A Rare U.S. Bank Buyout - Followed by Sale - $10,000 in Equity!

The lease on my 2018 Dodge Challenger is up in June so I thought I’d capitalize on this ridiculous car market rather than lose out on some equity. The transaction is just about complete and the vehicle will be picked up this week. A few details below.

U.S. Bank Payoff (Sales Tax Included): $33,974.17
ALGo agreed offer - $44,200.00

Other Fees:
Auto Loan Interest (BofA): $105.46
ALGo Administration Fee: $95
Vehicle Registration Fee: $75

Net: $9,949.93

For comparison, I also received the below offers:

GIVEMETHEVIN - $44,000.00
VROOM - $43,363.00
CARVANA - $40,072.00

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Wow! What was the original MSRP of the vehicle and did you put any money down?

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Very nice!!!

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Congrats on cashing in, don’t forget uncle sam :slight_smile:

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Just to clarify, you bought this out yourself correct? And then you sold to to ALGO?

How long did it take you to get title from US Bank? I’m on this same boat right now but just waiting on title from US Bank. Was hoping to avoid a payment to new bank but not getting title fast enough to do that.

Wow so they’re giving you almost MSRP on a 3 year old vehicle. That’s just nuts!

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He is not a dealer or selling stocks. So uncle Sam is going to stay out of this.

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That’s correct. Took out a bank loan. Once US Bank was paid out I received the title around 5 business days later.

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Congrats! these are strange times lol…

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Can you walk us through the process you went through with USBANK and how you got them to get you a title so quickly? Also in your state do they collect tax when you buy a vehicle?

Indeed. I checked Vroom this morning any now they’re offering way more than their original offer, and way more than ALGo. Oh well lol

Sure. I called US Bank and requested for a Buyout Package (Faxed). The package included the payoff document, odometer disclosure statement, and Purchase Titling form. Once I faxed the Odometer form and title form to US Bank all I needed to do was wait until my bank overnight the check to US bank. They received the check and I received the title 5 business days later. And yes I paid sales taxes on the purchase. There was no way around it unfortunately. It was pretty straight forward.

Vroom is not reliable I would not pay them any mind lol. I started with them and zero communication for a week. Turned to Algo last Saturday and all that’s left is pickup. Algo is the way to go, prompt and professional…

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I just sold my car to Vroom a week ago. No issues. The process took about 2 weeks but only because I wasn’t available the first time they tried to pick up the vehicle so that took another 5 days to reschedule.

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Scat packs (well this is an OG Srt 392) and hellcats hold their value very well, that buyout is very low even in a normal market. These cars in a normal market would still be going for $37-$38k, he was going to make money on it regardless, he just now doubled it tho.

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Their algorithm seems to be out of whack from the others. Who knows if a human will actually sign off on it

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So did you register the car after receiving the title? or you didn’t even do that?

Yes I had to register the car as US Bank was no longer the owner.

I’m curious couldn’t they just had paid off the bank themselves and sent you a check for the difference? That’s what I did for Tundra and made a good amount.