Ohhh. Yeah. Youre right about that, though we only had the car about 6 months
2020 Volvo v60cc loaner that I leased was very close break even with 4 months into the lease.
Payoff was at 35.5k, vroom offered 34.9k.
Wasn’t bad considering I won’t need a car throughout 2021.
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I figured I’d post my timeline up to this point on my 2019 Ioniq Limited. One thing I discovered during this process is that VROOM has a relationship with HMF through the DealerTrack system. They were able to automatically retrieve a buyout packet from them with all the required documentation and a “quote of the amount necessary to exercise the purchase option under the terms of your dealer agreement”. HMF refused to give me a dealer buyout number, so I was really happy to discover this and VROOM provided a copy of everything at my request so I had proof of the number (which was much lower than the number quoted to me by HMF due to taxes and I’m not sure what else). I thought this was going to be an issue for anyone other than the Hyundai dealer, and ultimately the number was low enough that my negative equity was less than $200 and making the deal was a no-brainer.
1/4/21-Received offer
1/5/21(morning)-Accepted offer and sent pics of reg, odo, DL.
1/5/21(evening)-Received email asking for DL again and sent it again
1/12/21-Received e-sign docs and tracking number fir FedEx
1/13/21-Signed e-sign docs and received FedEx power of attorney
1/15/21-Sent back signed power of attorney and paid negative equity via credit card
1/18/21-Power of attorney received by VROOM
1/19/21-Received confirmation of all documents being received by VROOM and carrier selection starting
1/20/21-Received notice that carrier was selected along with instructions on how to proceed and a “dashboard insert” to print and leave on the dash
The email on 1/20 had the name of the carrier (Acertus) and said they would reach out in 2-3 days. It also said I can call them if I don’t hear within that timeframe. That was Wednesday and it’s now Saturday, so I’m going to call on Tuesday if I don’t hear by then.
Not always true. After I sold my S60 to Algo for few hundred under payoff, Vroom came back and offered $100 over my payoff. Of course it was after I signed all the papers and the carrier was on the way to pick it up.
Read my comment above about certain conditions. Yours was a loaner at 20%+ discount and high incentives. My new S60 with less than 7k miles is not even close now, but was within $3k in the summer. But I rolled everything in, including almost $2k VA tax.
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Exactly, I broke even and am in the process of getting out, on a loaner with 20% discount and high incentives, and low mileage. But
Wanna here something funny
I stopped by the dealership while my car was being serviced, was talking to a salesman and they claimed they never heard of vroom or carvana. Yep. Never heard of vroom and carvana. I played along to that amusement.
I was talking about @navidg $4k over, not breaking even. Never said it would never happen, either.
BTW, my XC90 at 20% off was never close for the same reason as S60 - $4k rolled in. So, as I said - high DAS helps, but then you “lose” most of it when trade after short period of time. Hence, not really breaking even, either.
I have a question if anyone can help. I have a wrangler that is 18months old and not being used due to covid that I would like to get out of. Never done this before - called Chrysler finance who told me I need to buy the car from them and then sell it so I turned to vroom and got a good bid of 39k. Cost to buy the car from Chrysler finance is ~39k so I’m basically flat on the deal but they told me as I’m buying the car I need to pay 2.5k sales tax (ct)…is there a way around this? Essentially I am buying my car from finance co to sell to vroom so I can exit the deal…
Thanks in advance for your time
You gotta check your state laws. In CA if you buy and sell within 10 days you don’t have to pay tax.
My friend sold leased jeep from Chrysler Capital to Vroom , but it was a year ago. Not sure if anything changed since that.
Ah, I was just messing with ya bear. Apologies fo the sarcasm.
I was in such a good mood, they gave me a V90CC loaner with bowers, advanced, and pro package. I have it for two weeks, and plan on enjoying the f out if it.
It’s a 2019 manager demo, but I’m a repeat offender with warranty work on my v60cc.
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I don’t know if its all vehicles, only my region (NY) or if its everywhere, but all 3rd party buyers pricing seem to have dropped pretty significantly.
Been pricing my 19 XC60 T5 AWD and I have been consistently at $34,xxx and at one point $35,xxx but in the past week or so it has dropped down to $32,xxx-$33,xxx. Vroom even sent an updated email with the $2k lower price…
Does anyone know if we get charged sales tax if Vroom buys out my lease from Chrysler Capital?
I already signed the e-documents, the buyout price laid out is 27k, Vroom is offering me $34.5k for my vehicle.
Am i really gonna pocket 7.5k from this? I refuse to believe this lol.
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You do not get charged sales tax, and assuming that the Chrysler capital buyout is a 3rd party buyout and not your price, you would keep the 7k. I am not sure if Chrysler has different buyouts. With that big of a difference in buyout vs what Vroom is offering you, I have a feeling this is your buyout price of 27k. Even if a dealer buyout is 5k more than your buyout, you still would keep 2k.
They don’t get charged tax, but make sure that’s the third party buyout. I haven’t had to deal with Chrysler cap yet for a client so I’m not 100% sure.
Maybe @IAC_Scott @JD81 can confirm CCAP does that.
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CCAP does not charge tax so when you ask for buyout your price is minus tax plus the $350 buyout fee. Process is very smooth with Vroom getting CCAp buyout, Waiting on vroom for everything else is a different story.
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I was going to eventually post my whole frustrating saga (like so many others have), but in summary it’s been the same experience as many others in this thread. Started back on 12/11/20 by accepting the offer and then the usual emails/calls, endless circles…car finally picked up 1/15/21…no check has been cut to Volvo. They are now saying Volvo won’t accept a third party payoff? On hold as I go from agent to agent and no one has an answer. Meanwhile the car is up for sale on their website…
I will post an update if I am able to resolve, not sure what the solution is yet…
UPDATE: No call back, but got an email with a FedEx tracking number saying they had mailed a check to Volvo today. Not sure what the resolution with Volvo is, hopefully they accept it. See if I get a callback with any explanation…
They are a horribly run company and I can’t recommend them to anyone.
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You should not have to pay tax if Vroom buys it out. You +ve equity may not be 7.5k though as dealer buyout price is different. But then you say you have signed e-docs so the buyout listed on that must be dealer buyout price. So 7.5k seems like real.
Awesome deal and happy for you!
