar, but presumably they sell it to the dealer based on what they believe they can get at auction. If the car is worth less than the residual they'll sell it to the dealer for less, nowadays cars are very expensive so the residual is often lower than the auction value.
Title: Any recommendations for a company that buys cars at lease end?
Post by: zagguru on March 21, 2021, 09:47:16 PM
I have two leases ending next month. Anyone know anyone that will buys cars and pays the payoff? Aside from Carvana and Vroom..
Title: Re: Any recommendations for a company that buys cars at lease end?
Post by: shmebeble on March 21, 2021, 10:18:47 PM
I have two leases ending next month. Anyone know anyone that will buys cars and pays the payoff? Aside from Carvana and Vroom..
what cars?
Title: Re: Any recommendations for a company that buys cars at lease end?
Post by: yelped on March 21, 2021, 10:59:51 PM
I have two leases ending next month. Anyone know anyone that will buys cars and pays the payoff? Aside from Carvana and Vroom..
Algo. You can pit all 3 companies against each other.
Title: Re: Dealer Lease buyout
Post by: ushdadude on March 22, 2021, 12:01:51 AM
This is all new to me. So when my lease is about to end, instead of training it I contact these companies and profit?
Title: Re: Dealer Lease buyout
Post by: myi on March 22, 2021, 12:24:33 AM
This is all new to me. So when my lease is about to end, instead of training it I contact these companies and profit?
Indeed.
 You can read through this thread. And or ..
https://forums.dansdeals.com/index.php?topic=2990.0
Title: Re: Dealer Lease buyout
Post by: zevi on March 22, 2021, 12:31:06 AM
This is all new to me. So when my lease is about to end, instead of training it I contact these companies and profit?
I just did it with Algo, you can pm with any questions.
Title: Re: Any recommendations for a company that buys cars at lease end?
Post by: zagguru on March 22, 2021, 08:22:16 AM
what cars?

BMW 430xi and Land Rover Evoque
Title: Re: Dealer Lease buyout
Post by: Saver2000 on March 22, 2021, 08:33:37 AM
I just did it with Algo, you can pm with any questions.
I though ALGO doesn't do it anymore? They paid the financing company directly, and cut you a check for the remainder?
Title: Re: Dealer Lease buyout
Post by: jaywhy on March 22, 2021, 08:43:15 AM
I had a terrible experience dealing with Carvana trying to complete a lease buyout this past summer.
Just back and forth and nobody had any clue what was flying. Didnít end up working out.
Title: Re: Dealer Lease buyout
Post by: ushdadude on March 22, 2021, 09:41:08 AM
Indeed.
 You can read through this thread. And or ..
https://forums.dansdeals.com/index.php?topic=2990.0 (https://forums.dansdeals.com/index.php?topic=2990.0)
Thanks. So what's the timeline? After last payment but before car return?
Title: Re: Dealer Lease buyout
Post by: yelped on March 22, 2021, 10:26:48 AM
Thanks. So what's the timeline? After last payment but before car return?
Whenever you want.
Title: Re: Dealer Lease buyout
Post by: ushdadude on March 22, 2021, 10:56:15 AM
Whenever you want.
i thought i read that there can be an early termination fee if you do it too early
Title: Re: Dealer Lease buyout
Post by: zevi on March 22, 2021, 11:12:16 AM
I though ALGO doesn't do it anymore? They paid the financing company directly, and cut you a check for the remainder?
Yes thatís what they claim. They should be picking up the car tomorrow. Iíll report back.
Title: Re: Dealer Lease buyout
Post by: zevi on March 22, 2021, 11:13:06 AM
i thought i read that there can be an early termination fee if you do it too early
The buyout price will include the remaining payments.
Title: Re: Dealer Lease buyout
Post by: elazarmn on March 22, 2021, 11:28:10 AM
where do i find who my financing company is and how much is the buyout?
Title: Re: Dealer Lease buyout
Post by: whacked1 on March 22, 2021, 11:30:33 AM
where do i find who my financing company is and how much is the buyout?
to whom do you make monthly payments? login to your online account and it should say there. You can call them for dealer buyout amount.
Title: Re: Dealer Lease buyout
Post by: elazarmn on March 22, 2021, 11:53:03 AM
to whom do you make monthly payments? login to your online account and it should say there. You can call them for dealer buyout amount.
thanks!
Title: Re: Dealer Lease buyout
Post by: ushdadude on March 22, 2021, 02:06:30 PM
what do you do with plates and registration? i'm used to returning car to leasing company who takes care of everything
Title: Re: Dealer Lease buyout
Post by: lcm on March 22, 2021, 02:26:29 PM
what do you do with plates and registration? i'm used to returning car to leasing company who takes care of everything
By the way, I know that at least in pa you can transfer over your plates to your new car and save some money (and headache of updating them elsewhere)
Title: Re: Dealer Lease buyout
Post by: elazarmn on March 22, 2021, 02:37:21 PM
By the way, I know that at least in pa you can transfer over your plates to your new car and save some money (and headache of updating them elsewhere)
i think you can do that in NY aswell.
Title: Re: Dealer Lease buyout
Post by: stooges44 on March 22, 2021, 02:54:31 PM
what do you do with plates and registration? i'm used to returning car to leasing company who takes care of everything

If your not getting a new lease then just send the plates back to the dmv, if you are getting a new lease then tell the new lease place that you want to transfer the plates.
Title: Re: Dealer Lease buyout
Post by: whacked1 on March 22, 2021, 03:11:27 PM
what do you do with plates and registration? i'm used to returning car to leasing company who takes care of everything
mail back and you get a check for remaining balance
Title: Re: Dealer Lease buyout
Post by: ushdadude on March 22, 2021, 05:18:19 PM
i think you can do that in NY aswell.
that's what is usually done for me but i don't know the process.
Title: Re: Dealer Lease buyout
Post by: Fish Tank on March 22, 2021, 05:21:45 PM
that's what is usually done for me but i don't know the process.
It's not complicated.

