Author Topic: Dealer Lease buyout  (Read 38164 times)

Offline Saver2000

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Re: Dealer Lease buyout
« Reply #60 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.

Online yossig

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Re: Dealer Lease buyout
« Reply #61 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.

Online AsherO

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Re: Dealer Lease buyout
« Reply #62 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?

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Re: Dealer Lease buyout
« Reply #63 on: November 09, 2020, 12:05:25 AM »
How do they negotiate with the bank? What leverage do they have?
they donít.

Offline Pad18

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Re: Dealer Lease buyout
« Reply #64 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

Offline ilherman

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Re: Dealer Lease buyout
« Reply #65 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?
You can say what you think when you think what you say.

Offline miles lover

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Dealer Lease buyout
« Reply #66 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.
« Last Edit: November 09, 2020, 02:04:14 AM by miles lover »

Offline miles lover

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Re: Dealer Lease buyout
« Reply #67 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 ?

Online AsherO

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Re: Dealer Lease buyout
« Reply #68 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.

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Re: Dealer Lease buyout
« Reply #69 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.

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Re: Dealer Lease buyout
« Reply #70 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.

Offline Saver2000

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Re: Dealer Lease buyout
« Reply #71 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?

Offline Pad18

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Re: Dealer Lease buyout
« Reply #72 on: November 09, 2020, 08:52:10 AM »
Are you sure the listed buy out price includes sales tax?
Private, yes.

Offline Josef.koney

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Re: Dealer Lease buyout
« Reply #73 on: November 09, 2020, 09:09:48 AM »
This is awesome! Sadly I just spent about 4k fixing up my lease in August!

Offline nafnaf12

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Re: Dealer Lease buyout
« Reply #74 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?
A smooth sea never made a skilled sailor.

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Re: Dealer Lease buyout
« Reply #75 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

Offline Dovdovmoneytree

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Re: Dealer Lease buyout
« Reply #76 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.

Offline Dovdovmoneytree

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Re: Dealer Lease buyout
« Reply #77 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?!

Offline Dovdovmoneytree

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Re: Dealer Lease buyout
« Reply #78 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)

Offline ilherman

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Re: Dealer Lease buyout
« Reply #79 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.
You can say what you think when you think what you say.