You have to check with BMWFS if provided payoff includes MSDs or not. Every bank/financial institution does it differently.
Update: Vroom now assigned a carrier who will be reaching out in 1-3 days (this was on Friday). Since the deal was finalized on 5/4, then Vroom lost the Power of Attorney, and it took them a week and several phone calls to them to realize and send a new one, should I have Vroom re-verify the payoff from Ally? Will the payoff be higher if I made a payment and time has passed (I know they use market based, hence the question)?
The payoff quote that BMW provided to Vroom did not include my MSDs. Once Vroom paid off my lease account, BMW FS said that I will be sent a check for the MSDs once the pay off check clears.
Have them reconfirm payoff if expired. Mine expired, went up, and I am in limbo with the title not being released to them due to outstanding lein.
I was planning to sell one of my cars to Vroom, but all these stories give me pause. Carvana is actually beating them now by $600. Has anyone had any issues getting out of a Vroom sale? I am at the stage where I have Docusigned, but not yet received the Fedex package.
At this point I’m not surprised with anything I hear from them, and I just laugh. Today I speak to my assigned advisor and he tells me that the lender will not allow buyout unless I do a trade in with them. Haven’t heard this one before, so I press him to give more details. He said this is the policy from US Bank, even though my lease is from GM Financial. After a few confused minutes, he says, “OHHHHH you have the GMC Sierra, not an Audi Q7?” LOL idiots.
Again, I’m only putting up with this for the extra $2k, otherwise I’d jump ship. They now have processed all my paperwork (again) and expect to receive DocuSign email within 1-2 days because they are really backed up. First honest thing they said in a month.
No problem. Just call them to cancel the transaction. No questions asked.
Probably would be the quickest and painless phone call ever to Vroom.
Oh crap- I hope my VROOM nightmare isnt beginning. I dropped a deposit $500 on a Jeep yesterday and accepted a trade in on my current car which was ridiculiously higher than Carvana and a little higher than GMTV. I received a call this morning from VROOM asking general questions about warranty and financing which I declined. They called my credit union and got the pay off. I just received an email stating I should expect docusign paperwork in the next day or 2 and fed ex a short time thereafter. So far so good. I am buying and trading from them so I would expect this to be as easy as pick up at same time as drop off, otherwise-no deal. I have yet to hear anyone say anything about offer value vs actual being different so I assume this is legit. I am concerned about all the paperwork and time consuming phone calls when something goes wrong but as long as I get the advertised vehicle in the advertised condition and they pick mine and honor the terms- I am ok with a few bumps in the road. What am I missing?
Super slow and painful process, I submitted my car to them on 05/15/2021, took them 4 or 5 days to review documents and then send me DocUsign, then they sent a Fedex package requesting me to sign the title and send it, I sent it yesterday 5/23, today I got an email saying they recieved my docs and will send me pickup email, this is super slow and painful! on the contrary, I submitted my other car to Carvana on 5/18, they made me choose pickup date on 5/20 and the car was picked on 5/22 and the money already in my bank! only reason I chose Vroom was they paid $1000 over Carvana.
Shift is the worst, the car I submitted to Vroom, was also submitted to Shift twice, one hour before pickup they bailed on me, twice, third time the called me 10 minutes after the pickup window ended saying they are on their way, I told the guy not to come since he was more than 2 hpurs late and have a supervisor call me, it’s been 10 days and no one called yet!
Just for giggles, I sent a request to VROOM on my wifes 2 year old GC. The quote is basically for the same amount as I can go buy a brand new one for and get 0% financing so my payment goes down $150 per month for a new ride with zero miles. Something isnt right with this business model…I will update my experience as it unfolds.
I’ve been working through the process with VROOM. They offered me just a little over $12k above my payoff amount. It’s a 2019 WRX STI with 8k miles on it and $125 less then I paid as my selling price for the car 2.5 years ago.
We’ll see if they live up to their word on the price of the car. Contracts are signed and the shipper is supposed to contact me sometime this week.
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Keep us posted. I’m a little behihnd you in this process (waiting on paperwork to arrive). I will update the thread as well.
Fedex’ed POA to Vroom (received in 2 days)
3 days later, got email to schedule p/u.
called to schedule p/u and pickup occurred same day.
4 days later got confirmation of vroom receiving vehicle.
1 day later, email saying check will be deposited.
1 day later funds deposited into checking acct.
all done. ally lease so hopefully ally payoff is complete and not changed by ally where i will owe more.
I’m going through the same pain with Vroom. Docusigned and now waiting for Fedex. I have to sign docs and Fedex title back to them. Then they scheduled pickup and I have to wait several days to receive funds.
When I sold a different vehicle to Carvana, I Docusigned and they picked up the car the next day with a check in hand. So much easier.
Update to my saga. Waiting on customer support level 2 to return my case. It has been escalated to accounting.
Meanwhile my car is in sale pending status. So they have sold a car they dont have title to!! What happens if I report it stolen?!?
Such a joke of a process.
To increase my frustration, I went to Carvana and uploaded the requested docs. 20 minutes later, I could schedule for my car to be picked up as soon as Thursday morning with a check in hand.
In the meantime, I’m twiddling my thumbs waiting for Vroom.
I guess the difference is Carvana allows their employees to collect final signatures during vehicle pickup. Whereas Vroom wants the paperwork signed in advance of scheduling the vehicle pickup. Never sold to Vroom so I don’t know if they use employees or contractors for vehicle pickups.
All I can say is Carvana is a much better experience.
Started the process on 5/13, got the equity deposited to my account today and Fedex tracking shows delivered today to BMW.
Def more annoying than Carvana, but thats because I tried to get them to honor a higher appraisal after I already signed the contract.
Hi folks, i have question involving payoff with MSDs.
have a GLC with Mercedes Benz FS, 1 month payment left ( monthly payment w/tax = $462)
lease contract:
* paid MSDs of $4950
* original residual was $35497
currently the payoff quote from MBFS is $31083
i believe its RV - MSD + 1 month payment (pretax 422) + $150 purchase option fee, this gives me $31119 ($36 higher than the payoff quote, close enough... but i would like to know where does this $36 diff comes from?)
And i get following quotes:
vroom: $37594
shift: $35100
carvana: $36090
carmax: $37600
So i think i have 2 options:
- if i return the car to dealer at the end of lease i would get MSD - $595(turn in fee) = $4355
- if i sell to eg: carmax now, i would get $37600 - $MBFS quote ($31083*) = $6517 (caveat here is i need to know the MBFS quote to the dealer, could be higher / lower ? and i assume those quote would also factor MSDs into it, correct ?)
(in both cases, i dont need to worry about registration, it expires after lease end.)
if someone can tell me if my above calculation is correct, i am going to sell the car within 2 weeks 
thanks a bunch!
$36 probably the rent charge from payment. You dont pay the rent charge when buying out lease. Only the depreciation amount. You may want to check with carmax if they buyout leases within a month of ending.