When the tow truck shows up, unscrew the plates, and call insurance to remove the vehicle from your policy. That's all.
Title: Re: Dealer Lease buyout
Post by: elazarmn on March 22, 2021, 05:53:22 PM
that's what is usually done for me but i don't know the process.


good thing ya ask :)
Title: Re: Dealer Lease buyout
Post by: ushdadude on March 22, 2021, 09:37:47 PM
I just realized, this must be what many leasing companies do with your car when you get a new one. They "take care of it" for you
Title: Re: Dealer Lease buyout
Post by: EliJelly on March 23, 2021, 12:22:28 AM
I just realized, this must be what many leasing companies do with your car when you get a new one. They "take care of it" for you
Good morning America
Title: Re: Dealer Lease buyout
Post by: myi on March 23, 2021, 03:04:54 AM
I just realized, this must be what many leasing companies do with your car when you get a new one. They "take care of it" for you
A dealer, any of these frum ones out there, take the car and try to resell it.
 Nice market out there.
 Decent business to go into.
Title: Re: Dealer Lease buyout
Post by: avromie7 on March 23, 2021, 06:38:01 AM
A dealer, any of these frum ones out there, take the car and try to resell it.
 Nice market out there.
 Decent business to go into.
you're competing against algo etc., and you can't expect it to be a good business long term.
Title: Re: Dealer Lease buyout
Post by: ushdadude on March 23, 2021, 08:28:17 AM
Good morning America
Lol. I always wondered how they sustain themselves. It can't be from the measly commission they get for leasing a car
Title: Re: Dealer Lease buyout
Post by: Fish Tank on March 23, 2021, 07:27:47 PM
Good morning America
+1

you're competing against algo etc., and you can't expect it to be a good business long term.
Huh? Local used dealers are competing with ALGO?
Title: Re: Dealer Lease buyout
Post by: Fish Tank on March 23, 2021, 07:29:26 PM
I just realized, this must be what many leasing companies do with your car when you get a new one. They "take care of it" for you
I was told they do this with the damage waiver as well. It's "self funded" , and many times they don't need to fix the damage. . .
Title: Re: Dealer Lease buyout
Post by: avromie7 on March 23, 2021, 07:30:14 PM
+1
Huh? Local used dealers are competing with ALGO?
No, someone making a business buying cars off lease for resale is.
Title: Re: Dealer Lease buyout
Post by: zevi on March 23, 2021, 07:34:59 PM
I though ALGO doesn't do it anymore? They paid the financing company directly, and cut you a check for the remainder?
When they pickup the car, they come with a check for the remainder, and a receipt that the bank was paid.
Title: Re: Dealer Lease buyout
Post by: Fish Tank on March 23, 2021, 07:35:07 PM
No, someone making a business buying cars off lease for resale is.
How so? That's what all the local used car places do. Many of the cars they sell are lease returns.

 
Title: Re: Dealer Lease buyout
Post by: Fish Tank on March 23, 2021, 07:35:52 PM
When they pickup the car, they come with a check for the remainder, and a receipt that the bank was paid.
Thanks. It all went smooth for you?
Title: Re: Dealer Lease buyout
Post by: zevi on March 23, 2021, 07:41:15 PM
Thanks. It all went smooth for you?
Yes, very smooth and easy process.
Title: Re: Dealer Lease buyout
Post by: avromie7 on March 23, 2021, 08:27:00 PM
How so? That's what all the local used car places do. Many of the cars they sell are lease returns.
In a normal market, the buyout price more than it's worth. The dealer sells the car at auction for whatever they can get for it regardless of the "buyout price". The local used car dealer buys the cars at those auctions. The only reason so many people can make money selling their leases is because used car prices are so high.
Title: Re: Dealer Lease buyout
Post by: Fish Tank on March 23, 2021, 08:44:36 PM
In a normal market, the buyout price more than it's worth. The dealer sells the car at auction for whatever they can get for it regardless of the "buyout price". The local used car dealer buys the cars at those auctions. The only reason so many people can make money selling their leases is because used car prices are so high.
I'm well aware of the state of the current market. Apparently you're not aware of what went on before the market went crazy  ;)

Hint: Dealers always get better pricing than the consumer buyout price.
Title: Re: Dealer Lease buyout
Post by: ushdadude on March 24, 2021, 01:25:06 PM
my offer from algo was lower than my buy back price. guy called me 15 seconds after i got instant quote. can't get up to buy back price
Title: Re: Dealer Lease buyout
Post by: whacked1 on March 24, 2021, 01:43:05 PM
my offer from algo was lower than my buy back price. guy called me 15 seconds after i got instant quote. can't get up to buy back price
Nissan?
Title: Re: Dealer Lease buyout
Post by: ushdadude on March 24, 2021, 02:40:18 PM
Nissan?


Lincoln
Title: Re: Dealer Lease buyout
Post by: elazarmn on March 24, 2021, 02:58:52 PM
Same here although i think its from an accident that happened in the beginning of my lease from a valet guy by a wedding. Is that reported on the car if THEY paid for it via insurance?
my offer from algo was lower than my buy back price. guy called me 15 seconds after i got instant quote. can't get up to buy back price
Title: Re: Dealer Lease buyout
Post by: ushdadude on March 24, 2021, 03:15:33 PM
Same here although i think its from an accident that happened in the beginning of my lease from a valet guy by a wedding. Is that reported on the car if THEY paid for it via insurance?
my car is clean
Title: Re: Dealer Lease buyout
Post by: elazarmn on March 24, 2021, 03:28:38 PM
Maybe the residual was higher than predicted at the time of lease....
my car is clean

Title: Re: Dealer Lease buyout
Post by: yelped on March 24, 2021, 03:31:05 PM
my offer from algo was lower than my buy back price. guy called me 15 seconds after i got instant quote. can't get up to buy back price
Now get a quote from vroom and carvana and pit them against each other.

Your buyout price is not the same as the dealer buyout price. You have to get that price. It's lower and your buyout price also includes taxes. They don't pay that.
Title: Re: Dealer Lease buyout
Post by: ushdadude on March 24, 2021, 03:31:54 PM
Now get a quote from vroom and carvana and pit them against each other.

