Start with Equityhacker,
then go with MycarAuction and the other smaller ones in CA (Do a search as I don’t know all of them around here) There are a few so you don’t have to call each 3rd party dealer to see if they can buy an Ally.
1 Like
I called 5 honda dealers near me to check today, and one of them confirmed they can buy out ally lease. They will be providing me details later today, like what their payoff is.
Just called Ally and the rep said that the buyout price includes tax. Is that normally the case? I thought I was paying taxes on top of this buyout price. In that case I got some decent equity and can consider buying it at this price.
I see two tabs under my Ally account:
- Buyout quote: $x
- Lease return quote: $436 (not sure what this is)
@forbs , in this case there is no released title? I pay the buyout price (which includes tax according to them), and the lender sends me the title under my name. This whole thing is confusing now!
No, it still has a released title, there’s a line that says TAX PAID BY OWNER, and / or they give you a check made out to the DMV.
See if you can buy it without tax.
Of course it is, they don’t want you to buy the car, they want it back, so they are purposefully making it hard.
1 Like
It may be different by state but yes some states you have to pay sales tax when buying. I just purchased my Alfa from Ally and paid Tax In Michigan. I wrote them a check for total amount shown online. I received the title yesterday. (around 3 weeks after I mailed the check)
Lease return quote is the amount you will pay if you just return the car to them.
It is not that confusing actually it is the same as buying the car from a dealer. You have to pay taxes when you buy a car from dealer. When you buy the car from an individual person you pay taxes at the transfer. (again may differ by state).
The buyout quote shown in the account lists the car price and tax seperately. and a total amount that you need to write check.
I called the rep few days ago and asked for detailed buyout numbers because the rep said that my buyout quote includes tax. When they sent me this pdf, I don’t see the tax included in the buyout quote. Glad I asked for this detailed quote because I was assuming that the amount includes tax, so now my profit will be less. This number also matches the residual n my lease agreement.
My registration expires July/05. I assume I will have to pay $450 for CA registration for full year even if I think I will sell my car in 10-15 days after my reg expires, correct?
Since they aren’t charging you tax. Take the released title to MyCarAuction (Or similar) and sell it, no DMV involved
(CA state) After I get this release title in hand, I still have only 10 days to sell or can I shop around a little more and no one will know? Say I take 20 days to sell, would I still be fine not going to DMV?
Can this happen? I send a check to Ally, and then then later they ask me for tax payment and won’t release my title?
You are mixing different things together.
10 Day only applies if you don’t go to MyCarAuction.
- You pay Ally
- They send you a Released Title, which is a title in Ally’s name.
AT THIS POINT YOU CAN
- Give this title to MyCarAuction (Or others who buy released titles)
- You walk away with a check.
OR
- You go into CA DMV and ask them for a New Title in your name.
- They will ask you for TAX at this point. (Or a document that says you paid ahead)
- Your 10 day starts at this moment. (Well there’s a bit of talk that it starts with the post mark of the New Title.
- You sell the car to someone like Carvana
- You walk away with a check.
- You fill in the CDTA Form to get your TAX back.
Note this only works in CA. Most (If not All) companies out of CA do not allow a released title OR giving tax money back.
1 Like
chiming in here as i just did this exact thing.
bought alfa direct from Ally. overnighted cashier’s check in full buyout amount (no sales tax)
took car to carmax to get baseline quote
received title in mail (title will have ally AND you on the title, most places wont take this until you go to the DMV and get it cleared in your name by paying sales tax. i chose to avoid this step)
called CarStub and they came out and bought the car within 30 and beat the CarMax offer by $150, check in hand and car picked up the next day.
1 Like
-
So after how many days did CStub take your car after you got the released title in hand? I am thinking if I have to get rid of the car strictly within 10-days after I get my released title in hand. I understand @forbs said I don’t need to worry about this, but there has to be a general timeframe so I can get multiple quotes from all of the options I have.
-
I should have done this sooner but I just realized I will have to pay full DMV registration of $450, as my lease is almost up.
-
Since I anyways have to pay the full year reg fee in CA, I can also extend my lease for one month to give me some extra time. Does Ally reduce my payoff amount by that number?
I had the title in hand for a few days before i even called them. Called them on a Saturday, they came out next day at my convenience. You don’t need to worry about the 10-day rule with the title in Ally’s name. 10-day rule only applies after you’ve paid the sales tax.
Ally does not reduce your payoff. You can always use that as a negotiation tactic i.e. say you had to pay an additional $450 for registration so you’d like that tacked onto your number.
1 Like
- Released Title does not start the 10 day clock. Registering it in your name does. However a released title is pretty dangerous to hold onto as you have no proof it’s ‘your car’ if you lose that released title.
- Most of the places that buy released titles are online, no need to shop around, it should all be done in 1-2 days max.
- If you want to sell it to Carmax, etc , they can do an online estimate as well. Just remember that the tax you pay will not in in your hands , but in the government’s. Most people do not like to do this step as it’s more work.
- That’s up to Ally, I don’t remember anyone getting an RV reduction, but it’s going to be very minimal even if it is.
- And CA will thank you for registering the car for another year EVEN if you sell it within that ‘10 day window’. CA does not give money back after 1 HOUR of registering the car. They do give the tax back, but the $500+ you spent on registration is not refundable.
1 Like
I have a lease transfer pending. So Ally sends the paperwork for both of us to sign. When I get it, those A-holes at Ally give a list of what needs to be submitted such as insurance, no card, it has to be the declarations page, copy of DL…
But here is the kicker. Ally says all recalls have to be done before the lease transfer. I called the dealer late April early May about the recall. To Boot I had no knowledge of a recall and only new about it from someone I Know. Alfa never sent shit to me. Anyway, this $20 part is ordered by vin #. Dealers don’t or can’t stock the part.
So here it is, a month and half later and I am still waiting for the part to come in. The lease transfer is on hold until the Stelvio has the recall completed. The person who wants the transfer is waiting and pretty soon will have to do another credit check.
So Ally calls the other day and wants to know if we are moving forward with the lease. I’m like are you freaking kidding me? Not only is this waiting, the credit will need to be done again and no one knows shit about when the part will come in. There is no list of what is needed or anything about the Stelvio. Like hello, how about you Ally, you POS send requirements to both parties before the transfer starts so we know what to expect. I want to tell everyone to stay the fuck away from them, Save yourself the headaches you’re gonna get
I don’t think it’s specially an Ally issue. BMWFS also doesn’t allow transfers if a car has an open recall, so it might be some law these companies need to comply with.
That’s fine, I am ok with that. But, this isn’t an ordinary time, No parts, there are no freakin parts available. Why can’t the lease sign a waiver, and get the recall done themselves? I’ve waited almost 2 months and still nothing, it’s a $20 part fro criples sake. Not to mention there was no requirement listed for the lease transfer to take place any recalls needed to be done, none. Too hard for those a-holes to state that before we move forward? No transparency on Ally’s part
BTW, another week gone by and we have nothing, no part, no word, no update. No one knows anything about anything. The vendor, the rep, the service dept, all BS
This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.