On a different note, is anyone successful in talking to their original dealer (whom you got the lease from) to ask for extra cash on the car when returning the leased car. They know the car has got enough equity in it. So, they surely want the car. Why not grab it by offering extra cash to encourage someone to return the lease instead of selling to online dealers?
It seems like US bank might be restricting 3rd party sales too! ( I am assuming this from the info on your post)
This is what I did:
- Get an estimate from Vroom by plugging in VIN and condition of the car etc
- Get dealer payoff quote from US bank and fwd it to Vroom. (Vroom can also get it directly from US bank)
- sign contracts with Vroom
- schedule pickup of your vehicle. Vroom will come n get it
- Vroom sends payoff to US bank and equity check to you
- US bank cashes the check and closes your account
When I got the payoff quote, I called them and I said I am a dealer 
They faxed me dealer payoff quote which I forwarded to Vroom. There were no restrictions at that time, you may try this as well. If your Vroom estimate is pretty good, (it might be as trucks as super hot right now), see if you can pay it off and sell it vroom. If you go this route, you have to pay sales tax as well.
Ha… when I called for a payoff originally they said what was on the lease agreement plus the fees. When I called back and asked for a dealer payoff quote, they added 20k to it. Both times they asked for mileage on the vehicle so I’m assuming for the dealer quote they are using that to value it. -_-
Yep, dealer quote is different (much higher) in your case. It’s called fair market value or some crap. See if you can pay it off and sell it Vroom. But that depends on Vroom’s estimate.
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same situation, but got resolved today. i didn’t do anything.
account now shows “paid in full”
Typically by returning a car to the dealer, you not only lose the power to negotiate as they’ll play games with you. They also might ask you to roll the equity into the new car to give you a lower price but in turn, what you might perceive to be this great deal will actually turn out bad as a result of the trade-in.
Also you will have to owe taxes on that so profit will be lower. Plus you will have to wait for the DMV + Ally to give you the title of the vehicle. This will all take time and when you try to sell your car, the price might be lower especially given the market today.
Keep all of this in mind.
So after 1 month of chasing Vroom to complete the purchase of my car, I gave up and accepted an offer from Algo for $1700 less. Alas, before I log in to Docusign final papers with Algo, I get a call from Vroom who is on a 3-way with GM Financial to give them my permission for payoff info.
Who knows how much longer they will drag their feet, so I asked Algo to meet me halfway to Vroom’s offer. They politely declined.
Do I give up $1700 for convenience? Or take chances with Vroom?
I’ve not tried Algo before - but have had major success with vroom, shift and carvanna. Shift pays more but is pickier on the cars. But nontheless this has been a great way to “dispose” and profit off an existing car. Otherwise just put it up on swapalease and sell the lease contract- a little more work but will pocket you a few $ on the contract.
I’ve sold two cars to Algo in the past 6 months, they were always the best price for me. This is first time Vroom or Carvana had been higher.
I’ve been posting updates since 4/27 so I’m well aware of the process. At this point I’m debating $5300 equity confirmed by Algo vs $7000 equity based on Vroom’s word. First world problems I know…
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Thanks a lot for the heads up. Yea. I am currently exploring what’s the best option. I am enquiring about the 10 day rule in CA that allows us to sell the car without paying use tax. I will get clarity on that soon. If that works out, it will be good. But yea, by the time this happens, the market condition may change. So, have to figure out all the backup plans.
Try a quote with Autonation. Their online quote was close to Vroom. But, when I visited in person, they cut 1k off saying tires are worn off. I told I will only sell for what’s quoted earlier. And mentioned about the Vroom quote too… So, finally (you know - going back to manager and saying no - then you walk out- then they call you back)… they agreed. Worth a shot…
Unfortunately no CarMax or Autonation in Detroit area, and Shift not here yet. Give me the Vin was lower as well.
I’ll give Vroom a few days.
Sold one! It wasn’t a lease, but here is a data point on cash offers for those of you considering exiting one early… 2016 BMW 550i w/ 49,000 miles, 1 previous accident, 1 dent on grill ~ $900 repair.
