I just flipped one of my wranglers for $12K almost but second one, I’m going to trade it in on a new vehicle so I get extra tax savings
Asked Vroom today and they say they can purchase my car after I pay off my lease. The man specifically pointed out they dont need me to transfer the title under my name after buying out. They can buy it and they just need the old title with Lien’s name and a Lien Release Letter showing that I have pay off the car. In which way it gonna save my sales tax. I wonder is this true and legal? Thank you!
1 Like
Probably true and correct but sales tax depends on your state.
1 Like
Thanks. Just asked DMV and they said yes that’s possible from DMV but the tax department might decide that I need to pay tax. Im in CA so there is a 10 day sale for resale tax clearance, which normally needs me to apply to not pay tax while transferring the title to my name. But if Vroom is buying the car with its original title, I’ll need to confirm with the tax department whether I still need to apply for that.
Make sure you verify this is correct with Vroom. I was told the same thing, that I just needed a letter stating lease was paid off and didn’t have to transfer title.
When I was at DMV the person I spoke to said that didn’t sound right, check again before I go through with the title transfer. So I called again and they said that I needed to transfer the title to my name! I said listen I need an accurate answer because another associate told me I didn’t need to. He then put me on hold to ask a superior and came back to say that you now need to transfer in order to sell to Vroom.
So I said screw it and went ahead with transfer. At least when the title is in my name I can sell it to whoever with no question. This was a couple weeks ago.
1 Like
Thank you for sharing the information. I wonder did you go to DMV just to ask? Or were you going there to transfer the title for Vroom? I thought I dont even need to go to DMV if what Vroom said was true. I thought I just need to wait for the Lessor’s mailing the title and give it to Vroom when they pick up.
It is good to have the title with your name by the end which allows you to sell it to whoever you want. But you paid sales tax at DMV correct?
Easy credit fixes all sins.
I went to DMV to transfer title. While I was waiting I was having second thoughts about if I really needed to transfer title so I called Vroom.
Vroom said no I don’t.
DMV said that doesn’t sound right.
Called Vroom back and they said yes I do have to.
ALGO also said I had to as well.
I paid off lease plus sales tax to US bank. They then cut a check for difference which I brought to DMV.
1 Like
Vroom told me that they could buy the car with lesser released title but I had to wait 14 days before they can buy the car. There are multiple online dealers in CA who will take the lesser released title. Transferring title under your name through DMV will trigger sales tax payment unless you got exception for that. Details are documented here: California 10 day tax exempt For lease buyout.
I wouldn’t believe anything vroom says.
1 Like
Speaking of Algo, anyone have any actual experiences dealing with them? They are handing out by far the best price for a car I want to flip, but if any one has dealt with them (successfully) please chime in. Thanks.
Use the search function. There is a big thread about them.
1 Like
I used ALGO they price matched Vroom and thensome only ones that will actually negotiate I recommend
1 Like
Algo actually dropped their offer by a couple thousand after virtual tour. Claimed it was cause Jeep was soft tops but options selected clearly stated soft top.
1 Like
I finally received my title today after 2 month long process of buying out lease and transferring title. US Bank and NY DMV both took forever.
In that time the value of my Tundra decreased from 49k to 37k on Vroom. 37 is below my payoff.
Just a heads up to anyone trying to make money on their positive equity. You run the risk of losing that equity in the amount of time it’ll take to get title in your name.
5 Likes
Ouch, that sucks.
True…
1 Like
1 Like
That’s racist. I’m Indian and highly offended
Jk lol. Fucking vroom sucks monkey brains
Yup
Lol
2 Likes