Has anyone made their monthly payment because they weren’t sure if the lender would receive the payoff in time? Was it a pain to get this refunded once the lender does receive the payoff?
The lender will update the payoff, you should get the difference from the buying dealer.
Carvana pays you at pickup, so you’re saying they’ll send another payment to make up the difference?
Yes, if anything changes after they get a 10 day payoff - such as you making a payment, the payoff changes and you would be refunded the difference.
As always, you should follow up with Carvana (or whoever is buying your car) to confirm what amount they paid off.
Did a quick quote and they are around 4k below Carvana, I won’t even follow up with them giving the initial lowball offer.
How long did everyone typically get their final paperwork to overnight back after uploading documents? I uploaded Sunday and have called them every day for status updates. They said everything looks good and it should be sent over (as of yesterday). Still nothing as of Wed afternoon.
Any updates? I am wondering myself how long it would take from pick up for the bank to mark the account paid in full / closed.
They picked up my car today. ALGo gave me until 9/3 for Lexus financial to send over verification…so we’ll see.
I got my paperwork same day last as upload last Wednesday however now the paperwork I overnighted seems to be lost at ups in New Jersey!! 
Same thing happened to me. UPS sent my package to NH, then Mass, then NJ took 6 calendar days. UPS is the worst part of the process.
They finally sent the paperwork late this afternoon. Signed and sent back already, may UPS not screw it up.
Just sold our 2017 RAV4 LE to ALGO their offer originally was $18400 after the virtual inspection came in at $1700 because of a dent and some scratches they said its their first and final offer I told them we will be buying the car out ourself since lease layoff was only $16k.
We hung up the phone he calls back about 45 minutes later saying they are interested in the car and what would i take to sell it today told them the $18400 they quotes originally he went to check with his managers came back at $18k and we ended selling it for $18100.
I was surprised they went up to that price other websites were at least $1k less. We were over our mileage by 10k miles and if we returned the lease we would had to pay $1500-$2000 with damage and miles over. So worked out great for us .
And one last update… the GM Financial account is now showing paid in full as of today. 9 days from pickup to GM Financial closing out the account is about in line with what I expected. My mom loves her new RX so it worked out great
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Quick update, sale of my prius prime to ALGO is complete, Toyota Financial paid off about 9 days after pickup. The check for my equity cleared the bank (hold released) after 10 days. Thumbs up to ALGO.
Hope so! Day 5 now still sitting in Lawnside, NJ.
Here is my ALgo review! It is pretty lengthy but I wanted to explain it all so others have a better idea of what to expect.
2018 Jeep Compass Latitude – Lease with 10 months remaining
Algo: $18,200 (Negotiation explained below)
Vroom: $18,310
Carvana: $18,350
TIMELINE:
- Thursday, 8/13: Filled out online form, FaceTime walk through and price negotiation that night, signed form agreeing to price and uploaded pics of registration/license.
- Friday, 8/14: E-Signature paperwork with payoff info sent before noon. There was one document that I needed to print and sign and send off with provided UPS label. Put in UPS drop box on way home from work.
- Saturday, 8/15: Paperwork delivered to them, they called me to get card number for negative equity payment. Got a $5 statement credit from AMEX because ALgo meets the criteria of their shop small business reward!
- Monday, 8/16: Received email that transport company had been assigned.
- Tuesday, 8/17: Was supposed to hear from transport company, did not get a call.
- Wednesday, 8/18: Called Algo multiple times because I still had not heard from transport company. They finally gave me the company’s info so I could call myself. Transport company had a driver in the area, and the car was picked up about 3 hours later. The driver started it up, took pics, walked around it, then loaded it up.
PRICE NEGOTIATION:
- Initial website offer: $18,400
- Offer 10 min after FaceTime walk around: $17,750 – Reasoning was that my car didn’t have a bunch of optional features. This was frustrating because it DOES have some other optional features that they never asked about (for example, it doesn’t have optional sunroof, navigation and power liftgate, but it does have optional heated steering wheel and remote start) which I explained. I have no scratches, dents, curb rash or anything else that would have lowered it.
- My counter offer: $18,350 (told them that was Carvana’s offer)
- Their final offer: $18,200
I accepted because Carvana and Vroom are very difficult to get ahold of, and judging by their threads the process is not as quick as it was pre-COVID. I had already done a 3-way phone call with Vroom and Chrysler Capital to get the dealer payoff which was not successful, and I was not thrilled with the idea of selling my car to a company that I can’t call without a wait time. The lower offer and $75 fee were totally worth it to me.
OVERALL:
ALgo was great. Each time I called they picked up right away and the reps were extremely friendly and knowledgeable. The worst part was waiting for the transportation company to call me, though I totally understand it’s a 3rd party company and ultimately they were at fault, not ALgo. The whole process took less than a week and I am extremely happy to be out of my lease with minimal negative equity!
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My car was picked up last Friday, equity check cleared by Monday. Just waiting on the payoff to be made to Chrysler Capital. This has been such an easy process and netted me a good amount of money.
Do you get any notification from TFS that the account was closed or do you just have to keep checking?
no notification, just logged in and checked every day
Sold one to ALGO today. Initial offer - $27800, post inspection $28300. Waiting for pick up.
Thanks OP @BoardWalkNJ