Update:
After uploading photos through the link
Received a text for in person appoinment to purchase vehicle 3.29.22!
Is that an in person inspection?
Note: Text message said appointment to purchase the vehicle for the $ amount!
Do they call for payoff?
Not sure how the process works
Selling my leased Hyundai. This is the message I got from Driveway.com 3 days after i submitted DL and registration .
This is Crystal with Driveway, it was a pleasure speaking with you today. I appreciate your immediate response. We have received your positive equity amount from your finance company for $x,xxx.xx, which will be deposited as an ACH, when your paperwork is returned to us. We have all your documentation and you are ALL SET for your Virtual Purchasing Appointment. Due to an Influx of Sales, there is a delay in your purchasing date, for about two weeks. The Purchasing Appointment Date, is the date your paperwork will be overnighted to you. Thank you for choosing Driveway!
Driveway has absurdly good appraisals. Do they payoff captive directly or send the full appraisal amount on a lease?
They cut you a check
Ps everyone says they take their sweet time
I read the sweet time part lol. So, full appraisal amount instead of just equity?
They give you your cut
They pay the lease company and you get your own check
Iām considering dumping my daily driver to these guys but itās older and Iām concerned with them finding āissuesā and knocking down the payment.
maybe iām confusing driveway with another online buyer. my friends ram truck is through a local credit union and autonation/gmtv wont take it (something with NY title laws?) even tho the CU allows 3rd party buyouts. I thought they might write him the full amount so he could bypass the issue.
No buyer would ever give the full amount to the lessee. The buyer has to pay a large amount to the lessor, which they cannot do if they have already paid that amount to the lessee. There would be no easy way to recover the overpayment to the lessee.
I am in the process of selling my 4xe to driveway. Taking their sweet time is an understatement. It took 6 days for them to confirm they received the information they requested. I was just asking for confirmation of receipt. Now they say the process could take a while, which is fine. For me, they had the highest online offer, so it was worth it. I did not have the patience to deal with getting local appraisals. I will update this thread with my experience when it is complete!
Iām doing the same. Here is their response today:
This has been going on for a couple weeks already. But they are honoring the original offer.
There is a company that does it ! Once I remember, Iāll fill everyone in.
And how do they recover the overpayment if the lessee does not pay off the lessor?
Seems like the going response from them. I donāt mind. Say it takes a month - itās a month of insurance out of the profit. Iāll still make more than any other offer.
I remember people mentioning it however if weāre thinking of the same company it was still two checks, they were just buying it out in the persons name and the cutting the equity in a separate check once the title arrived & iirc correctly they were accounting for the taxes since it is in your name. Itās a way to do it I guess.
That is what I am referring to. Not sure if itās driveway tho. Maybe they use a letter of guarantee OR notarized demand of title @cruiserchuck but Iām clearly not making it up.
Live in NJ and wanted to sell my 2019 QX50 after I purchased my lease last month. Driveway.com came back with the highest offer after about 6 different companies. Scheduled an appointment for 10 days later, which was the first one available. Someone text me the same day and I text all information about my car. Rep came in an Uber and took about 10 minutes to complete paperwork. Money was in my account the next day. Best and easiest experience ever.
I have a 4xe, was texted for info beginning of March on the car, pictures, title, etc. - sent it all back that day, havenāt heard anything for 17 days now. Texted back a few times, called in, no updates.
They too close my account the next day after recād payoff. However, they reported to credit bureau an open account that has been open since Dec 21.
Looks like the wait time with Driveway continues to increase. Selling two cars to them right now. The first one was started three weeks ago and I was told to expect the paperwork in ~2 weeks. Still havenāt received it.
Just started the process on our second car and this is what I was toldā¦
āSince things are constantly changing, we no longer have an estimate for when it will arrive but weāre still prioritizing it in the order of the date we received the requested documents. You will receive communication when your tracking number is created.ā
Sounds like at least 3/4 weeks from accepting offer to receiving paperwork, then who knows how long before they actually pick up the cars.
Hereās the good newsā¦ When I asked about additional mileage on the cars while waiting for the paperwork,
āCorrect. We just ask that you be considerate but there isnāt currently a penalty.ā
