Sold 2 cars to ALGO within the past month. Both cars were leased through Kia Financial, both leases were under miles (10K for 36 mos) and due to mature soon on August 13th, and both cars were in good mechanical and cosmetic condition. Here are the details:
2018 Stinger AWD with 8,800 miles: Initial email offer of 29,000 became 26,000 after video appraisal. I probably could have countered for a bit more, but since my Uncle was netting $7700 on the transaction, I jumped on it without hesitation.
2019 Sportage LX AWD with 28,500 miles: Initial offer of 21,400 became 18,000 after using their phone app to send specific pictures of the car. When we spoke over the phone, I asked for an even 19K and they accepted. This payout was $2130.
Both cars were leased with about $2500 in drive-off fees (not sure of the particulars), and when you factor in not having to make the last payment or pay the $400 disposition fee, my aunt and uncle did pretty well. Communication was mostly via text and phone, and it was pretty easy with no games or gimmicks. ALGO contacted Kia directly; we did not have to furnish much to them other than the account number. After signing the paperwork, I was put in touch with the transport company, and that part of the process was also pretty easy. In all, each deal took about a week from start to finish.
I looked at Carmax (but I had to drive 2 hours for an in-person appraisal), Carvana (would not proceed with less than 60 days on the lease and they offered less $$ than ALGO), Enterprise (don’t buy leases), and GMTV (less money offered), but ALGO was the easiest and best money for me (northern NJ).
Also of note: I did the legwork on behalf of my aunt and uncle. They barely had to do anything other than give me the proverbial green light to proceed. They didn’t even have to be present when the cars were picked up, and all signatures were digital (by me). So, if you’re looking to sell on behalf of friends or family, this was quite easy and painless!
Had a 2018 c class msrp 44.5 with 19.9 k miles that was due Aug 4th. Dealer buyout 27192 and they offered 28500 minus the 95 processing fee. From the initial inquiry untill car was picked up - 3 days. So instead of paying 595 to the dealer to turn it in i got 12xx check. Happy with the outcome
I had a 2019 Volvo S60 T6 R design financed with penfed (not a lease vehicle). I had some offers in hand, $32300 from Vroom, $31700 from Carvana, $31500 from Carmax. Algo initially offered me $32000 before remote appraisal, but then they offered me $32500 when I told them I would sell it to Vroom.
They sent me documents via email, and I dropped off my vehicle at one of Autolenders dealership nearby and signed on the power of attorney docuements there. I picked up the cashiers check at the dealership. The entire process took just 3 days.
That is so weird that they are offering so much more for Highlanders. I have a 2018 Highlander XLE 33K miles not sure about MSRP, maybe $42? My buyout is $26 and I am getting offers from Carmax and Vroom ranging from $30 - 32 which I think is crazy considering when I signed the deal I though $26 was insane for a 3 year old car. I honestly cannot understand it, is there a shortage of family SUVs?
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 ???
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
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
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
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?
