It was slightly complicated but it worked it. Here is the story.
We sold a Mercedes GLC to vroom about 2 month ago. Initially I obtained the payoff quote from Mercedes which already took into account the MSDs (payoff was 23k after 5k in MSDs). Vroom was going to pay 28k. So I expected to receive 5k from Vroom. But the process of getting the car picked up took like 1.5 weeks so the quote expired. Then vroom requested the new pay off and Mercedes sent them a quote without the MSDs so I received nothing from vroom and freaking out (well I received like $100 because they were paying like 28.1 or something). But Mercedes received the 28k and then paid out the 5k to me. It at the end it depends on what quote vroom receives.
@JamesBond is correct. You need to see if the buyout quote from MBFS includes the MSDs or not. With my Lexus, my buyout quote didn’t include the MSDs, but with my INFINITI, the buyout quote included the MSDs.
When selling to vroom BMW calculated payoff less MSD’s so my check was cut for payoff plus MSD. Check was then sent by FS for extra payment made over processing time.
Had to sign a form allowing MSD to be applied to payoff after the fact. Very smooth and super satisfied with the outcome!
Thanks to all for your help! Mercedes already deducted the MSD, so the payoff is more than I thought it would be and the Vroom deal won’t work. Thanks again for your help!
Currently selling my 17 Grand Cherokee Altitude I leased to Vroom. Took 3 times of accepting the offer and filling it out before they got all the information, not sure what was going on. They were by far the highest offer I got from anyone.
2017 Grand Cherokee Altitude 4x4 with 16,600 miles. Accepted offer of $28,500. My payoff was $26,000 so I’m happy with that.
Even better since the lease was a first month due at signing only with about $3,000 negative equity rolled in $412/month+ tax too so it was a solid deal all around.
Hey guys. I accepted an offer from Vroom yesterday and completed docusign paperwork. However, the payoff amount showing in the docusign is $2000 less than the amount that the bank gives me when i call and request it.
I reached out to vroom and they told me that my bank sent them the lesser amount. Does this seem right to you guys?
The payout number that you see when you log in to your bank probably includes taxes. Since Vroom is considered a dealer, they do not pay taxes.
This happened to me also; on the Hyundai website, my payoff shows 30k. When I called them for a breakout, ~2k of that is taxes, which a place like Vroom does not have to pay, so the true payoff for Vroom would be 28k.
I have seen several people asking/mentioning it takes forever for lien holders to receive payoff’s. In Colorado, if you trade in your car or if a dealer buys your car they (The dealer) has 30 days to payoff your loan/lease. They could conceivably send payment on day 30 and you may not show it being paid off for several more days due to mail, check processing etc etc.
I buy way to many cars and despite knowing this I too freak out until the loan shows paid.
Just FYI:)
Here is my experience so far selling my 2016 Audi S3. I got it appraised via Vroom and Carvana two weeks ago. At that time, my offer was $500 less than the offer I ended up accepting. Carvana reappraised last week and was $1500 less than my accepted offer.
7/14, accepted offer
7/15, finished docusign forms
7/16, got fedex label
7/17, sent out signed POA and spare key
7/19, vroom got fedex package and started to look for carrier
7/19, Carrier found and scheduled pickup for 7/21.
7/21, Vehicle picked up by Vroom contracted company. They looked it over, noted any paint chips or damage and provided me BOL. They drove my vehicle about 60 miles back to their facility. I emailed the BOL to Vroom.
7/23, Received tracking for equity check and payoff.
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