Your buyout price is not the same as the dealer buyout price. You have to get that price. It's lower and your buyout price also includes taxes. They don't pay that.
I'm assuming algo knew that and still didn't want it.
Title: Re: Dealer Lease buyout
Post by: yelped on March 24, 2021, 04:01:49 PM
I'm assuming algo knew that and still didn't want it.
What do you mean? You have to find out the dealer buyout number.
Title: Re: Dealer Lease buyout
Post by: Fish Tank on March 24, 2021, 04:14:00 PM
I'm assuming algo knew that and still didn't want it.
ALGO didn't want it? Or the price they offered wasn't worth it for you?
Title: Re: Dealer Lease buyout
Post by: Ephcc90 on March 24, 2021, 05:45:20 PM
I finally got an offer on my pathfinder higher then the buyout price from Algo. Anyone know of any current minvan lease deals available for NJ?
Title: Re: Dealer Lease buyout
Post by: ushdadude on March 24, 2021, 06:17:08 PM
What do you mean? You have to find out the dealer buyout number.
ah so as long as that number is lower than what they offered i should be good?
ALGO didn't want it? Or the price they offered wasn't worth it for you?
latter
Title: Re: Dealer Lease buyout
Post by: elazarmn on March 24, 2021, 06:38:16 PM
How do i get them to pay the remainder of my lease? I have 3 months left
Title: Re: Dealer Lease buyout
Post by: Fish Tank on March 24, 2021, 07:07:48 PM
ah so as long as that number is lower than what they offered i should be good?
Yes
Title: Re: Dealer Lease buyout
Post by: Fish Tank on March 24, 2021, 07:08:08 PM
How do i get them to pay the remainder of my lease? I have 3 months left
It's included in the buyout price.
Title: Re: Dealer Lease buyout
Post by: whacked1 on March 24, 2021, 07:12:42 PM
ah so as long as that number is lower than what they offered i should be good?
Realize you will still need the virtual inspection, which most likely will result in even a lower price...
Title: Re: Dealer Lease buyout
Post by: monkey on March 24, 2021, 07:52:09 PM
I finally got an offer on my pathfinder higher then the buyout price from Algo. Anyone know of any current minvan lease deals available for NJ?
I just used Rodo to lease a odyssey. Was around $15/month less and 2k mpy more than local dealer offers.
Title: Re: Dealer Lease buyout
Post by: Fish Tank on March 24, 2021, 07:53:29 PM
I just used Rodo to lease a odyssey. Was around $15/month less and 2k mpy more than local dealer offers.
Nice. Can you tell us the actual amount that you're paying, and allowed mileage?
Title: Re: Dealer Lease buyout
Post by: elazarmn on March 24, 2021, 08:07:38 PM
w
It's included in the buyout price.

meaning the price they are giving would include the remainder of the lease payments....?
Title: Re: Dealer Lease buyout
Post by: elazarmn on March 24, 2021, 08:10:13 PM
I just used Rodo to lease a odyssey. Was around $15/month less and 2k mpy more than local dealer offers.

Did you negotiate with the dealer or that was the original asking price. I've gotten 350/M drive off for a honda passport while many local dealers are asking 350/M and 1400 DAS
Title: Re: Dealer Lease buyout
Post by: whacked1 on March 24, 2021, 08:13:21 PM
w
meaning the price they are giving would include the remainder of the lease payments....?
Algo price - the remaining balance on the lease (they pay finance company directly) - Algo's $95 fee = how much your check will be or how much you will need to pay
Title: Re: Dealer Lease buyout
Post by: mod on March 24, 2021, 08:17:21 PM
Anyone use vroom lately? They have highest price for me.
Title: Re: Dealer Lease buyout
Post by: HudZ on March 25, 2021, 12:43:49 AM
Anyone use vroom lately? They have highest price for me.
Every company will have different prices depending on the car and miles and all.
Title: Re: Dealer Lease buyout
Post by: mod on March 25, 2021, 06:15:33 AM
Every company will have different prices depending on the car and miles and all.
I understand that. My question was regarding recent experience.
I've dealt with ALGO and it was really easy.
Title: Re: Dealer Lease buyout
Post by: Luvisrael on March 25, 2021, 08:21:55 AM
I understand that. My question was regarding recent experience.
I've dealt with ALGO and it was really easy.
why donít you ask them to match their offer? Thatís what I did
Title: Re: Dealer Lease buyout
Post by: mod on March 25, 2021, 09:11:54 AM
why donít you ask them to match their offer? Thatís what I did
They said they couldn't.
Title: Re: Dealer Lease buyout
Post by: avromie7 on March 25, 2021, 11:06:37 AM
w
meaning the price they are giving would include the remainder of the lease payments....?
Every lease has an early buyout price, if you want to sell early you need to get the early buyout price for the day you want to sell.
Title: Re: Dealer Lease buyout
Post by: elazarmn on March 25, 2021, 12:09:20 PM
Right
Every lease has an early buyout price, if you want to sell early you need to get the early buyout price for the day you want to sell.
Right, in anyones experience does that price go down the amount of the remainder lease payments or is there a monthly residual included
Title: Re: Dealer Lease buyout
Post by: mod on March 25, 2021, 12:30:16 PM
RightRight, in anyones experience does that price go down the amount of the remainder lease payments or is there a monthly residual included
The amount goes down as you pay
Title: Re: Dealer Lease buyout
Post by: mod on April 06, 2021, 02:01:28 PM
I understand that. My question was regarding recent experience.
I've dealt with ALGO and it was really easy.

Anyone deal with Vroom? Algo is claiming that they will change the price on me once they take it to their facility.
Title: Re: Dealer Lease buyout
Post by: Positive energy on April 06, 2021, 02:13:15 PM
Rodo.com keeps sending me emails to buy out, did anyone did it with them?
Title: Re: Dealer Lease buyout
Post by: mod on April 06, 2021, 02:16:57 PM
Rodo.com keeps sending me emails to buy out, did anyone did it with them?

I got a quote with them. They are second highest. Considering doing it with them.
Would also like to know if anyone has transacted with them.
Title: Re: Dealer Lease buyout
Post by: stooges44 on April 07, 2021, 09:21:01 AM
Anyone deal with Vroom? Algo is claiming that they will change the price on me once they take it to their facility.

I sold two to Algo. I didn't use vroom because the thought of the car leaving my hands without a check didn't sit well with me. Carvana was a royal pain getting all the paperwork together so I bit the bullet and paid algo their fee to do all that.

But, if you're looking for experiences you can find tons on lease hacker: vroom (https://forum.leasehackr.com/t/sold-one-to-vroom/56848), carvana (https://forum.leasehackr.com/t/sold-one-to-carvana/68624), algo (https://forum.leasehackr.com/t/sold-one-to-algo/281797), carmax (https://forum.leasehackr.com/t/sold-one-to-carmax/345161)
Title: Re: Dealer Lease buyout
Post by: ushdadude on April 07, 2021, 03:41:53 PM
Your buyout price is not the same as the dealer buyout price. You have to get that price. It's lower and your buyout price also includes taxes. They don't pay that.
keep getting the runaround about this. Who do i call to get that number? and what specifically do i ask for?
Title: Re: Dealer Lease buyout
Post by: mod on April 07, 2021, 03:45:26 PM
keep getting the runaround about this. Who do i call to get that number? and what specifically do i ask for?

