I did not know this, very interesting! I was so confused before as to how Vroom and Carvana are paying so much more than some other buyers. I just sold my car to Vroom and their offer was $3k more than Carmax’s. Does Carmax not offer subprime lending? What about local dealers, do they offer subprime lending?
Also, with auto loan delinquencies heading up, I wonder how Vroom/Carvana are reacting. If they sell their loans to banks for securitization then I guess they don’t care unless that market freezes up like in 2008 and they can no longer off load their origination. With delinquencies already heading up, I’m surprised the subprime loan market is still going.
My 2018 Tundra SR5 4x4 Crewmax is scheduled to be picked up on Tuesday. They are offering $40,750 for it, about 2k in positive equity. Might get another truck, but one where I can transfer the lease without issue (SETF does not allow transfers - which I knew going in.). Ended up being about $250/mth accounting for the equity. Carvana was higher by $2-4k from other places I tried.
2019 Jeep GC is finally gone. It was a US Bank lease so I bought it out myself and prayed the Carvana values stayed inflated while I waited for the title. USB took forever to get me the title so I was only able to lock in 34,750 (+850 over payoff including tax) as opposed to the high of 35.5k. Either way I would have been happy breaking even as it was a bare bones limited I was paying $440/mo for and had 25 months left. Got an Overland for $406/mo.
Latest issue with Mercedes BFS–
Carvana insists they want the buyout letter made out to their name; MBFS says they cannot do so since their letters are system generated. I’m on the 3rd letter
Additionally, Clarifying Sales Tax for MBFS – may help others. Excerpt from the Odometer statement: Sales Tax on the purchase price is only collected by Mercedes-Benz Financial Services in the following states: AZ, CT, FL, ID, IL, ME, MI, NJ, NY, OH, UT, WA. In other states your local DMV may require you to pay sales tax at the time of title transfer. Such amounts are not shown above.
Carvana had the lowest offer for my Civic Hatch when compared to Vroom and ALgo. Vroom is taking forever for any type of follow-up and ALgo’s offer dropped way too much after the “virtual walkthrough”. Can I expect Carvana to up their offer if I sit on it a bit? If so, how long does that usually take?
I sold my 2019 Toyota Corolla Hatchback XSE w/ 11k miles to Carvana a few weeks ago.
Carvana - $19,649
Vroom - $16,957
Very easy process, I drove from Portland, OR to Sacramento to sell my car. It was an offer I couldn’t refused, since I only paid $651 to drive the car for 11k miles.
Did you get a check back from VW credit? if so, how long did it take to get the check back?
In my situation, The third party buyout quote I’d received from Carvana was $17311. Carvana offered me $16097, so I have to give carvana a check for the difference. There were some delays to get the deal closed completely, and just got the Turn in settlement Invoice from VW credit, showing an amount of $16811 ($500 lower that we were quoted about a month ago). Anybody experienced something similar? ie Quote> than the actual buyout price.
Haven’t yet. Last week I got the end of contract letter in the mail showing I owed nothing but not detailing what they owed me. I called them and they said that they owe me one payment… And she finalized it. Said it may take a few weeks. Not holding my breath.
I gotta ask: Why did you have to drive the vehicle from Portland to Sacramento? Didn’t Carvana have a driver in Portland to pick it up? And the smoke and fires around this area are crazy, I-5 runs thru several current major fires even now.
I recently finished my long process of selling my leased Audi Q5 to carvana. In short, you msds will be refunded to you unless you signed authorization to carvana to let them use it against your pay off. If you did not sign anything for that, you get the msds back after the pay off finalized.
Carvana does not pickup in Oregon since its outside of their area. Otherwise, why would I drive to Sacramento if they offer pick-up? Also, I went before the fires.
Initially for Sale @ $21,990 for a few days, then $21,590 and has been dropping, now listed @ $18,990. It will be a loser for them for sure, as there was some reconditioning of a 2 yr old car plus that scratch (pic upthread) that had to be “massaged” a bit.
Not holding my breath.