Hey guys, I’m in process of selling 2 vehicles to ALGO. I’ll update once it’s done or I have any issues. So far been great! Have an Ally leased Dodge Challenger and a financed Jeep Wrangler with cap 1. They claim the payoff ally gave me is same they pay even though I questioned it. They assured me they deal with them daily.
09/25 online appraisal
09/26 Did short video of both vehicles
-only asked for a few pics and the wrangler is heavily modified, they had me go over every aftermarket part
09/27 sent license and registration pics and e signed price agreement
18 challenger scat pack with dynamics 17k miles $35000
15 wrangler 2 door base with lift, wheels/tires, other parts 53k $20000
Great price for the scat pack… Not a fan of Algo but happy to see the valuation.
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They did the same thing to me. 11k residual they hiked it up to over 14k but you can always buy it out and flip it right back to ALgo
update: I got my check yesterday and car picked up.
the tow person took an odometer reading and pictures of car and keys.
I had to remind him to provide my check, I almost forgot myself.
Now waiting for Honda to say no balance and account to close
- do you ask for proof that it’s actually closed?
Your lender should mail you a letter stating the account has been satisfied and marked closed. If not, you can ask them for one.
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Depending on your state, the TTL required to buy it out could eat into some or most of your profit.
Thanks you guys so much for making this thread.
I was dealing with vroom who gave a good great offer considering my situation. I was sending back everything asap. But dealing with their slow response times and impossible customer service, they make it so difficult. The last straw was when customer contracts department sent me a email saying my POA was filled incorrectly without telling me exactly why and they are sending me a new one which now delays the process by a week.
I reached out to ALGO and within 24 hours all I need was the car to be picked up. Which was done yesterday 9.27. I guess I was lucky being located in NYC.Got a offer very very close to Vroom. Was such a smooth easy transpticiton. They pick up calls right away. The e-inspection was scheduled for 11am and was called at exactly 11. Cant give this company enough praises.
Update on mine. I signed and sent paperwork for the Jeep but the Dodge came back from Ally with a $5000 difference from my payoff to what Ally gave them so Im keeping it.
Algo has been very fast with everything so far.
I’m at the stage that the car has been picked up.
Waiting for them to mail Honda the payoff amount. They seem to be relaxed about this last step.
Car has been posted, at the minimum; they changed 4 tires, painted the front and back bumpers and front side fender. So i would estimate their front end profit to $2,500 if it sells at the asking price.
Selling cars and car loans are very different thing. Someone will probably finance the purchase with financing charges and then interest on payments
FINAL UPDATE: My Lease has been paid off with HFS. It took exactly one week from car pickup. Total process from accepting their offer to payoff: Two weeks.
They gave me a better offer (after negotiating), and were much easier to deal with than Vroom. 10/10.
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Gonna highly suggested not paying a payment if you have one coming up shortly after selling. Been through a few phone calls now and Algo is telling me they sent the overpay amount and CCAP should be refunding me. CCAP showing the transaction as the lower buy amount online and the reps are telling me I have no refund check coming. Don’t really feel like doing a billion calls for $400 but this is pretty annoying. Just going to hope the refund comes in a few weeks. So ya don’t pay if you have a payment during the selling period.
Did you get an email when they mailed Honda the check ?
I’m at that stage been 3 full business days since car pickup.
They emailed me the day after car pickup that the check to Honda was mailed. Then it took 5 or 6 business days until I saw it cleared on my HFS account.
Thoughts on ALgo? I have a dilemma, I’ve only been leasing my RX350 for 11 months and with COVID, my wife has hardly driven the car, we are at 4,150 miles after 11 months with a 10K per year stipend.
The payoff amount from Lexus is showing ~43,000 and ALgo offered me 47,800. It is extremely temping as it would give me back 4,800 less the 6,105 I paid already making my effective rate 118 per month?
My only concern is I need to look for a new car and I don’t know how the leasing market is now 
It’s not great aside from a few models and/or where you can stack incentives including loyalty.
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Pretty bad unless you dont care which car you get and go with lowest price. Inventory is low to no existent at alot of dealers we visited
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Sold one to Algo also. Relatively pleased with the process. Car is a 2014 Buick Regal GS AWD with adaptive cruise. 54k miles. One reported accident but not an actual accident. Car got bumped in the rear on interstate exit ramp and filed report in case of underlying damage. There wasn’t but of course the car had a dreaded “accident flag” on it.
Had been trying to sell it for six months and the best offer I ever got was $12k and that guy wanted me to deliver it 500 miles. People just aren’t looking for a GS. Not even looking for Regals.
Carvana offered $8000.
Vroom offered 11,000.
Algo offered $13,300 after visual inspection.
Did the online app and video inspection on Monday.
UPS’d all the paperwork on Tuesday.
They confirmed everything was good and assigned the towing company Wednesday.
Towing company called today to confirm and are coming to pick up the car tomorrow at noon.
And it’s gone. Tow truck pulled up, handed me the check, loaded up and left.
If they give you an acceptable offer I say go for it. Super easy to deal with.