US Bank doesn’t care if you buy cash or finance. As long as they get their check they will mail you the title and you then take that title to register it and put your loaning bank - my case is BofA and list them as the lien holder. Waiting for my title to come in the mail right now. Ally should be the same process.
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Once you payoff the vehicle the title will be sent to you. You then need to take that title to the RMV and register the vehicle.
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Probably varies by state.
Only some people who crazy enough to risk it made a ton this time.
But I wonder how long they can hold on to it given their risk taking natures.
Made well over 100k during dot com era from a mere 20k, lost it all in the following 2 years.
Never again
Well how do you get the title then?
You then have to transfer the title into your name right? You can’t sell the car if title is still under bank name even if you have lien satisfaction letter
I’m pretty sure he has not thought this through or is inadvertently recommending a scam.
Because: A title issued to USB or any prior owner sent to me with my name as the buyer is not good enough for the next buyer to register the car.
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You 100% cannot do this and should not be telling others to do that. US Bank sent me the taxes check specifically directed towards the TX Tax Office, I couldn’t cash that check. The title was already pre-filled with MY information as the buyer of the vehicle. They send you everything in a way that only you, as the leasee, is allowed to register it. No other options.
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Long time listener, first time caller and…tax attorney. This reply is spot on. Look at actual outflow and inflow including debt payoff to determine if you have a gain.
Simple example - Buy a car for $20,000 and take a $15,000 loan - your outflow is $5,000. If the next day you sell the car for $22,000, your gain is $2,000. $22,000 received minus $20,000 paid. You are net positive $2,000 in cash.
If in two years when the balance on the loan is $5,000 (meaning you paid $10,000 in principal) and you sell the car for $22,000 your gain is still $2,000. The difference is you keep more of the cash instead of it going to the bank to pay down the loan but you really are just recovering what you paid your bank.
US tax code doesn’t allow you to deduct personal interest except for a few areas like investment income and home mortgages, so you don’t get a deduction for your interest paid. You also don’t get to take a loss on the sale of a personal use asset but you have to recognize capital gain on the sale.
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ALgo posted my beloved Challenger for sale today. But who would pay such a price for a 3 year old vehicle?!! Smh!
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Whatever subprime candidate they qualify for financing who can’t qualify with anyone else.
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I bought out my Tundra US Bank lease and sold to ALGO as well. Wired them $37k, had to title the truck in Missouri which cost $2500 in sales tax, and then sold to ALGO for $49k. Took longer than expected (3.5 weeks) but not a bad return. The sales tax to title was an unknown expense when I started the endeavor. Just as a FYI if you are thinking of doing this and you have sales tax in your state. ALGO doesn’t do title transfers if the title doesn’t solely list you as the owner.
I remember a time when new Hellcats weren’t that far from that price.
What does the US bank Payoff entail? Is it Payoff amount, plus disposition fee plus tax of the fee?
Here you go:
damn 738 to just buy it
Nice looking car. I really like the interior - I didn’t realize that Dodge had used the (now) Hellcat interiors in the old SRT’s. Yeah the price is nuts, but that’s what the market is right now. You can order a brand new one and be at that price, if not below (depending on how good of a purchaser you are 
).
us bank will not allow third party buyouts
fact
I bought out my 2019 Tundra lease to resell. US Bank is ridiculously slow and incompetent. My bank overnighted payment on July 1st. I call US bank a week later and they say it hasn’t been processed yet. I call a week later and they say they didn’t receive all the paperwork in which I replied I was told everything was received. Then they checked and put it into processing. I’ve called about the finalizing process and some reps say couple weeks, one person told me approx 26 days? I’ve called to cancel my auto payment on lease in which they told me ok it’s been deleted. I’ve called a second time to verify that it was canceled and she said let me check, after the hold she says I just canceled it. I’m thinking if it was already canceled how can you cancel it again!? So frustrating!!! My auto payment is withdrawn on the 7/25 so we’ll see if it still gets withdrawn.