How did you sell the car before the lease closes? Did you do a buyout first?
If Vroom quote is more than the buyout amount, does the lessee get to keep the difference? Or how does that work?
Yes. Vroom pays the bank and you get any profit.
No buyout. I literally walked into Carmax with 6 or so months to go on the lease and took an Uber home with a check for the equity. It’s very straightforward, no fuss, no muss.
Ymmv
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Carmax was the worse experience for me. They offered me 2K before the residual at the end of the lease. That is, current payoff was 31.5K (12 months left on lease). Residual at end of lease was 26k. Carmax offered 24k. I would rather park my card for 12 months and take less of a hit and the rep was like this is a good deal, you should take it blah blah.
Sold mine to vroom for 31500 on the dot.
Started Vroom process today (accepted their offer and did the online docs). My only concern is that lease maturity is 9/4/19 and if I have the delays some have reported I won’t make it. Anyone have any advice for keeping things moving? I have a CarMax offer as a backup but it’s $1000 less than Vroom (Carvana lower than both) so I’d rather not go that route.
Follow up: anybody know what happens if HFS doesn’t get the payoff by the maturity date? Fees, credit impact etc?
What do you mean by maturity date? Payoff letter expire date? Or end of pease date?
End of lease date.
Try Shift. I’m getting high quotes on our Tiggy
Maybe you should ask honda to extend lease a few months. I have experience with after payoff.
That was my experience too so far. I sent the paperwork on Monday and they received it on Wednesday (two day delivery). At 2:34pm Wednesday I got an email stating that my paperwork has been completed. By 4:28pm the car was already strapped in the carrier ready to go.
I hope payment is as quick.
Oh btw Vroom offered me about $2k over payoff
My guess is fedex shows up with a check today or tomorrow
Got an e-mail from Vroom… check is on the mail
I had money in my account 2-3 hours after the car was picked up. Just give them your account # for instant transfers, why wait for the check?
Interesting trend here with our Tiguan S leased June 2018, particularly with Shift:
| Payoff | Vroom | Carvana | Shift | |
|---|---|---|---|---|
| 9/18 | 21006 | 19000 | - | - |
| 2/19 | - | - | 17098 | - |
| 4/19 | 19467 | - | - | - |
| 5/19 | 19191 | 17500 | 17000 | |
| upd 6/19 | 17200 | |||
| upd 7/19 | 17700 | |||
| 8/19 | 18553 | 17750 | 17430 | 18400 |
.
The latest Shift offer includes $100 bonus:
“Additional $100 only applicable when you hand over your car at the end of the first appointment you schedule.”
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I had a seamless experience with vroom. Sold my 2017 rav4 after nightmare experience with shift. I am local to SF and visited shift’s office to resolve my issues. They are very unprofessional. Went to vroom, filled out online, carrier picked up the car, next day overnighted check and deposited immediately. Boom! Done! They didn’t give me an option to wire and I had my car title (paid cash).
I currently have 200 x 4 payments left on my Mazda lease, and the residual is ~14000. Vroom offers me 16500. So does that mean I vroom will send me the difference which is 16500 - 14000 - 200x4 = 1700?. I am assuming there won’t be tax involved given it’s considered “dealer to dealer” transaction? Thanks!
You need to get your current dealer payoff from your lease bank. Sometimes your buyout and dealer pay off can be a different. You only need to pay the 4×monthly depreciation + residue. You dont get have to pay the remaining rent charge(interest)
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The residual is only applicable the end of the lease. You need the current pay off.
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