No, it was waste of time. Ended up with dealer evaluation and a typical lowball trade in value from the dealer
I’ve sold two cars to ALGo in the past year. Let me say both times have gone as smooth as a transaction can go. Also they matched and beat the highest offer from competitors.
My understanding is that TFS is one of the few that still allows 3rd party buyouts but it no longer matters, was able to trade it into a Honda dealership that had an affiliated Toyota dealership. Ended up not getting as much as Carmax or Vroom but it was a lot easier and the deal on the Honda was pretty decent
Algo sent me purchase contract and a link to pay negative equity after picture appraisal and contacting MBFS. Once I sign and pay are we locked in or can they change the offer on me and bill me more ???
Florida BMW 528i
I’m all set to sign the agreement for an old 2013 BMW 528i
135000 miles and more than a bit of wear and tear
Haven’t drove her in a few months and started it up today and NOW the engine sounds a little rough
Do they do a complete engine inspection when they pick it up?
Will it change my “guaranteed price”?
Never sold a car to a company like this before
I sold a 19 RAV4 to Algo a month ago. When the guy showed up he took a quick 30-second look then loaded the car up and left. Granted the car was pretty new and in good condition. For an older high mileage 5 series though, they might look harder but I’m not sure, just sharing my experience
My wife make a valid point to me.
If I sign the paperwork and give them power of attorney to transfer the title…technically they can NOT PAY when they show up because I signed over title rights with out a check in hand…or they can simply cancel the check once it’s confirmed the car is in the drivers possession
So…this is a reputable company right?!
I’ve read a lot of posts where people have used them. But in theory she is correct
Anyone hear of any scamming?
similar to what Vroom does.
Thanks J !!!
I checked em out. Been in business for 30+ years and with all of the people on this forum they would have been blackballed by now.
Just don’t need the wife saying I told you so, I give her enough ammo. Lol
lol no husband denied that ever…
BTW - do you own the car outright? or is it leased? or Financed?
Owned Bought it cash a few years ago
But moved twice and can’t find the title
Here in Florida we have E records, so they were able to complete the deal with out the paper copy
Just seemed odd that I have to send a signed legal letter to them…then they sign…then the driver picks up. Once they sign…technically it’s theirs without payment
It’s only 5,000$ but well heck…it’s 5,000$
ohh…yeah i understand your concern, i was financing a car so wasnt worried about it, as they wouldnt get the title unless they paid.
Just to confirm is ALGo still buying/paying off leased vehicles? Looking for recent answer this month. Thanks!
ALGo really screwed me I believe. I had a signed deal with them yesterday- both myself and ALGo signed the papers confirming a 31k price for the 2020 Hyundai Kona EV Limited. Basically today, they call me up saying they can’t do the deal cause hyundai motor finance wont provide them with the dealer price or something. Does anyone know anything about this?
As far as I hear , Hyundai stopped 3rd party buy outs . So this might be true .
Good for you man! You made out well right at the height of market. Just got off the phone with Algo. The highest they’ll go on my 19 Tundra w/22k is 42500. Crazy what a difference 2 months makes. I have no leverage anymore as Carvana offer is 35k and Vroom is 37k. My buy out is 39k. Bummed, at least I’m making some profit.
It definitely peaked and is receding. $5k or so profit isn’t terrible assuming your buyout is around where mine was.
Its not ALGOs fault I had the same issue with Benz Finance I had to call and give verbal permission for ALGO to call the banks don’t want to lose the car lol
After a painstaking 2 month process of buying truck from US Bank and transferring title I finally sold my 19 Tundra Crewmax Off-road to Algo.
Payoff - 39354
Algo - 42500
It’s sucks that it took so long because I stood to get 47k in June but still made out. Carvana current offer was around 35k and vroom was 37k.
Sold a qx50 to ALgo last week. Definitely nerve wracking shipping power of attorney and title with no check but thank everyone here for confirming its all good.
offered a good price for a 42k mile 2017qx50 which needed new tires had some damage on hood from tree branch, its also the older model car so was happy to take it.
Smooth and easy experience also gave me 2 weeks to hold on to the car while my new car for confirmed.