till new car inventory catches up…ETA end of summer/mid(ish) Fall
Pulled the same thing with me. Said some bs about it not having hardtop, dropped offer from 49.3 to 47.5.
Over the phone the system gave me the amount with taxes however my positive equity check was for an additional $1000. At first I was concerned that it was an error so I kept that grand safe until payoff. I later learned that the payoff is less tax for third party dealer buyouts.
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How do I know the real bank payoff? Bank won’t give to me. When Algo came back with number it was similar to my payoff. After questioning it they said it was mistake and came back lower.
Agree 100% my car was perfect and the reasoning they gave for deducting 4K was it’s not AWD but their system never even asked!
ALGo’s initial estimate for my car was $33,800. Scheduled the virtual inspection. Afterwards they offered $29,000.
The reason provided was that their estimate algorithm is imperfect and came up with a number that was too high to begin with; nothing to do with the condition of my individual car. There was no chance of them ever paying $33k for my car, regardless of the inspection.
They went from ~$1k over CarMax to $3k+ below CarMax, just to add some perspective.
Ultimately a waste of time. Other companies’ automated offer systems make valuations all day long that they’re able to stand by.
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Sold my 2019 Mazda CX-5 to ALgo
Mileage: 13,604
Term: 3yrs
Maturity: Dec 2022
They offered me the highest, with ~$1,500 above Chase buyout amount. At first I got an offer of $29,000 and the final offer was $27,500. I think they present these high initial offers to quickly lure you in.
It was such an easy transaction. I did the FaceTime review on Thursday and the towing company picked up the vehicle yesterday. The driver presented me a check with the remainder balance and that was it.
Wasting my time doing the Facetime call only to get what was ultimately the worst offer out of five was pretty bad, but the guy then tried to explain to me the difference between wholesale and retail pricing. Lol. Goodbye.
Yea they need to improve their quoting process. The fact you can get an offer from competitors with no inspection already puts them at a disadvantage.
I am doing a deal with Algo and they are asking for POA and title to be mailed before car pick up and check delivery. Is it usual to do it? Are people not concerned about losing title.
For me, mine was a lease and all documents were esigned. From the time I signed (which locked in the pricing), it took a few days to line up the pickup.
I wasn’t asked for POA or anything though.
I got confirmation they sent the final payment to chase yesterday. Not due to get there till Friday, semi disappointed they didn’t do 2 day priority or overnight (as was discussed and requested by chase I believe, I saw it on some paperwork).
But all things considered it has gone smoothly thus far. Hopefully it concludes without a hitch
I just sent my title and POA to them using their UPS label on Saturday. This is the 2nd vehicle I have sold to them since last December.
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ALGo’s online offer is not a legitimate offer.
I got an initial offer of $36,400 for a 2021 Honda Pilot. After I did the virtual appraisal they decreased the offer to $35,000. Buyer told me it was because it was not All Wheel Drive (I never stated it was AWD). That’s BS because they had all the details about my vehicle before it generated the offer. They will find any excuse to lower their original offer. Based on other posts on this forum, ALGo has a reputation for doing this. Clearly ALGo is playing games and wasting people’s time.
I sold 2 vehicles to CarMax and their online offer was exactly what they paid when I brought them the vehicles. It was a very transparent transaction.
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I can’t go so far as to draw the conclusion that it’s a scam. All I can say is I was not impressed, and in my case, it was absolutely a waste of time.
It’s not a legitimate offer. Their website advertises an “Instant Value” which is not accurate. The buyer tried to blame the variance on the computer program that gives the value. Carmax and Carvana give you a real instant offer that they stand behind provided the vehicle checks out.
Let’s do a poll then,
- Algo offer above estimate
- Algo offer below estimate
0 voters
I sold a GLC to them about 2 months ago and they honored their initial offer and then I was able to negotiate more. Recently tried my 4xe and they came in nearly $4k under the online estimate after the video appraisal.
Although I’m not happy with my most recent experience, my prior one was flawless and very efficient. I’d still give them an opportunity in the future.
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What was the reason they lowered the offer on your 4xe by $4K?
You really don’t see posts about Carmax and Carvana lowering their online instant offers. They stand behind their offers provided the vehicle checks out.
It just seems like ALGo has a history of this.
They claim it dropped due to lack of comps, they don’t have anything to price it against wholesale.
Ok. Than what they give should be called an “Estimate” and not an “Offer”. Carmax and Carvana give solid offers. ALGo’s process is flawed. I believe they are trying to compete with Carvana and Carmax but they just don’t have the necessary technology.