Yeah you should be, that’s what BMW financial told me when I sold to carvana in a similar situation and I got the money back from them after the transaction completed.
Ran my 2020 Jeep Gladiator through Algo. Came back with an instant offer of $39,000 which was $500 less then Carvana but they were willing to take it as-is including my modifications. I did the Zoom walkaround with them, they called me back about 10 minutes later and asked what the MSRP was of the vehicle. When they realized the instant offer was over the MSRP they declined to buy it outright.
Had 2020 Acura TLX picked up this morning after all the paperwork finally went through after getting stuck with UPS for 4 days. Overall positive experience with them and they were constantly higher with their offer compared to Carvana and Vroom. Plus someone always picks up the phone there, never had to wait for more than a minute. Definitely recommend.
2016 Hyundai Genesis 3.8 AWD + 27K Miles
I bought the car for $24,100 after my lease was up 14 Months ago.
Carvana offered $19,828
Vroom Offered $20,429
ALGo Offered $20,500
Post FaceTime Inspection they went down to $19,900 due to some dents/scratches that my car has. i sent them my vroom offer and they called me back in less then an hour that they will buy it for $20,500 (- the $75 Admin Fee = $20,425)
Just started the process and will update once they pick it up from me!
So car was picked up about a week ago. They sent the buyout to the bank and per the tracking it was received 2 days ago. ALGo sent me an email stating to wait “several” days before getting confirmation from Lexus. Question I have is that for some reason, since I sold the car, my buyout just increased for some reason. Not by much of course, only ~100. Any reason for this? Because my offered was slightly less than my buyout I already paid ALGo the difference. Anything I need to do?
Thanks
Did they ask you guys to sign something from esign live. Basically that you’ll sell the car for that price after negotiating. They offered me $600 over carvana to sell today, need to sign to the agreement I guess. Kind of janky just want to make sure other people did this. They also should get the dealer buyout and pay based on that correct?
Nvm signed it. They messed up the odometer reading and put 161854. Time to go on a 145k road trip.
You got tracking info for the payment that went to the bank?
Yes, they sent me an email with a tracking number. The package then arrive 2 days later.
Spoke with Honda Financial today and they won’t report a late payment to the credit bureaus until after 30 days late. In this day and age I thought it would be longer. But that’s plenty of time for ALGo to pay it off. ALGo inquired on Tuesday final payoff amount so the check is probably on way. Honda Financial said definitely best NOT to make that last payment if I’m selling to ALGo/Vroom/Carvana. Glad I didn’t.
Interesting. My car was picked up last week, I didn’t get any further communication after that from Algo other then to say the car was picked up.
Really why risk it. It always gets trued up and is it really worth risking your credit for such a small amount?
Did you not see the part about Honda won’t report a late fee for 30 days? Not much risk here. If any. If the people holding the loan say don’t make the payment, do you not listen to them?
Did you get it in writing or was this over the phone?
Both over the phone. I figured Honda would take longer than 30 days in this Covid age to report a late payment. Was thinking 45-60. But 30 days should be enough for ALGo to pay the car off. Should be done by next week. If it takes ALGo more than 30 days to pay off the car then I have much bigger problems ha!
I told her the reason the payment was late was because I was instructed by ALGo not to make that last payment. She said that was the correct thing to do since they were paying it off soon. Had I called in to ask whether to make the payment or not, they would have told me no.
Not sure I see any issues here.
It’s all good. Just saying I would error on the side of caution. Honda might be better but there have been some long delays with some of the other finance companies even when they technically have the check.
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Sold my Terrain to them. Quick and painless transaction. Would recommend.
Got an offer slightly higher than Vroom and much higher than Carvana. Signed the initial form just waiting for them to get back to me with a contract. Will see how it goes. Still underwater unfortunately even after 31 months on my CX-9, but I rolled the fees in so it’s about break even if I had paid those up front.
Finished up the final paperwork and should be getting a call to setup pickup Monday. Honestly a bit clunky compared to carvanas completely online process but maybe I won’t have to sign as much at pickup. Got them to offer $800 more than Carvana which puts me at about the peak profit I could’ve made last month (couldn’t find a replacement at the time). So I’m pretty happy with that. Forgot to ask them if they are flexible on mileage after signing so I haven’t driven it any where. Was nice that carvana gave you ~100 mile buffer. Would’ve liked to run errands especially cause it has 3/4 a tank and Chrysler didn’t give me a full tank off the lot lol (on either car and I had to get a free oil change from the salesman for both Chrysler vehicles I have, etc Chrysler).
They told me I could continue driving the car until it was picked.
My account was paid on Friday about 10 calendar days from vehicle pickup to Hyundai showing the account as paid. Great process. Biggest cluster in this process is ALGo using UPS. They need to switch carriers…