Author Topic: Dealer Lease buyout  (Read 12046 times)

Offline Dovdovmoneytree

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Re: Dealer Lease buyout
« Reply #45 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  ::)

Offline Dovdovmoneytree

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Re: Dealer Lease buyout
« Reply #46 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?

Offline yossig

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Re: Dealer Lease buyout
« Reply #47 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)

Offline Dovdovmoneytree

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Re: Dealer Lease buyout
« Reply #48 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

Offline yossig

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Re: Dealer Lease buyout
« Reply #49 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.

Offline Dovdovmoneytree

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Re: Dealer Lease buyout
« Reply #50 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

Offline miles lover

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Re: Dealer Lease buyout
« Reply #51 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 ?

Offline yossig

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Re: Dealer Lease buyout
« Reply #52 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.

Offline ilherman

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Re: Dealer Lease buyout
« Reply #53 on: November 08, 2020, 06:18:33 PM »
Anyone knows if this pays to do with a honda Odyssey elite?
You can say what you think when you think what you say.

Offline Saver2000

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Re: Dealer Lease buyout
« Reply #54 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.

Offline ilherman

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Re: Dealer Lease buyout
« Reply #55 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?
You can say what you think when you think what you say.

Offline Saver2000

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Re: Dealer Lease buyout
« Reply #56 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.

Offline yossig

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Re: Dealer Lease buyout
« Reply #57 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.

Offline Saver2000

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Re: Dealer Lease buyout
« Reply #58 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?

Offline Tomorrow

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Re: Dealer Lease buyout
« Reply #59 on: November 08, 2020, 11:25:12 PM »
Is there a typo here?
He probably means you will pay the dealer less.
Sorry if I ask so many questions, but life is short and there is so much to learn! Let's help each other be great!