Right, that’s understandable. I’m confused why the are $5K more then Carvana but will take it! I will update once I get final offer.
I have no idea what your dents look like, but they don’t say “hey, that car has 1400 in damage, we’re taking 1400 off the appraisal.” Instead, they say, “hey that car has 400 in damage, but it’s going to either take us time and energy to repair said damage, or we’re going to take a small hit at resale, so we’ll counter with 1400 off.” They have to account for their time/expenses in repair.
And as someone else said above too, the market is volatile right now, so they’re likely building in a small cushion there as well.
What kind of options did they give you regarding pick up date? Was it flexible?
I am sure they’re flexible. I just wanted it gone, so I didn’t even bother asking since it was for the very next day.
Thought I’d give an update. Negative equity (less than the disposition fee) was paid on credit card (S/O to Citi DoubleCash for saving 2% on that) last week. We agreed on Monday to pick up the car. They called two hours or so before and were on time to pick it up.
Very happy with the overall process. With Vroom, we got 15 minutes notice that they were coming to pick up my Trax. It was well worth the $75 fee for ALGo to get the payoff and handle everything
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Definitely gonna look into ALGo.
I tested my recent lease, 2020 Silverado with 30 months left on lease.
Payoff 36000 Based on online Ally “quote”
Offered 40600 from Algo.
I’m surprised and confused, I assume if I sold it to them, I would have 4000 cash to pocket.
Just had my 2017 Charger Hellcat picked up. They offered $4k more than Carsense and WAY more than Carvana and Vroom. It was a super easy process overall. I’d definitely use them in the future.
these buyouts are incredible
Do you think they are doing this to get their name out there?
I did the appraisal for my wife’s Q3. The online number was 1.5K below Carvana and Vroom. We scheduled the virtual appraisal, 5 minutes the guy upfront “What number you need to say yes today?”…I told him I had a Carvana offer of 23.5… so he had to do better to even consider it. He called me back after 5 minutes: “what about 24?”. I got 3 days to think about it … Not bad!!
Honestly this is what I didn’t like in my limited experience with ALGo…that feeling of dealing with the same old slimy car dealer business model that probably started 70 years ago. In 2020 it’s simply (to paraphrase) “what do we have to do to get you to sell your car to us today?” done virtually. I got a quote from Carvana (without going through any of this crap) that was approximately $1400 higher than ALGo. And it was also without the multiple phone calls, voicemails, texts, and emails that I received from ALGo. Even if ALGo had ultimately matched or beaten Carvana, I was turned off enough by the experience with ALGo that I didn’t bother contacting them to find out…
Sold my 2020 Lexus RX 350L to ALGo a couple of days ago. The process was really fast and easy. Payoff was $48200, ALGo paid $48000. Offers from vroom and carvana were $43-45K.
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They offered me 1,000 above Carvana. Damn right the little tiny bit of hassle was worth a G note. What’s wrong with asking you to name your price?
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Well I’m glad that in your case ALGo came up with the best price without any BS. If they hadn’t I wonder if they would have tried the same approach with you that they did with me and others…maybe some people wouldn’t mind it but I did.
Nothing is wrong with them asking you to name your price if you want to play that game too. And I realize a lot of the regulars on this site want to do just that. If it got you more money for your car then that’s great. In my case Carvana was significantly higher than ALGo from the start (without any virtual stuff or back and forth of any kind) and I thought the figure Carvana offered was more than fair. So I didn’t feel the need to keep pushing for more. In the end the dealer (I was also leasing a new vehicle) decided to match Carvana on my trade so it made the entire process much more convenient.
I used ALgo this weekend to give me an estimate on my truck. I was also very clear from the beginning that I am only doing this to see if the quote was favorable. While I have not decided to sell to them just yet, the consultant was quick, professional and didn’t string me around. I wouldn’t hesitate to contact them in the future. The only thing stopping me from going thru with the sale is dealing with the leasing company (Ally)- It has been such a painful experience with Ally.
So I am completed all the paperwork and submitted signed documents in the mail which they received the next day. Payoff was $48,200 and they appraised the vehicle for $47,500 so I paid the difference. The transport company contacted me the next to schedule pick up. I was told by the customer representative that after pickup of the vehicle, they will send the payoff amount to the bank and I should receive confirmation from the bank in 1-2 weeks.
I have never done this before and it makes me a little nervous, so I am just questioning what others have experienced? From my reviews online, they obviously seem like a reputable business but what would happen hypothetically if they do not payoff the vehicle?
Thanks for the help!
That’s how all of these companies work AFAIK. They won’t send the payoff to the bank until they’re in possession of the car. The bank will get the payoff and the account will be closed. Nothing to worry about
I backed out of the Audi deal as AFS provided a dealer payoff that was basically higher than the private party … wow!
Thanks for the input!