Who is the financing company? Some have the ability to pull it in your account manager.
Title: Re: Dealer Lease buyout
Post by: ushdadude on April 07, 2021, 03:48:25 PM
Who is the financing company? Some have the ability to pull it in your account manager.
Ford. I called them and they kept quoting me the buyout price I see online. And they kept emphasizing that the price doesn't include taxes and fees which makes me think that maybe that price really is the dealer price.
Title: Re: Dealer Lease buyout
Post by: mod on April 07, 2021, 03:51:54 PM
Ford. I called them and they kept quoting me the buyout price I see online. And they kept emphasizing that the price doesn't include taxes and fees which makes me think that maybe that price really is the dealer price.

Could be.
Do you see the residual value?
Dealer buyout is usually residual + remaining payments iirc.
Title: Re: Dealer Lease buyout
Post by: whacked1 on April 07, 2021, 03:58:54 PM
keep getting the runaround about this. Who do i call to get that number? and what specifically do i ask for?
What company are you dealing with to buy it? Algo will call for you and get the price
Title: Re: Dealer Lease buyout
Post by: ushdadude on April 07, 2021, 04:03:54 PM
What company are you dealing with to buy it? Algo will call for you and get the price
I tried all 3 and all had quotes lower than the buyout number I see. I'll reach out to algo to see if they see a different number.
Title: Re: Dealer Lease buyout
Post by: mod on April 15, 2021, 02:24:36 PM
I got a quote with them. They are second highest. Considering doing it with them.
Would also like to know if anyone has transacted with them.
Sold to vroom. Car got picked up today.
Title: Re: Dealer Lease buyout
Post by: elazarmn on April 15, 2021, 07:53:18 PM
Anyone have experience trying to sell a lease that has a accident reported on it?
Title: Re: Dealer Lease buyout
Post by: mod on April 15, 2021, 08:02:53 PM
Anyone have experience trying to sell a lease that has a accident reported on it?
That's part of a lot of the questionnaires and that should price it in.
Title: Re: Dealer Lease buyout
Post by: elazarmn on April 15, 2021, 08:07:34 PM
That's part of a lot of the questionnaires and that should price it in.
Right but im asking the buyout price doesnít change based on the vehicles history. Just the market price
Title: Re: Dealer Lease buyout
Post by: Saver2000 on April 15, 2021, 08:10:00 PM
Right but im asking the buyout price doesnít change based on the vehicles history. Just the market price
Right. What's the question at hand?
Title: Re: Dealer Lease buyout
Post by: mod on April 15, 2021, 08:13:00 PM
Right but im asking the buyout price doesnít change based on the vehicles history. Just the market price
Correct.
Title: Re: Dealer Lease buyout
Post by: elazarmn on April 15, 2021, 08:22:57 PM
Right. What's the question at hand?
Is there any way to get that buyout price lower or to sell it for more?
Title: Re: Dealer Lease buyout
Post by: Ephcc90 on April 15, 2021, 08:22:58 PM
Anyone have experience trying to sell a lease that has a accident reported on it?
Just sold to vroom. The others changed their price once they ran the VIN.
Title: Re: Dealer Lease buyout
Post by: mod on April 15, 2021, 08:26:09 PM
Is there any way to get that buyout price lower or to sell it for more?
You can try to negotiate their offer, but the buyout was determined when you took the car.
Title: Re: Dealer Lease buyout
Post by: elazarmn on April 15, 2021, 08:28:24 PM
Just sold to vroom. The others changed their price once they ran the VIN.

Did your car have any damage upon inspection?
Title: Re: Dealer Lease buyout
Post by: Ephcc90 on April 15, 2021, 08:31:44 PM
Did your car have any damage upon inspection?
No. Accident happened a while ago.
Title: Re: Dealer Lease buyout
Post by: ejb123 on April 16, 2021, 09:40:44 AM
Now Vroom and Carvana won't buy your car in the last 60 days of lease not matter what leasing company you leased the car from. I have a lease with Chrysler Capital and they won't provide a formal dealer buyout letter in the last 60 days of the lease even though the difference (as what they told me over the phone) between the buyout that they sent me is that the dealer doesn't pay the taxes. After waiting on hold for over 8 hours, Carvana confirmed that even though I have a personal payoff letter from Chrysler Capital they wont buy my car - even if I told them to pay Chrysler the full price including taxes (ie just give me the net difference assuming they had the pay the taxes). Carvana's suggestion was to extend the lease for two months (I am in my last month) and then they will buy the car on the spot. Chrysler said no extensions being granted unless I have a new Chrysler vehicle on order. If your lease expires in the next 90 days - go to Vroom/Carvana, etc. now and see what the price is to take advantage. In my case - excluding taxes, Carvana and Vroom offered $4500 above my lease buyout price.

Obviously captive leasing companies want to take advantage of the current white hot used car market and not let the consumers take advantage.
Title: Re: Dealer Lease buyout
Post by: mod on April 16, 2021, 09:43:54 AM
They won't buy or Chrysler won't sell?
I saw this already with US Bank and Ally - they won't sell for the buyout price to a third party.
Title: Re: Dealer Lease buyout
Post by: Saver2000 on April 16, 2021, 09:46:08 AM
Obviously captive leasing companies want to take advantage of the current white hot used car market and not let the consumers take advantage.
They aren't againts the consumer making money. It's that they also need the car just as badly as carvana wants it. There's a shortage, and they want you to return it as opposed to buying it out. (they can't prevent you from buying it out, but they can prevent you from selling directly to a 3rd party by not cooperating with them)
Title: Re: Dealer Lease buyout
Post by: Saver2000 on April 16, 2021, 09:46:58 AM
@ejb123
Did you try ALGO?
Title: Re: Dealer Lease buyout
Post by: mod on April 16, 2021, 09:50:41 AM
@ejb123
Did you try ALGO?
He made it seem like it is Chrysler that will not sell it for the buyout price, not Carvana or Vroom.
Title: Re: Dealer Lease buyout
Post by: Saver2000 on April 16, 2021, 09:55:19 AM
He made it seem like it is Chrysler that will not sell it for the buyout price, not Carvana or Vroom.

Right. ALGO may be willing to pay the penalty fee.

Title: Re: Dealer Lease buyout
Post by: mod on April 16, 2021, 09:58:13 AM
Right. ALGO may be willing to pay the penalty fee.

Do you know what the penalty is? I know that Ally was trying to sell to a third party for market price, which was well above the offer from Algo.
If you try Algo, try Rodo also to get another comp.
Title: Re: Dealer Lease buyout
Post by: ejb123 on April 16, 2021, 10:28:51 AM
He made it seem like it is Chrysler that will not sell it for the buyout price, not Carvana or Vroom.

Chrysler would sell to me at my price or the dealer less the taxes (per the phone call) - but they won't send a formal written payoff notice without the taxes, and Carvana and Vroom won't buy without the formal dealer payoff. I haven't tried Algo, but RODO offered to buy and would only give me the difference between their offer price and the payoff including the taxes.

