For 10k, either buy it out yourself with cash or get a personal loan. Even the most high interest personal loans won’t cost you 10k in the time it takes to handle things with Vroom.
1 Like
The issue isn’t that only gm dealerships are designated by them, its that vroom isn’t “you”, and “you” have the right to purchase for the agreed on price.
2 Likes
You can’t get a gm dealer to buy it off you for what vroom offered? I’ve found they lowball you initially and then will match the online companies.
I got an offer of 39 from a local Ford dealer and gm matched that very fast on my camaro. They’re all hurting for inventory. If they can make 1500-2000+ on your car they will still buy it
I pussed out and didn’t sell my camaro this week for top dollar. There’s nothing to replace it with. A corolla costs what I pay for the LT1, rough times.
2 Likes
my payoff is 37xxx $ got offer from Carvana for 39k , called my original dealer to match it ,they said that GMF financial gives them the same amount of payoff as mine 37k , I thought dealer payoff quote is way lower than my because it’s excludes interest and sales tax
Not always ‘way lower’ but does sound like that dealer doesn’t want to give you any equity in it.
1 Like
Good chance they did this, yes. I went down the same path with them a week ago trying to get a payoff faxed, still has not been received. I figured that was going to happen, so last weekend I sold it to my local dealer and was done with it.
This.
That has happened to me twice in the past few months, both times they ended up matching when I asked and with little hubub.
1 Like
Same here, Carvana rep confirmed a payoff quote request has been made a week ago, still no document from GMF.
1 Like
yeah , oh well …
it’s hard to find the replacement , at least in Northeast Ohio , lots are empty …
Went to a Chevy dealer and they are basically buying the car back at the buyoff quote… Carvana has a quote of more than 4k, but GM won’t proceed with Carvana
1 Like
Seem like the buyout bonanza is over.
3 Likes
just spoke with Carvana , they are no longer buying GM leases as of today
1 Like
If the buyout is 4K less. How much is it to pay taxes? Might work out to buy and sell yourself and make a couple thou
Same situation here. Been working a deal at Carmax for weeks and only got the runaround. GMF finally killed it today.
I can’t tell you how many hours I wasted on this process. And no one at Carmax, GMF, or several local Chevy dealers knew what was going down on July 1st.
I’ll probably end up buying it out myself, taking the tax hit and selling it to Carmax eventually, since I’ve got $4200 in equity on a shitty base Equinox.
But I’ll never buy another GM I can tell you that much. Even if it’s technically in their right to do this, they could’ve handled it in at least a somewhat more transparent way that didn’t waste days of everyone’s time.
3 Likes
Not sure why you continue to post incorrect information. Honda is currently allowing 3rd Party lease buy outs. I just sold my Honda Pilot to Carvana on 6/16 after you insisted Honda leases were a “No Go”. Carvana easily obtained an online dealer payoff in minutes from the dealertrack portal. Carvana picked up my vehicle on 6/16 and Honda received the payoff from Carvana on 6/22 and my account was closed. As of today (6/30) the car is now listed for sale on Carvana’s website. If GMTV is a dealer, than as of right now there are no restrictions for them to receive a payoff and buy out a Honda lease. I don’t understand why you and GMTV are telling people they can’t buy Honda leases when clearly that is not the case.
Got it. Thanks
1 Like
I had the exact same situation per my post above. Strung us along until the policy change and then we’re out of luck. Make sure you escalate the issue with the supervisor of the supervisor who supervises the front line workers. I am waiting on a call back from them and I’ve promised to call daily until I hear back, just to let them know how miserable the experience has been. I’m also sending a complaint via this page: Contact GM Financial | GM Financial Customer Service | GM Financial. I know it won’t change anything in terms of the buyout process but I feel that they deserve to be informed about how terrible they’ve treated their customers.
The icing on the cake is that late last night, for the first time since I started the buyout process, I received a call from GM Financial informing me that they did fax the dealer lease payoff to Vroom earlier that morning. After weeks of silence and ‘mistakes’ and excuses, they tell me at 7PM the last day before the policy change that they sent the fax. My wife and I feel that this is yet another part of the game they are playing with us, by waiting and faxing it at the last moment when they know there’s nothing Vroom can do to pay them instantly.
I have since visited 2 GM dealers to receive buyout offers. One was about 3k less than Vroom, the other I got up to 1k less and I’m taking the deal. Not as much as I was planning on but I just am going to be relieved to be done with this terrible experience.
GMF really is garbage for sending the dealer payoff. I called them exactly 2 days every time after to see where it was at. Not only that, but I gave them MY fax number so I can keep track of it and be able to fwd it to the buying company. In the end, my second call I requested they expedite it because how long does it take to send 1 fax? US Bank would send mine out in 30 seconds after one phone call, probably the most competent process they had.
I ended up selling last Friday to a local Chevy dealer, they were $1.2K below my best offer but had been on par with Vroom. I got them to go up another $500 since Enterprise offered me more and they did. As of today my account is closed, just waiting on them to send me my equity check.
1 Like
Same thing just happened with a friend. They are very frustrated. At least a week of trying to get GM to send the payoff and GM just never did.
If it were me, I would be going straight to my State Attorney’s office with the information and get them to contact GMF.
I’m unsure of how the contracts are stated but have a hard time believing that can change it without notice or after the fact.
GMF knew this change was coming. It is starting my to appear intentional on the payoff department.
1 Like
I’m yet to see a single contract that even gives an option for 3rd party buy outs, much less requires the bank to sell to a 3rd party at all. At best, they say something along the lines of we will only sell to someone of our choosing at our will.
1 Like