I agree with that, I am guessing a policy change will come soon.
If I were a bank I would force the original person to at least have some liability. Why does he get off free?
In my opinion it should be set up more as a sublease with bank approval. Let the lessee charge what he wants, but he is still liable for the car lease.
I am now 25 days into the process and phase 2 still hasn’t started. I have been approved, but Ally is saying they are backlogged and don’t have time to send out the paperwork yet.
I feel bad for the guy transferring the lease, he now has to pay another month, plus the incentive he already offered.
If I am accepting a transfer from same state (Texas), do I still need to go to DMV. for registration and license plate? Or could I use his?
Ally is being very vague on the process. They are stating that they are going to send docusign this week, once that is completed and fee is paid, everything is done.
I was under the assumption that I still need to go to DMV.
I wouldn’t expect a rep from a national bank to know jack about the registration requirements of 50 states. What does the official .gov or MV website say?
I got a call from ally today saying the transfer will go through tomorrow and it will take another 3-5 days to receive registration paperwork. Tomorrow will be 45 days since the initial paperwork was faxed in.
Has anyone done an out of state lease transfer with Ally? I have been trying to transfer the lease of my Giulia and have had multiple people that are out of my home state want to take over the lease but I am pretty sure my lease contract does not allow out of state transfers. How is this actually verified? My understanding is that Ally simply runs a credit check on them to obviously ensure they can afford the vehicle but I was curious on how the location would be verified. Any insight is greatly appreciated! Thank you in advance.
Ally does not allow out of state transfers.
The person assuming the lease will need to provide a driver’s license and place of registration then ally will provide paperwork for registration… in the state the vehicle (their asset) is domiciled
What is the first step to do a lease transfer? Call the bank first ? can anyone be kind enough to walk me through the process? I have a wrangler lease through Ally and want to get rid of it!
To follow up on this - It looks like Ally had paused transfers during covid, and then re-opened somewhere in 2021.
HOWEVER, I just spoke to them, and they have stopped lease transfers, again, as of July 2022.
The rep read a somewhat annoying/comical response of “because we are a direct lender, we only go by what is written in the lease agreement you signed with the dealer” a couple of times.
If you’re trying to get out of an Ally lease, contact @Anthony_Lopez , super easy process
There was equity in the lease, but it was going to be difficult to extract. Going this route the vehicle just went away and I didn’t have to mess with dealers accepting the lease return, disposition fee or wear tear items. Electronically signed everything and the vehicle was picked up a week later
Actually already contacted him a while ago but I wasnt quite ready yet. But def very responsive and quick. Gonna reach out to you again in 2-3 months @Anthony_Lopez
i’ll be here in 2 to 3 months lol. The market is completely tanked at the moment, I think too many dealers holding too much pre owned inventory at the moment. Maybe after the July 4th holiday alot of vehicles nationwide will sell and they’ll be buying again and the market can pop back up.