Givemethevin.com Experience

Ask the Hackrs
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1

I have been hearing radio ads for GiveMeTheVin.com lately as a competitor to Vroom and Carvana. And while I just closed the deal on my new Jeep Gladiator 2 months ago, I can’t help but submit my info to these companies to see what they would pay for it. I used Vroom to sell my Ram 1500 so I could get into the Gladiator.

So I negotiated my deal from a $45,310 sticker to $39,969 I believe. I’ve had the Gladiator for 2 months and have put 2,400 miles on it.

Carvana- claimed the Gladiator was too new for their algorithm to give me a quote and they never contacted me back

Vroom- Offered me $33,000 which is $1,000 less than my buyout at the end of the 3 year lease lol.

GiveMeTheVin- It took them a few days but they offered me $40,000

How can they offer me the price that I negotiated for the truck new and expect to make money on it? Wouldn’t they be better served to negotiate a deal from a new car dealer for a vehicle with zero miles and sell that?

Like I said, not interested in getting rid of the Jeep but it just had me thinking about how they can make any money with that type of offer.

2

If you were to sell at 40k right now would you make a profit?

3

*you are

FTFY

4

Technically yes but in real it’s no. I had $1,425 in drive offs with fees and first month that I wouldn’t be getting back

5

They probably think they can sell it for more than that. The big advantage online companies have is the data about who is searching for what. There may be 100 people across the country currently searching for exactly your car in your color - when they see search data like that they may assume there’s a buyer for it.

6

Your payoff is not the sales price.

7

What do you mean?

8

This is highly dependent on the bank.

Some banks give you the payoff, regardless of if it’s you buying or a dealer buying, so the payoff is the dealer buyout. (Honda, etc)

Some banks give a higher payoff if it’s a dealer buying it out than if it is you, so the dealer buyout is higher than the payoff. (Audi, etc)

Some banks give a payoff that includes sales tax as if you bought it, so the dealer buyout is less than your payoff. (Hyundai, etc)

9

I just submitted my 2018 Volvo S90, their offer is about 18k below current buyout.

10

Oh boy, I can’t wait to see what they offer on my 440i.

11

Carvana is about the same in mine

12

Well… duh lol :joy:

13

Ouch :persevere: that’s a hard one to take

14

I am not taking anything. Only have 5 months left and then returning it.

15

No, I mean, it’s almost insulting

16

It’s a perfect example of why leasing a new vehicle can be a vastly cheaper route than purchasing. Imagine if you had bought the s90 and found yourself with almost $20k in negative equity.

17

It’s a Volvo, equity in those is rare…

18

If you bought it you’d have a lower pay off. It could be much closer to the pay off after 3-4 years. I had $1.7k positive after 4 years on a S60 on a 72 month loan.

19

Well yah, because you paid way more. Point is it depreciated way more than expected, so your cost of driving the vehicle for those 2-3 years would be significantly higher.

20

Some examples were given but payout usually is residual plus all payments that remain. Not the sales price of the car.