I remember many here saying they were flipping leases etc etc etc. Looks like it’s all over now. This means the bubble has bursted and those holding onto leases they thought they could get rid of are now holding the bag, unless you want to buy the car outright and flip it. You best hurry up because a clean 15-20% drop in used cars can happen in an instant leading equity in leases to plummet just as quick. Also oay attention to wallstrert. If we get a correction in stocks it will follow through to rest of the bubble assets.
There’s been people where they’ve paid the equity checks out, provided bills of sale and taken possession of the cars, only to have the bank say “nope” or “give me more money”.
Just because one car buying service can’t figure out how to do business efficiently doesn’t mean the bubble has burst.
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You thought the flipping of leases was going to last for years? Time is up. Thats done and over as more companies will follow the same guidelines causing a huge shift in the market. Think about all those now holding onto new leases thinking they were going to be able and sell to these guys like vroom for higher amounts. Haaa.
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This will lead to others following the same guidelines. Honda and other companies have stopped it as well. It’s snowballing now into the entire industry. Within the next few months you will see how quickly this entire market flips.
I am one of them!
Vroom stopped because of the banks having higher buyouts for third parties versus account holders like someone stated. The rep told me there were having lots of issues with lease contracts
There’s a huge difference between things changing gradually over the next few months and this being the sound of the bubble bursting leaving everyone holding the bag.
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Just last week i took less money from Carvana to avoid Vroom and it’s bad reviews just on this website. Carvana’s service was flawless. Everything worked exactly to plan and money hit my account within 1 business day.
Yeah, it’s not gonna be hard to see bubble bursting. When dealer lots start to be stocked with sufficient numbers of new cars you imagine many people would prefer a new car over a comparably priced used car. With the acknowledgement that some will still pay premium to be able to buy online and avoid dealership.
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Yeah that’s a good news for me. I’m not a flipper and I’m looking for a new car for my daily commute after relocation. I’m fine with waiting a few more months.
This make total sense given how poorly run they are. Sold my car in June to them, finally got everything finalized and figured out yesterday. Someone made a big error quoting the buyoff. Sold the car, got paid, Ally got paid but Vroom didn’t send the right amount. Called Ally and got the correct payoff and told Vroom. Vroom confirmed and wrote Ally an additional check for the correct amount. Vroom went from making 3K on the deal when they sold the car to losing 3k when they received the correct payoff.
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Look buddy, we cannot have a panic if people don’t buy into the bubble bursting and we cannot have bubble bursting without creating a panic, so get with the program and start panicking immediately!
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Going the way of Beepi.
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I think you’re being a little dramatic here. One, you have no idea what the other companies will do but you’re stating it as fact. Two, I doubt prices just fall off a cliff. More than likely you’ll see a steady decline over many months. Three, I doubt there are many people getting in to leases for vehicles they wouldn’t otherwise need / want. The 4xe thread for example, of course people are flipping them, but in most of these cases they are just ordering another one right after. Eventually a lot of these people could end up stuck with a 4xe, but I don’t think many people ordering them would be upset with that.
Called and confirmed with a representative. They are no longer buying leased vehicles.
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Well thankfully many of us here (including myself) profited off of Vroom’s high offers on leased cars with equity. My situation was a slow painful process that lasted almost 2 months, but the $7100 equity check was worth it as my lease was ending anyways.
On to PenFed balloon loans for car flipping 
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So whats the next strategy? Lease then buyout immediately to sell?
The fed tax rebate only applies immediately to leases, with purchases you need to wait for tax filing next year.
Sounds about right. I recently helped a client sell her GLE, in addition to sourcing her a new car. Vroom easily offered the highest payout—yet when we started the process, they would not accept her lease documents, and insisted that she must buy out the car for them to take it. Ended up jumping ship to ALGo and getting them to match the offer, so it worked out perfectly.
PJ
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For EVs with tax rebates, leasing is still the best option to flip. It’s more of a headache to buy it out then sell it out right, but I’ve seen deals on here where people flipped Audi e-trons for $10k, which is nuts.
I dealt with two cars with vroom and I can’t speak highly enough of them. Everything was done extremely well and quick. Perhaps with pandemic and banks changing the rules quickly, they are not able to adapt.
When we sold our Volvo to Vroom, they accidentally sent the payoff check to Audi. I would definitely never use them again.
Sold GLC300 to Carvana and it was pretty seamless.
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