I tried vroom for fun based on reviews from the forum. I have a 2013 535i xdrive pretty loaded up 70k new. Owe 20ish, got a $15,000. They are selling btwn 18-22 depending on equipment. Not even close. Thought maybe I’d get something different but I’m not coming to the table with 5k so I guess I’ll continue to drive it
I had MSDs on it for equity. It should have been same day of car pick up but they had issues with Chase wiring rejecting transfer then sent check to wrong address BMWFS for my portion and finally wired it after Day 3. I was nervous with delays but it worked out fine.
Accepted VROOM offer for my 2018 Civic EX (equity of $1400) and waiting for the docs to arrive via Fed-Ex. Will update as things progress.
They picked up my Terrain this morning.
I paid about $700 total out of pocket and drove it since march. ($120 was for tint)
My positive equity was $700. So I drove it for 5 months for free lol
How long did the process take for you?
why do you guys post what your payoff is? how does it even matter for the purpose of this thread?
you might of paid zero down (if it is a zero drive off, it is actually negative down), or if you paid $30,000 down on a $60,000 car.
Because if your payoff is more than what Carvana/Vroom/etc offers, then you have negative equity and probably won’t go through with the sale.
Total about 8 days including a holiday and me holding on to the paper work for an extra day.
“why do you guys post what your payoff is? how does it even matter for the purpose of this thread?”
Is this a serious question???
Was helping someone get out of a Hyundai at lease end to avoid the $400 dispo fee.
Carvana came in $600 below payoff, Vroom came in $150 above payoff. There was some back and forth and then Vroom asked if the last payment was already made (which it was). Then Vroom said “we can’t get a payoff quote from Hyundai once the last payment is made” which was nonsense, kinda felt that they wanted to back out. Had to keep insisting they try and they finally got the payoff after another 2 days.
They ended up pickup up the car about a week later and said a check for the difference above payoff will be sent within another week.
On a side note, in FL, Hyundai makes you go through the dealership if you want to buy out the car at lease end. You are subject to $800 dealer fee + some other fees (double dipping and getting dealer fees twice, really gross if you ask me) but apparently there’s no way around this if you wanted to buy out the car at lease end, a private party can’t buy directly from Hyundai financial. Part of the problem from what i gathered is that Hyundai Financial told them they had to buy from dealership, maybe because they aren’t a traditional dealer.
A regular dealership had no issues getting the payoff quote from Hyundai and knew what they were doing. Armed with that knowledge and the paper showing the payoff quote from the traditional dealer helped me to push Vroom to try harder. So i don’t know if it was incompetence on either Vroom or Hyundai financial side or Vroom trying to back out but at the end it worked out. FYI - traditional dealer came in $1500 below Vroom.
Took a few weeks so it wasn’t a quick turnaround but it sure beat paying the $400 dispo fee to Hyundai.
Sounds like a FL thing because Toyota Financial and Lexus Financial both do the same thing here. Double dipping on the dealer fee and other fees.
Datapoint: Vroom will pay up to 85% of what the market avg. is for comparable vehicles.
Source: 1 recent and fully executed Vroom purchase (offered 85% of market avg and then saw it listed at market avg.) and several quotes for other vehicles that came in at the 85% mark consistently.
FYI if your lease is through HFS, call and ask for the “dealer” payoff instead of relying on the posted payoff on your account. I learned a $300 lesson on this. Still came out with positive equity but losing $300 hurts.
Has anyone recenty leased a wrx because i asked edmunds and the projected residual is 61% which is about 15k residual on a 25k car … then i went on cargurus and sent an offer to vroom based on a 3 yr old 36k miles wrx $26k msrp and vroom came back to me with a $20k offer… so is it safe to say that towards a 3 year wrx lease end you can profit ~$5k on equity
I checked out Carvana for a quote on my 16’ XC90 and was nowhere near the payoff, but I checked out Vroom and got an offer of 38k for a 35,804.XX Payoff. I am considering it, but not sure on what car to get next as well as how the process works with them paying Volvo financial.
I’m in the process of selling my 2017 V60 R-design to Vroom. I have ~11 payments left on the lease, and I need another SUV vs. the wagon. I don’t like the XC90 as otherwise I would do the pull ahead, coupled with the offers from Volvo.
Anyways, I knew that I would likely take a loss on the sale, but Vroom’s offer resulted in a little less than $1000 to the payoff. (I’m also factoring in the disposition fee that I have to pay to Volvo directly as part of the $1000 delta, so I thought it was fair.)
- Vroom was quick in getting the payoff statement from VCFS
- Vroom was quick in sending over the paperwork and making the transaction seamless. Unfortunately, Fedex delayed delivery given the labor day holiday
- Vroom is very responsive via email - responds to questions in no more than 1 hour after receiving my emails
- I’m still waiting for a pickup of my car which is important because they don’t pay VCFS until they receive confirmation that the transporter has the car. Having a date scheduled is important because it affects when I stop my automatic payments to VCFS, etc.
At the end of the process make sure to provide feedback. You get an email.
I had the same issue. I told them I like the service I shouldn’t have to ask them so many questions.
I just sold my Camaro to them yesterday. They paid more than what private sellers were getting and about $6k more than Carvana.
You’re not going to “profit” on anything except that you overpaid for the lease . The WRX is one of those cars you are just better off financing.
By leasing, you get a lower monthly payment (if that’s important to you) but more importantly you avoid a good portion of sales tax. If keeping a car 2 or 3 years is your thing, then there’s a strong argument to lease even a WRX.