Here is my ALgo review! It is pretty lengthy but I wanted to explain it all so others have a better idea of what to expect.
2018 Jeep Compass Latitude – Lease with 10 months remaining
Algo: $18,200 (Negotiation explained below)
Vroom: $18,310
Carvana: $18,350
TIMELINE:
- Thursday, 8/13: Filled out online form, FaceTime walk through and price negotiation that night, signed form agreeing to price and uploaded pics of registration/license.
- Friday, 8/14: E-Signature paperwork with payoff info sent before noon. There was one document that I needed to print and sign and send off with provided UPS label. Put in UPS drop box on way home from work.
- Saturday, 8/15: Paperwork delivered to them, they called me to get card number for negative equity payment. Got a $5 statement credit from AMEX because ALgo meets the criteria of their shop small business reward!
- Monday, 8/16: Received email that transport company had been assigned.
- Tuesday, 8/17: Was supposed to hear from transport company, did not get a call.
- Wednesday, 8/18: Called Algo multiple times because I still had not heard from transport company. They finally gave me the company’s info so I could call myself. Transport company had a driver in the area, and the car was picked up about 3 hours later. The driver started it up, took pics, walked around it, then loaded it up.
PRICE NEGOTIATION:
- Initial website offer: $18,400
- Offer 10 min after FaceTime walk around: $17,750 – Reasoning was that my car didn’t have a bunch of optional features. This was frustrating because it DOES have some other optional features that they never asked about (for example, it doesn’t have optional sunroof, navigation and power liftgate, but it does have optional heated steering wheel and remote start) which I explained. I have no scratches, dents, curb rash or anything else that would have lowered it.
- My counter offer: $18,350 (told them that was Carvana’s offer)
- Their final offer: $18,200
I accepted because Carvana and Vroom are very difficult to get ahold of, and judging by their threads the process is not as quick as it was pre-COVID. I had already done a 3-way phone call with Vroom and Chrysler Capital to get the dealer payoff which was not successful, and I was not thrilled with the idea of selling my car to a company that I can’t call without a wait time. The lower offer and $75 fee were totally worth it to me.
OVERALL:
ALgo was great. Each time I called they picked up right away and the reps were extremely friendly and knowledgeable. The worst part was waiting for the transportation company to call me, though I totally understand it’s a 3rd party company and ultimately they were at fault, not ALgo. The whole process took less than a week and I am extremely happy to be out of my lease with minimal negative equity!