Title: Re: Dealer Lease buyout
Post by: ejb123 on April 16, 2021, 10:29:29 AM
Right. ALGO may be willing to pay the penalty fee.

It isn't a penalty fee - it is sales tax that is due if I buy the car but not due if a dealer buys the car.
Title: Re: Dealer Lease buyout
Post by: ejb123 on April 16, 2021, 10:31:36 AM
They aren't againts the consumer making money. It's that they also need the car just as badly as carvana wants it. There's a shortage, and they want you to return it as opposed to buying it out. (they can't prevent you from buying it out, but they can prevent you from selling directly to a 3rd party by not cooperating with them)

Not really - Chrysler Capital takes my car and then sells it at auction to Carvana, Vroom, etc. and takes the profit I would have other been able to take. They are "in the money" on many of their leases now, so that want to take advantage on the profits and not only be stuck with the "out of the money" cars that they can't sell above the residual price they have on their books.
Title: Re: Dealer Lease buyout
Post by: mod on April 16, 2021, 10:32:12 AM
Chrysler would sell to me at my price or the dealer less the taxes (per the phone call) - but they won't send a formal written payoff notice without the taxes, and Carvana and Vroom won't buy without the formal dealer payoff. I haven't tried Algo, but RODO offered to buy and would only give me the difference between their offer price and the payoff including the taxes.

Isn't what RODO offered exactly what these companies do? Am I missing something?
Title: Re: Dealer Lease buyout
Post by: ejb123 on April 16, 2021, 12:55:44 PM
Isn't what RODO offered exactly what these companies do? Am I missing something?

Which companies? Vroom/Carvana - not exactly. Vroom/Carvana will then resell my car. Rodo would likely sell to a wholesaler who would then sell to Carvana/Vroom, hence their price is lower. The issue is what will be paid to Chrysler and the amount of the difference that I would pocket.

Rough math:

Vroom/Carvana offer: $28,000
Rodo $26,500

Buyout: $24,000
Tax on Buyout: $2,000

Vroom/Carvana - should write me a check for $4,000, but won't since they can't get a written payoff without the taxes.
Rodo - would write me a check for $500 since they will pay the taxes.



Title: Re: Dealer Lease buyout
Post by: avromie7 on April 16, 2021, 01:31:13 PM
Which companies? Vroom/Carvana - not exactly. Vroom/Carvana will then resell my car. Rodo would likely sell to a wholesaler who would then sell to Carvana/Vroom, hence their price is lower. The issue is what will be paid to Chrysler and the amount of the difference that I would pocket.

Rough math:

Vroom/Carvana offer: $28,000
Rodo $26,500

Buyout: $24,000
Tax on Buyout: $2,000

Vroom/Carvana - should write me a check for $4,000, but won't since they can't get a written payoff without the taxes.
Rodo - would write me a check for $500 since they will pay the taxes.
Can you get the sales tax refunded by the state?
Title: Re: Dealer Lease buyout
Post by: ejb123 on April 16, 2021, 02:03:09 PM
Can you get the sales tax refunded by the state?

Doubtful. Trying Algo now. Frustrating since not a small amount of money at stake, but at some point time to move on...
Title: Re: Dealer Lease buyout
Post by: mod on April 16, 2021, 02:08:56 PM
You can try to push them all up a little.
Title: Re: Dealer Lease buyout
Post by: mod on April 16, 2021, 04:38:28 PM
Sold to vroom. Car got picked up today.

Vroom did not change the price on me once they received the car (just mentioning because RODO and Algo claimed they could not match Vroom or Carvana because they will both lower their offer once they get the car).
Car picked up 4/15
Received email that I should receive the direct deposit 4/16 and received tracking # for the payment to the finance company today as well.
Title: Re: Dealer Lease buyout
Post by: elazarmn on April 16, 2021, 05:40:09 PM
Vroom did not change the price on me once they received the car (just mentioning because RODO and Algo claimed they could not match Vroom or Carvana because they will both lower their offer once they get the car).
Car picked up 4/15
Received email that I should receive the direct deposit 4/16 and received tracking # for the payment to the finance company today as well.

Any DP on how much damage before they deduct or is it YMMV
Title: Re: Dealer Lease buyout
Post by: mod on April 17, 2021, 09:26:08 PM
Any DP on how much damage before they deduct or is it YMMV
I think it depends on the car, but also the condition you put in. I changed it to average because I had a small crack in back bumper.
Title: Re: Dealer Lease buyout
Post by: zagguru on April 18, 2021, 12:41:52 AM
I just read this thread and did not see any DPs regarding selling to Carvana. Anyone sell to them? They were the highest of the 3 and they are picking up my car on Tuesday.

Also, I keep reading that Vroom and Carvana can lower the offer after pick up. But Carvana has said that they will hand me a check for the positive equity when they pick up the car, so how can they change the offer later? Are they going to pay less to the dealer payoff?
Title: Re: Dealer Lease buyout
Post by: thaber on April 18, 2021, 02:55:06 AM
No virtual inspection?
Vroom doesn't
Title: Re: Dealer Lease buyout
Post by: thaber on April 18, 2021, 03:05:11 AM
Now Vroom and Carvana won't buy your car in the last 60 days of lease not matter what leasing company you leased the car from. I have a lease with Chrysler Capital and they won't provide a formal dealer buyout letter in the last 60 days of the lease even though the difference (as what they told me over the phone) between the buyout that they sent me is that the dealer doesn't pay the taxes. After waiting on hold for over 8 hours, Carvana confirmed that even though I have a personal payoff letter from Chrysler Capital they wont buy my car - even if I told them to pay Chrysler the full price including taxes (ie just give me the net difference assuming they had the pay the taxes). Carvana's suggestion was to extend the lease for two months (I am in my last month) and then they will buy the car on the spot. Chrysler said no extensions being granted unless I have a new Chrysler vehicle on order. If your lease expires in the next 90 days - go to Vroom/Carvana, etc. now and see what the price is to take advantage. In my case - excluding taxes, Carvana and Vroom offered $4500 above my lease buyout price.

