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Dealer Lease buyout

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yossig:
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 “Dealer” 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 here’s 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 Algo’s 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 it’s significantly different than the way it was described, so I went over with him my vehicle condition and he assured me that I’ll 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 didn’t want mid lease, didn’t need to deal with any excessive wear and tear damage, and (more then) some extra cash.

I might’ve missed something, if I did just ask.

Mordyk:
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

yossig:

--- Quote from: 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

--- End quote ---
They take the vehicle as is and pay you according to its condition

Mordyk:

--- Quote from: yossig on October 12, 2020, 06:40:57 PM --- They take the vehicle as is and pay you according to its condition

--- End quote ---
They consider any condition?  Or must be more or less decent?

yossig:

--- Quote from: Mordyk on October 12, 2020, 07:19:33 PM ---They consider any condition?  Or must be more or less decent?

--- End quote ---
in the online form they ask you the condition, try it.

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