When i called up to ask my buyout with my dealership, i was told it is around $21,331 + 6.25% sales tax. I put my car up on vroom and gave them the details, they came back with the price at $26,103. I decided to go forward with it and the document submission etc and now i get a mail from vroom saying i am in negative equity of 3k and along with the esign.
Am i missing something?
I asked them the calculation on how they arrived at that number and yet to hear back.
Third-party buy outs with some banks aren’t the same. The number they gave you originally was the buy out if you purchased it, not if the dealer purchased it.
Take a loan from a bank to purchase the car, then sell it to vroom, instead of vroom directly paying it? That way i wouldnt have to pay 7k more and will be in a profit and title will be on my name.
Buy the car out for 23k (including tax etc.), Sell it to vroom for 26k and pay off the loan/ask vroom to pay the loan which will result in a 2k profit.
Ah. It not. I still have the car. I still am yet to sign the docs with vroom for selling it but the negative equity shocked me. I learnt something new today.