Obviously captive leasing companies want to take advantage of the current white hot used car market and not let the consumers take advantage.
Chrysler is difficult. I had this with them 10 years ago, and wasn't the last two months. I ended up driving 2 hours to buy it back from the dealer with tax, (they insisted that was the only way) and then driving directly to Carmax and selling it to them, and still walking out with a few thousand dollars.
Title: Re: Dealer Lease buyout
Post by: Positive energy on April 18, 2021, 05:28:42 AM
Sold to vroom. Car got picked up today.
You made any profit?
Title: Re: Dealer Lease buyout
Post by: mod on April 18, 2021, 06:41:28 AM
You made any profit?
Yes, very nice amount.
Title: Re: Dealer Lease buyout
Post by: mod on April 18, 2021, 06:42:59 AM
Vroom doesn't
I sent them pictures and was asking if this should be an issue. We changed condition to average, didn't change the price they offered.
They kept saying that as long as nothing major beyond the info I entered, price shouldn't change.
Title: Re: Dealer Lease buyout
Post by: Positive energy on April 18, 2021, 01:47:09 PM
Yes, very nice amount.
My lease buy off from Toyota is 31,000 and vroom offered me $33,000,  is possible to negotiate for more?
Title: Re: Dealer Lease buyout
Post by: Saver2000 on April 18, 2021, 01:50:25 PM
My lease buy off from Toyota is 31,000 and vroom offered me $33,000,  is possible to negotiate for more?
Anything is possible. You're best bet is getting a higher price from the competition, and then having them beat it.
Title: Re: Dealer Lease buyout
Post by: mod on April 18, 2021, 02:46:00 PM
My lease buy off from Toyota is 31,000 and vroom offered me $33,000,  is possible to negotiate for more?
Vroom offered me much less originally, they matched carvana. I gained an additional $2k.
Title: Re: Dealer Lease buyout
Post by: stooges44 on April 19, 2021, 08:35:47 AM
Vroom offered me much less originally, they matched carvana. I gained an additional $2k.

Why did you want vroom over going with carvana initially?
Title: Re: Dealer Lease buyout
Post by: mod on April 19, 2021, 09:22:29 AM
Why did you want vroom over going with carvana initially?
Carvana can't buy from Nissan capital
Title: Re: Dealer Lease buyout
Post by: zagguru on April 19, 2021, 08:09:57 PM
anyone sell to Givemethevin?
Title: Re: Dealer Lease buyout
Post by: ejb123 on April 26, 2021, 12:39:02 PM
Doubtful. Trying Algo now. Frustrating since not a small amount of money at stake, but at some point time to move on...

Follow up - ended up selling to Rodo - got my new lease with them. They are paying the full payoff (with sales tax) to Chrysler - even though taxes are not due when car sold to a dealer. Algo did offer to buy and said they would not pay the taxes to Chrysler Capital - but they wanted me to sign a contract that included "reps" about the condition of the car and questions that I answered on the virtual inspection and I told them I wouldn't agree to that since I don't want any liability if there was an issue after sale. While it was a $2000 difference, not worth any risk of an issue and they wouldn't agree to change their contract - my favorite negotiation back and forth - Them: This is never an issue - Me: OK so take it out of the contract - Them: sorry can't do that - Me: if not an issue then why do you need it in the contract - Then: ummm..."
Title: Re: Dealer Lease buyout
Post by: mod on April 26, 2021, 12:43:30 PM
ALGO just said they aren't buying leases right now.
Title: Re: Dealer Lease buyout
Post by: ejb123 on April 26, 2021, 12:45:17 PM
ALGO just said they aren't buying leases right now.

Intersting - I had the offer from them last week - found it odd - they were only one that didn't require a dealer pay off letter and were willing to use my pay off letter and just not pay taxes. Guess they got burned.
Title: Re: Dealer Lease buyout
Post by: mod on April 26, 2021, 12:50:55 PM
Intersting - I had the offer from them last week - found it odd - they were only one that didn't require a dealer pay off letter and were willing to use my pay off letter and just not pay taxes. Guess they got burned.
I think they usually call.
They made an offer today for me. I  wanted to set up video on inspection and they asked me if it's a lease.
Title: Re: Dealer Lease buyout
Post by: crownsbroyal on April 29, 2021, 03:01:56 PM
Anyone know a way to sell a leased Ford to Vroom or similar company without having to buy it yourself first and eat the taxes? 
Title: Re: Dealer Lease buyout
Post by: mod on April 29, 2021, 03:04:31 PM
Anyone know a way to sell a leased Ford to Vroom or similar company without having to buy it yourself first and eat the taxes?

They don't buy from Ford directly?
Title: Re: Dealer Lease buyout
Post by: mod on April 29, 2021, 03:05:01 PM
ALGO just said they aren't buying leases right now.

They called me back and said it was ok.
Title: Re: Dealer Lease buyout
Post by: SearchGuy on April 29, 2021, 04:51:04 PM
Looking to buy a lease end of an SUV with low mileage
Title: Re: Dealer Lease buyout
Post by: Hampton22 on April 29, 2021, 08:14:05 PM
Looking to buy a lease end of an SUV with low mileage

Would
You like a BMW X5 white color with like 35k miles ?
Title: Re: Dealer Lease buyout
Post by: whacked1 on April 29, 2021, 09:41:25 PM
Would
You like a BMW X5 white color with like 35k miles ?
How much is it?
Title: Re: Dealer Lease buyout
Post by: zagguru on April 30, 2021, 08:03:37 AM
anyone sell to Givemthevin?
Title: Re: Dealer Lease buyout
Post by: mnkyz on May 02, 2021, 08:19:57 AM
Looking to buy out lease end rx350 or similar suv
Title: Re: Dealer Lease buyout
Post by: mod on May 03, 2021, 11:56:38 AM
I had a terrible experience dealing with Carvana trying to complete a lease buyout this past summer.
Just back and forth and nobody had any clue what was flying. Didnít end up working out.
How far did you get in the process?
I did the online process and set up Pick up date. They say they are coming with the paperwork and the check.
Title: Re: Dealer Lease buyout
Post by: grodnoking on May 03, 2021, 12:26:53 PM
Anyone know a way to sell a leased Ford to Vroom or similar company without having to buy it yourself first and eat the taxes?
I have a dealer who buys out leases. I asked if he buys ford.
Title: Re: Dealer Lease buyout
Post by: grodnoking on May 03, 2021, 12:28:42 PM
Anyone know a way to sell a leased Ford to Vroom or similar company without having to buy it yourself first and eat the taxes?
I have a dealer who buys out leases. I asked if he buys ford.
He does. I'll PM you his number.
Title: Re: Dealer Lease buyout
Post by: elazarmn on May 03, 2021, 08:37:32 PM
He does. I'll PM you his number.
can you send it here too. have a hyundai im trying to get out of but it has a dent on the side.
Title: Re: Dealer Lease buyout
Post by: mod on May 03, 2021, 09:02:34 PM
can you send it here too. have a hyundai im trying to get out of but it has a dent on the side.
Did you get a quote from vroom, ALGO,etc?
Title: Re: Dealer Lease buyout
Post by: Positive energy on May 05, 2021, 02:42:26 AM
Looking to buy out lease end rx350 or similar suv
Toyota highlander 2019
20k miles
Title: Re: Dealer Lease buyout
Post by: jaywhy on May 05, 2021, 04:51:34 AM
How far did you get in the process?
I did the online process and set up Pick up date. They say they are coming with the paperwork and the check.
Did not get to that point.
Title: Re: Dealer Lease buyout
Post by: crownsbroyal on May 05, 2021, 10:00:27 AM
They don't buy from Ford directly?