Carvana = $21,544
Vroom = $22,165
KBB initial = $20,582
KBB post appraisal = $23,398
KBB emailed me saying 80% of cars get inspected and appraised higher than baseline offer. I took it in for appraisal and after a very very brief walk around and validation of VIN was offered $23,398! I was in/out in about 20 minutes, couldn’t believe how easy it was. Highly recommended.
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Sold one to Vroom! My parents’ 2018 Mazda CX5 Touring w/Tech Pkg financed thru Chase Auto/MFS was up for return in a month or so so I convinced them to sell. We got the following quotes:
- ALgo: $22,606
- Carvana: $22,800
- Vroom: $23,559
Went with Vroom since they had the highest appraisal. Tried to negotiate for more from ALgo, but when I got someone via SMS, they told me they couldn’t offer more than $20K for the car 
(this was before any kind of virtual tour). Carvana doesn’t seem to have a process for haggling their appraisal, so I didn’t bother.
Buyout was $18,185 (same buyout for customer and third party), but Chase made a big deal about how Vroom HAD to call them for the buyout, wouldn’t let me give them an email or fax number to send the 10 day payoff letter. After calling Vroom several times, they finally got the payoff and the rest of the process was pretty smooth. After DocuSign as well as overnight of a physical document (POA), couple days later they had the car on a truck and few days after that I received my payment of $5,387.
Process overall took about 3ish weeks, but it was well worth it. Never thought we could get this much for the car, it’s more than a third of the total lease cost!! Hope these inflated prices can stick around for a bit longer as my mom wants to get rid of her Odyssey for a new one soon haha.
I submitted for appraisal my recently leased 2021 330xi just for fun. $53K MSRP, ~3.5K miles, only about 6 months into the lease, they only offered $40K flat 
. Guess they don’t want bimmers.
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So just for kicks I’ve been submitting for buyout quotes on my leases and wanted to share what I got for my MB lease:
This had been in negative equity like most luxury cars since I drove it off the lot, but 2021 is indeed a strange year. Current MBFS payoff is $49.5k and Vroom offered $59.3k. Nearly $10k in equity is insane. No interest in going down to one car and no deals to be had on a new one, so will just keep watching the market. If I have equity when the lease is up in a year, then that’ll be great.
Tried to sell one to Vroom!
2019 Tundra 21k miles
US Bank
My payoff 39600
Vroom offer 46,400
Vroom payoff 51k!!! lol
Since there is so much conflicting info on whether or not US Bank will sell to Carvana, Vroom etc, I just called and asked. The associate stated yes they just have to request a payoff. So I get a hold of Vroom, super nice guy helps me. We get a three way call going and the payoff they give Vroom is 51,452! So much for that.
Reading all the horror stories for Vroom, I went with Shift, so here’s my story!
2018 Honda Accord 1.5T, lease last payment 5/18
Maturity date: 6/18
6/7 - got quotes from Carvana, CarMax, Shift , Vroom
Shift was the highest with Vroom close 2nd
Decided to go with Shift after reading here
6/8 scheduled inspection and possible buyout, but Shift called me last minute and told me they can’t make it since they are severely understaffed, reschedule for 6/9
6/9- Shift guy comes on time (actually a little before) inspects the car, original offer was 20900 but they took $150 off since there was a small chip on front bumper that I didn’t care getting fixed
Shift does offer extra $200 if you decide to sell the car the same day and accept offer right away
So $150 evens out with $200. All the papers and offer details are done on the iPad, the only thing I had to manually sign was POA and look at the breakdown of the deal. My personal payoff was $14400 from Honda and 3rd party payoff was $14800 (they got this figure by contacting Honda)
Signed everything and whole process took an hour. I entered my bank info for profit and they drove off the car! Great experience and would do it again!!!
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You should start a “Sold one to shift” if it’s not already started. Would give people (who are stuck with Vroom/Carvana) more options if they hear how easy the process is from first have experience.
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so buy it yourself and sell it.
Good idea actually, didn’t mean to hijack this post