I did sell to them. Driver came, took the jeep, and left the check under the door mat. All while I was at work. I would use Algo again.
1 Like
Offered me $58,300 on Bronco 4D Outer Banks, called and rep said $58,300 is what their system was showing and asked if they could come up to $60, he came back and said $53K is our best. Strange phone call to say the least…
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Do they not buy in California?
I submitted a quote. Got a call and negotiated for a higher price. We agreed and uploaded the docs.
Got a call the next day for their quality team saying sorry we don’t do California deals however they can still purchase it but 2k below our agreed price because they need to pay to ship to east coast?
Sounds unbelievably dumb given the system know my zip code.
Yeah similar thing happened with two of my recent sales. ALGO website and the first phone call were same and mysteriously decreased by 1-2k another call later!
Sold my 1yr old Hyundai Sonata hybrid lease to ALGO. The process was smooth and seamless. Once a price was agreed on the phone, they sent a bunch of paperwork to e-sign. After that, they assigned a transport carrier who came down the next day, handed over a check for the equity and took the car. They overnighted the payoff check to HMF.
After a couple of weeks, I got a confirmation letter from HMF that ALGO purchased my lease and my account is closed.
Did they hit you with a lower price from the original online offer?
Been shopping my 2020 Mazda3 AWD Pref to (some of) the usual suspects with 5 payments to go, here is the brief rundown of the latest round:
Carvana: $20,2xx
Vroom: $18,0xx (have to buy it out first)
Driveway: $19,1xx (priced 2 months ago but dropped them in the latest round because they were annoying by having multiple ppl call me where I mentioned contact over e-mail only)
CarMax: 22,0xx
Clear winner here, a bit of a PITA since I live in NYC and the closest place to drop the car is East Meadow, LI as they don’t pick up.
Made an appt and decided to check with ALGO last second. Came in $200 below CarMax, arranged a call and agreed to bump up to match CarMax’s offer.
A few docs e-signed the next day with some pics of the car uploaded and the car picked up the day after.
Unexpectedly seamless and fast process so far, will keep an eye on the MFS payoff. All in all, cleared over $5k in equity to dampen the impact of the next lease.
5 Likes
P.S. Major props to LH for wealth of leasing knowledge base and @AutoNinjas for brokering the original Mazda3 deal back in 2020.
Update: account shows as paid off a week after the car was picked up.
The smoothest service I’ve ever seen, highly recommended.
Sold my MAZDA6 to ALGO. Process could not have been easier. Good offer and easy pickup.
1 Like
Had a similar experience to @RoK and @Littletuna with my Mazda3 Select with 5 months left on the lease. Checked with carmax, carvana, ALGO, GMTV, and AutoNation.
Carmax came out highest with $20,600. The day I had an appointment with them, ALGO called and matched their offer. Decided to go with ALGO for the convenience of the free pick up. Their process could not have been easier. Everything automated over texts and emails. No in-person appraisal, test drive, etc. Car picked up 2 days later. Ended up with a positive equity check for $5,4XX.
I received an aggressive offer on my MB GLB but I’m wondering about the timing aspect:
- if my lease ends on 3/11 and my car won’t be ready until 3/8 (it’s getting some work done), does that give me (and them), enough time to finish the paperwork and mail the check to MBFS?
is it true that if they don’t send the check to MBFS by 11th, I’ll be in trouble as MB may consider the lease owner to have not returned the car?
of course, I’m going to call them and ask but was wondering if others have been in a similar situation.
Thanks
Just signed the price lock agreement with Algo and submitted all their requested docs and photos. Does anyone know how long it takes for them to send over the formal contract to sign?
My recollection is the turnaround was pretty quick.
1 Like
I recently got the contract documents the next day after signing the price lock agreement.
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If you’re trying to sell a Toyota lease return to Algo they need 90 days lead time. Which of course they didn’t care to mention until after they made me take pictures and write a contract and all.
Thanks @Littletuna & @AJazz
Yes I got the contract documents the very next day after I signed the price lock agreement.
Timeline as data points:
3/12: Got an online quote & scheduled a phone call for next day
3/13: Called Algo, accepted offer, sent over 5-6 photos and some docs, signed price lock agreement.
3/14: Received all contract docs and mailed out the dealer power of attorney back to them in NJ via prepaid UPS next day.
3/17: Algo confirms they got the UPS package and told me to expect a call from tow truck company to schedule pick up next week.
3/20: Tow truck driver called and picked up my car the same day, got the check from Algo (balance after loan payoff).
3/27: Called Algo, said they already sent the loan payoff check to Honda Financial on Friday 3/24. Gave me UPS tracking #.