No, Ford doesn't allow 3rd party buyouts
Title: Re: Dealer Lease buyout
Post by: momo on May 05, 2021, 12:27:05 PM
Just completed a lease buyout with Carvana. Process takes a while, as you cannot get anyone on the phone, and to get someone to respond to texts, takes a while. But all in all would definitely do it again. Got a quote, uploaded the requested information, set up a pickup time and date. They came to inspect the car, and i had the funds in my account a couple of minutes later. Tow truck came an hour later, to pick up the car.
Title: Re: Dealer Lease buyout
Post by: mod on May 05, 2021, 12:55:08 PM
Just completed a lease buyout with Carvana. Process takes a while, as you cannot get anyone on the phone, and to get someone to respond to texts, takes a while. But all in all would definitely do it again. Got a quote, uploaded the requested information, set up a pickup time and date. They came to inspect the car, and i had the funds in my account a couple of minutes later. Tow truck came an hour later, to pick up the car.
They have had the best quotes in my experience.
Title: Re: Dealer Lease buyout
Post by: mod on May 06, 2021, 09:37:19 PM
How far did you get in the process?
I did the online process and set up Pick up date. They say they are coming with the paperwork and the check.
Completed today. Went great!
Title: Re: Dealer Lease buyout
Post by: Shmulie on May 06, 2021, 09:44:01 PM
What's the best way to do this if the car has a significant amount of damage

I'm worried if I do it with one of these online places they won't give an accurate amount without seeing it
Title: Re: Dealer Lease buyout
Post by: mod on May 06, 2021, 09:46:33 PM
What's the best way to do this if the car has a significant amount of damage

I'm worried if I do it with one of these online places they won't give an accurate amount without seeing it
Algo does video inspection.
For the others your can try to notate it and put down accurate condition.
Title: Re: Dealer Lease buyout
Post by: elazarmn on May 06, 2021, 10:55:38 PM
What's the best way to do this if the car has a significant amount of damage

I'm worried if I do it with one of these online places they won't give an accurate amount without seeing it
I tried to sell via vroom and carvana, same situation as you (nice size dent in front right bumper and scratch along door) upon pickup they looked at the car and took pics and said they will have to get back to me with a new quote...came back with a few K less.

was told by one of these lease guys in BP that he can take care of the return if i go through him with the next car...
Title: Re: Dealer Lease buyout
Post by: mlml on May 07, 2021, 11:03:10 AM
Just sold my 2018 odyssey lease to ALGO with plenty of damage still made 2500 and saved paying damage to return, found the process very easy
Title: Re: Dealer Lease buyout
Post by: elazarmn on May 07, 2021, 11:46:32 AM
Just sold my 2018 odyssey lease to ALGO with plenty of damage still made 2500 and saved paying damage to return, found the process very easy
were you below your allowed mileage?
Title: Re: Dealer Lease buyout
Post by: mlml on May 07, 2021, 12:21:36 PM
were you below your allowed mileage?

by a couple thousand car had 34k
Title: Re: Dealer Lease buyout
Post by: Help on May 07, 2021, 12:30:11 PM
Toyota highlander 2019
20k miles
Are you selling this?
How mcuh?
Title: Re: Dealer Lease buyout
Post by: Shmulie on May 07, 2021, 01:31:31 PM
Just sold my 2018 odyssey lease to ALGO with plenty of damage still made 2500 and saved paying damage to return, found the process very easy

I didn't read through the whole thread but I see most people were saying to go with carvana or vroom is algo comparable amount wise?

The car has quite a bit of damage but it's super low mileage only 13,000 after 39 months with carvana and vroom it looks like it should be about $3,000 more than my buyout price
Title: Re: Dealer Lease buyout
Post by: yelped on May 07, 2021, 01:34:23 PM
I didn't read through the whole thread but I see most people were saying to go with carvana or vroom is algo comparable amount wise?

The car has quite a bit of damage but it's super low mileage only 13,000 after 39 months with carvana and vroom it looks like it should be about $3,000 more than my buyout price
Get quotes from all. Enterprise is also paying a pretty dollar for cars now. Probably only specific models and conditions, though.
Title: Re: Dealer Lease buyout
Post by: Saver2000 on May 07, 2021, 01:45:47 PM
I didn't read through the whole thread but I see most people were saying to go with carvana or vroom is algo comparable amount wise?
If you read through the thread, you'll see that ALGO has been the most consistent when it comes to sticking to thier original quote.

Vroom, not so much.
Title: Re: Dealer Lease buyout
Post by: mod on May 07, 2021, 01:51:07 PM
If you read through the thread, you'll see that ALGO has been the most consistent when it comes to sticking to thier original quote.

Vroom, not so much.

I sold with all 3 recently and all of them stuck to what they said they would.
As long as the condition that you entered matches.
Title: Re: Dealer Lease buyout
Post by: Shmulie on May 07, 2021, 01:55:31 PM
If you read through the thread, you'll see that ALGO has been the most consistent when it comes to sticking to thier original quote.

Vroom, not so much.

I just tried algo it took like less than 2 minutes and it didn't ask for anything about the car or the condition, just the plate number, confirm it's the right car and the mileage.
Title: Re: Dealer Lease buyout
Post by: mod on May 07, 2021, 01:57:52 PM
I just tried algo it took like less than 2 minutes and it didn't ask for anything about the car or the condition, just the plate number, confirm it's the right car and the mileage.
ALGO does virtual inspection and then they will give you a lower price.
They will tell you that the online system doesn't take the market into condition.
I think people mean that once they give you the quote on the car after the inspection they will not change.
Title: Re: Dealer Lease buyout
Post by: Saver2000 on May 07, 2021, 02:03:22 PM
I think people mean that once they give you the quote on the car after the inspection they will not change.
Right.

