Selling to vroom

zzmmmommy

Hi, we only need 1 car right now and we were going to sell to vroom. The quote was more than carvana. The car is a lease and we have 5 payments left so selling to vroom gets out of the lease. This would be our first time doing this- any advice? Is it legit? Anything we should ask or be wary of before doing this? Thanks!

kyfdx

zzmmmommy said:

Hi, we only need 1 car right now and we were going to sell to vroom. The quote was more than carvana. The car is a lease and we have 5 payments left so selling to vroom gets out of the lease. This would be our first time doing this- any advice? Is it legit? Anything we should ask or be wary of before doing this? Thanks!

Definitely legit, and a good way to get out, assuming you know your payoff.

zzmmmommy

Yes, I called the leasing company. Thank you!

kyfdx

zzmmmommy said:

Yes, I called the leasing company. Thank you!

It's possible that Vroom will get a different payoff than you. Something to be aware of.

qbrozen

I've gotten out of 2 leases this way. Broke even on one and made money on another. Vroom/Carvana have become a very interesting option for car flipping if you can find the right deal. Haha. So, yes, go for it. No worries at all.

zzmmmommy

Any preference on Vroom or Carvana?

kyfdx

zzmmmommy said:

Any preference on Vroom or Carvana?

In case they don't come back, anecdotal evidence seems to point to Carvana as being quicker to finish the deal and pickup the vehicle.

zzmmmommy

I got nervous and went to carmax - they gave me the same price as carvana and I did it, done. One car payment. It feels so good. I know I could have done vroom and made a little more money but I am just glad to have it done. We lost a key to the car, we had a huge scratch up the side from a kid on their bike, and lots of miles...we were nervous. Sold it to carmax and all finished. Woo hoo! Thank you!

carnaught

@zzmmmommy, glad you did well. Interesting as I always found that Carmax gave me a lower bid that the other two.

PlasticBottle

Guys,

I got a question about selling a leased car to VROOM: Do you know why I’m being asked to provide the payoff and monthly payments?
How does this information affects their assessment and offering for buying your leased car?

kyfdx

PlasticBottle said:

Guys,

I got a question about selling a leased car to VROOM: Do you know why I’m being asked to provide the payoff and monthly payments?
How does this information affects their assessment and offering for buying your leased car?

It's so they can tell you if you are getting money out of the sale, or might possibly owe money. Since it is a leased car, they are buying the car from the leasing bank, not you.

It probably doesn't affect the price they will offer, but most leased cars don't have equity, and most lessees don't really understand how selling a leased car actually works. Just heading off future issues.

AmitMA

Hi all
i have a leased car (from Nissan) which i want to sell. it has a VERY low millage, so i received a very good offer from Vroom.
What i fail to understand is how am i allowed to sell a car i don't own? Their FAQ on the website has nothing about that, and the contract they sent me assumes i am the owner of the car. any ideas?

kyfdx

AmitMA said:

Hi all
i have a leased car (from Nissan) which i want to sell. it has a VERY low millage, so i received a very good offer from Vroom.
What i fail to understand is how am i allowed to sell a car i don't own? Their FAQ on the website has nothing about that, and the contract they sent me assumes i am the owner of the car. any ideas?

It all depends on the leasing bank. I would contact Vroom to reiterate that NMAC owns the vehicle, and to verify that they can purchase and pay off that lease.