3/29: Called Honda Financial, rep confirmed loan has been paid off. I also confirmed via the web portal. She said the extra monthly payment I made will be refunded to me via check by regular USPS mail.
Overall, a fairly smooth & quick experience with Algo. The whole process took about 2 weeks (1 week to pick up the car, another week for the loan payoff to resolve). That’s not to say the transaction was perfect, there were quite a few miscommunications and screw ups on Algo’s end but everyone I spoke to at Algo were very professional and courteous to make things right. I would do business with them again!
Some of the miscommunications/screw ups (For reference):
(1) Waited 30 min for them to call me on our scheduled call. Eventually, I had to call their 888 number to speak to someone to confirm my quote.
(2) They initially quoted me a very high number on their online instant quote. When I spoke to them, they told me they can’t give me that offer because being that I’m in CA, it would cost them too much to ship it to NJ for retail sale, so they would have to wholesale it. They dropped the offer by 3k! I felt that they really should have communicated this better because I did enter my zipcode when getting the offer. This felt like a bait and switch. They told me unfortunately their online system cannot compensate for this. I countered their offer by giving them what Carmax and a local dealer offered me. After some back and forth with management, they agreed to match the offer. I went with Algo because of the reviews here regarding ease of inspections.
(3) When asked, the initial Algo rep I spoke with assured me that there were no extra fees but at the end, when I got the final contract, I did get charged with the $95 doc fee. I called them and they did apologize for the miscommunication but no refund of the fee.
(4) While waiting for the vehicle pickup stage, Algo kept texting and calling me about needing to do a 3-way call with Honda Financial to confirm payoff amount before we can proceed. After multiple calls with Algo, they eventually admitted that they made a mistake and confirm that a 3-way call was only needed with “Hyundai” Financial, not “Honda” financial, and that I was good to go with pickup scheduling.
(5) On the day of pickup, tow truck driver quoted me a 12pm noon pickup but didn’t arrive until about 230pm. Not a big deal but he should’ve called me if he was running late.
Pros:
- Professional, knowledgeable, and easy to reach customer service reps
- Very simple inspection (only sent over some photos and the tow truck driver also took some photos, and just drove it onto the tow truck)
Cons:
- Potential inaccuracies with their online instant offer
- Lots of little screw ups here and there
2 Likes
Just wanted to share this experience for anyone else in similar position or need an ally or algo experience
Lease payoff:
2020 Chevy Silverado 1500 2.7l turbo
Msrp + aftermarket parts and prepaid service 46200.
Ally lease 36/10, RV 29781
Inception 4/3/2020, 375 DAS + 375. Rent charge roughly 7600 + depreciation 5900.
I took this at the start of Covid and considered buying it multiple times and selling it. 2 reasons I didn’t, 1) ally was incredibly hard to deal with and dealers couldn’t give me a payoff. 2) the other reason was I couldn’t find a replacement that would make sense in terms of TCO for what I needed at the time and therefore watched the market and repeatedly decided to continue leasing.
Finally lease end is near 3/2023 and I had to make a decision, turn it in and pay disposition and overage fees (4500 miles over) or extend (375/mo) or payoff and find a vehicle. I was going on vacation and decided to purchase after making all payments and paid RV + tax + dealer doc fee. I told the dealer I just wanted to keep it and they made me an offer to let me walk away clean (316xx)- the cost of my buyout. I paid 26600 in cash/check and 5000 on 2% cash back CC.
I expected my title to arrive within 4 weeks but it took a whole 7 weeks. In that time I put an extra thousand miles on the car and narrowly avoided a huge collision.
Based on MMR from @Bumboola i knew I had quite a bit of equity despite an accident history but didn’t want to spend to much Time figuring it out. I got offers from all the usual online people, wanted to get carmax and autonation but the nearest dealers are 2 hrs away. Algo and CarbuyerUsa were the highest. $35600 was algos initial offer and on the phone the guy was persistent and don’t wanna let me hang up. I wanted 36500 and we settled on $36000 even.
Picked up today after sending in title 4/27. Easy transaction, the guy that picked it up just wanted the keys and did a very quick inspection. Check for 35905 in envelope (net equity 4300).
Overall TCO $246/mo x 37 months and 34500 miles. Had I purchased immediately, and sold now, my TCO would be about a $100/mo but that diff was worth knowing I had a reliable and useful vehicle in the 3 years of Covid turmoil.
7 Likes
Interesting the ALGO Bought an Ally.
I bought it from ally…2 months ago.
Algo bought it from me