As opposed to vroom who has changed thier price when the tow truck showed up.
Title: Re: Dealer Lease buyout
Post by: Saver2000 on May 07, 2021, 02:03:37 PM
I just tried algo it took like less than 2 minutes and it didn't ask for anything about the car or the condition, just the plate number, confirm it's the right car and the mileage.
👍
Title: Re: Dealer Lease buyout
Post by: mod on May 07, 2021, 02:04:26 PM
Right.

As opposed to vroom who has changed thier price when the tow truck showed up.

I did not have that experience. I had put in average condition (the car was in very good condition).
Title: Re: Dealer Lease buyout
Post by: mlml on May 07, 2021, 02:07:17 PM
I didn't read through the whole thread but I see most people were saying to go with carvana or vroom is algo comparable amount wise?

The car has quite a bit of damage but it's super low mileage only 13,000 after 39 months with carvana and vroom it looks like it should be about $3,000 more than my buyout price


My quotes were all pretty similar. Algo did not change price after the inspection also the dealer buyout price is at least 1500 less than the one you see since they pay less taxes
Title: Re: Dealer Lease buyout
Post by: Saver2000 on May 07, 2021, 02:09:24 PM
I did not have that experience. I had put in average condition (the car was in very good condition).
I didn't say everyone had that experience. I said it's been reported many times to happen with vroom, but never with ALGO.
Title: Re: Dealer Lease buyout
Post by: Saver2000 on May 07, 2021, 02:10:18 PM

My quotes were all pretty similar. Algo did not change price after the inspection also the dealer buyout price is at least 1500 less than the one you see since they pay less taxes
You sure the buyout price includes tax?
... They get it cheaper for other reasons.
Title: Re: Dealer Lease buyout
Post by: mod on May 07, 2021, 02:10:42 PM

My quotes were all pretty similar. Algo did not change price after the inspection also the dealer buyout price is at least 1500 less than the one you see since they pay less taxes

Buyout price should be residual value + your remaining payments.

And negotiate with each company, they will usually go higher.
Title: Re: Dealer Lease buyout
Post by: mod on May 07, 2021, 02:11:19 PM
You sure the buyout price includes tax?
... They get it cheaper for other reasons.
I always thought that difference was the sales tax.
Title: Re: Dealer Lease buyout
Post by: mlml on May 07, 2021, 02:11:50 PM
You sure the buyout price includes tax?
... They get it cheaper for other reasons.

could be I am far from an expert
Title: Re: Dealer Lease buyout
Post by: yelped on May 07, 2021, 02:19:19 PM
I always thought that difference was the sales tax.
It's part or all of the difference. Depends on the situation.
Title: Re: Dealer Lease buyout
Post by: Shmulie on May 07, 2021, 05:28:14 PM
I just tried algo it took like less than 2 minutes and it didn't ask for anything about the car or the condition, just the plate number, confirm it's the right car and the mileage.

So I just did the video inspection and I made sure to point out all the damage. They called me back about 20 minutes later with a higher offer then both Carvana and Vroom. I told them I need to think about it especially since I haven't picked out my next lease, they then asked if there was a number that they came back with that I would have said yes to right now and I told them $1,000 - $1,500 higher and I would be pretty sure and the guy said he would speak to his team and see if he can do that for me. He then called back about a half hour later and said they were able to do the $1,000 more.

FYI the offer only lasts 3 days but after you accept, it takes about 5 days to process it and then you have 10 days to schedule it to be picked up.
Title: Re: Dealer Lease buyout
Post by: whacked1 on May 07, 2021, 05:46:56 PM
So I just did the video inspection and I made sure to point out all the damage. They called me back about 20 minutes later with a higher offer then both Carvana and Vroom. I told them I need to think about it especially since I haven't picked out my next lease, they then asked if there was a number that they came back with that I would have said yes to right now and I told them $1,000 - $1,500 higher and I would be pretty sure and the guy said he would speak to his team and see if he can do that for me. He then called back about a half hour later and said they were able to do the $1,000 more.

FYI the offer only lasts 3 days but after you accept, it takes about 5 days to process it and then you have 10 days to schedule it to be picked up.
Algo cares less about the condition as the pickup guy does not work for algo rather a towing company. He only checked the mileage IME
Title: Re: Dealer Lease buyout
Post by: Saver2000 on May 07, 2021, 05:54:03 PM
Algo cares less about the condition as the pickup guy does not work for algo rather a towing company. He only checked the mileage IME
Lol. You know that doesn't really make any sense, right?
Title: Re: Dealer Lease buyout
Post by: whacked1 on May 07, 2021, 06:37:44 PM
Lol. You know that doesn't really make any sense, right?
I can only speak of my experience. He did NOT walk around the car. There were some decent scratches that I was nervous about.

He got into the car, checked mileage and handed me a check.
Title: Re: Dealer Lease buyout
Post by: Yikes2179 on May 07, 2021, 06:42:27 PM
Lol. You know that doesn't really make any sense, right?
He doesn't mean that algo doesn't care - he means that the pickup is done by a trucking company - he won't be looking at the condition of the car which was my experience as well
Title: Re: Dealer Lease buyout
Post by: pcgeek on May 11, 2021, 08:33:19 AM
Will carvana buy directly from the dealer for the dealer buyout price or do I have to buy it out at the (higher) consumer buyout price? Nobody is answering my texts and the hold time is several hours
Title: Re: Dealer Lease buyout
Post by: sillypainter on May 11, 2021, 09:08:49 AM
Tried selling to Algo. They gave me a price online, then after the video call the price fell by 3K because of a small scratch. Don't fall for the initial quote they give you.
Title: Re: Dealer Lease buyout
Post by: mod on May 11, 2021, 09:12:07 AM
Will carvana buy directly from the dealer for the dealer buyout price or do I have to buy it out at the (higher) consumer buyout price? Nobody is answering my texts and the hold time is several hours
In most cases yes, they will buy it directly from the financing company.
Title: Re: Dealer Lease buyout
Post by: mod on May 11, 2021, 09:13:34 AM
Tried selling to Algo. They gave me a price online, then after the video call the price fell by 3K because of a small scratch. Don't fall for the initial quote they give you.
It probably didn't fall because of the scratch. They lowered it because their website is just to get in to talk to them right now.
They did this on cars with no damage at all and claimed that the system doesn't take the current market selling into account.

Either way, get the quotes from the other sites and negotiate them all against each other.
I have had sales to Algo, Carvana and Vroom. All were successful.
Title: Re: Dealer Lease buyout
Post by: Shmulie on May 11, 2021, 09:49:20 AM
Tried selling to Algo. They gave me a price online, then after the video call the price fell by 3K because of a small scratch. Don't fall for the initial quote they give you.

My car had some significant damage and they came in about 1k less than there original price and then they upped it