Dealer Lease buyout

[yossig]

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

[Dovdovmoneytree]

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 doesn’t 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.

[Dovdovmoneytree]

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 couldn’t even pay it before it printed. It posted the same time the statement  printed. I’m 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?!

[Dovdovmoneytree]

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)

[ilherman]

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.

[cozmohoot]

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.

[Dovdovmoneytree]

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.

[yossig]

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.

[Dovdovmoneytree]

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.

[yossig]

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

[Dovdovmoneytree]

I would start ASAP

Yeah, I already sent in whatever docs they requested at this time.

[ilherman]

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

[miles lover]

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.

[miles lover]

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 didn’t get the dealer buyout ?

[Dovdovmoneytree]

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.