So- if leasing a car, and hoping to sell it to vroom before the lease ends- stay away from Chrysler Capital?
Any other lease companies have the same issue/problem?
Not true, market can change in 2 years, also no disposition fee , tires , over mileage and more.
I sold my Honda Pilot to Vroom. Deal went easily less than 2 weeks for pickup. I got my check a few days later. A check was sent to the finance company. 4 weeks later I received a late notice from the bank for my lease payment and late charges!
The bank was not paid off and apparently the payoff to finance company was wrong and has not been rectified by Vroom.
Multiple calls and several emails to Vroom get nowhere. The person who answers the phone can only message a manager or accounting and not get me in contact with them. Each day is the same thing and I am told to wait 24 hrs. I have been calling daily and In 6 days the next payment will be due.
I doubt this has been done on purpose but I can’t seem to get it resolved. Tomorrow will be 6 weeks since they picked up my car.
My advise is to call the finance company after the check has been sent to confirm that the car has been paid off.
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I followed up with US Bank when they sat on the payoff check for a week. Vroom provided tracking number the same day of the vehicle pick up. Depending on the financing company they should use the of arrival as freeze point. It took a few a week or so before US Bank finally closes the account.
For future reference… sellers should confirm cross-reference the payoff letter instructions with the Fedex delivery location.
Vroom did send a check just the wrong amount and almost 6 weeks later they have not rectified the problem. I am sure it was not an intentional error but since they haven’t fixed it I am getting late notices.
The biggest issue is not being able to talk to someone that can help and the fact that they have not reached out to me when asked.
Did you sell a US Bank leased car to VROOM?
Talking to a knowledgeable person at vroom is very hard. I guess keep trying. I am waiting for vroom to send a mileage form to Mercedes so they can close my account.
Overall not the most smoothest transition but they paid 2k more than most.
I’m having issues with the accounting department as well. They issued a check to my wife’s middle name instead of her first name. I’m waiting for them to reissue the check. It’s been about a week.
Good news is my loan has been completely paid off.
Also my truck is up for sale on their site for 6k more than what they gave me!
I picked the direct deposit option. It hits my bank the same day as pick up.
I’m pretty sure it will still clear even with her middle name.
As @Ursus mentioned, are you sure you can’t just deposit it like that?
Finally got them to pay off the car. Cost them about $700 more than if they did it right in the first place but they paid it off. Again I do not think that this was intentional on their part but a very frustrating experience getting them to correct it.
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Update:
Re-appraised online with Vroom in May and sold the car in about 12 days. During this time they didn’t have that many Lexus ES350 for sale compared to March. Perhaps inventory/cash flow played a part while I was successful to complete the transaction this time. Once they picked up the car, the checks were overnighted to the lender and myself. I verified with Lexus Financial and they have received the payoff amount and my account is closed. They will send the title to Vroom next week.
Overall: They offered the most compared to Carvana, Shift, or Carmax. In the end I got positive equity back from Vroom. All the others I would be negative if I sold to them. It’s a fairly easy process if there are no hiccups with Vroom. But I think your experiences will vary depending on your car and region.
Not sure if need to create a new topic or ask here - If I sell a one pay lease car to vroom the payoff amount should be just the residual, right?
This is correct
For Audi - the payoff amount is different for leasee and non Audi dealer, correct? How much more, in terms of %, is the payoff amount for non Audi dealer vs leasee? Anyone has experience with Audi?
What about BMW - is the payoff amount the same for leasee and third party dealer?
The branded dealer can buy it from the captive financing company at wholesale price.
However that is after you have fulfilled your obligations between you and the captive financing company.
Nice lights
just to add one more data point here (LI NY)…some hiccups but overall still better than dealership (FYI Caravan offered $400 less)
5/8, accepted offer
5/9, finished docusign forms
5/9, got fedex label
5/10, sent out signed title and spare key
5/13, vroom got fedex package and countersigned docusign forms and started to look for carrier
5/15, pick up scheduled for the next day (5/16)
5/16, car got picked up and bill of lading sent to vroom before 1pm ET
5/16, no wire…called a couple of times…people on the phone didn’t know anything
5/17, no wire…started to panic…called again and no explanation
5/18 (Saturday), called again…guy said they need to “verify” the car before sending money and didn’t know much more than that…
5/20 (Monday), got wire around 2pm ET…still not sure what caused the delay (car was kind of dirty due to the rain from last week, other than that pretty well maintained)
When they picked up the car did they do inspection/appraisal on the spot?
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