+1 tag and title
With the latter, even with delays, the bank is at least in queue for substitution, vs releasing from one state, transmitting to second, and getting confirmation.
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Yikes. PA to NJ was 6 weeks in the summer. Now I know why the dealer I got my Camaro from was earning an in-state deal that plates were taking forever
Anybody know what the timeline for an Ally lease transfer is these days? Canāt wait monthsā¦
They only reopened 18 days agoā¦
Cover your bases, see if this includes sales tax, (depends on your state), any additional fees that HFS may charge, etc.
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Update for anybody interested. Disaster at all levels. Found an awesome car from a fellow LHāer.
Ally requires that you mail or fax your initial application, which I did on 1/8 (4 days after my MINI was approved for transfer). Today is 1/18. I still have received zero notification from Ally via email, mail, fax, carrier pigeon, etc. that they even received my application. They ran my credit on 1/15 and I know that because of my fraud alert apps. I call today to figure out whatās going on and they say that itāll take up to 10 days to get a credit decision from when they ran the credit. Today, 1/18 my MINI finished transfer and I still donāt even have a credit decision from Ally!!!
They refuse to talk to me because Iām not on the account even though they know I applied and have an application w/ my SSN and info attached to that account. They communicate via USPS and donāt even call the applicant, which is ridiculous in COVID19 mail delays and in general, 2021. The person whose lease it is has to take the entire burden of speaking with the bank about everything, which ya know, is hard because PEOPLE WORK.
But the silver lining of this all is that they guarantee transfer within 28 days from initial application. I had hoped that since Ally is my bank that a credit decision would be super simple, but Ally continues to live by their terrible reputation. end rant
1/20 Update: got a call back after speaking with them this morning that I was approved. Hoping this next part of the process will go quicker!
1/29: original lessor received transfer documentation a day late (Ally somehow got the address wrong??). He signed, then put them back in the Fedex box so I can receive the packet to then overnight it back with a certified check (who has a bank that does money orders or certified checks anymore?) with the transfer fee and notarized signature for transfer. Needs to be back to Ally by 2/9.
2/4: everything sent in and received. They didnāt scan my double sided documents as double sided so they called to say that I was missing insurance information. Of course, by the time I called them back I waited on hold for 30 minutes, told theyād call back again with the info, and by 4:30 still hadnāt heard anything so I called the stupid 1-866 number again and got an email from someone else to re-send documents since theyāre working remotely and wouldnāt be able to scan the originals I sent in. 2/5 the agent was out of office and nobody else can work on my file. 2/8 the agent was out of office and nobody else could work on my file.
2/9: supervisor supposedly told agent to push the file to completion today to titling department. Who knows. Nobody confirmed it was completed. Iām supposed to receive a Fedex packet with registration info to register and pick up the car.
Take away: this company is in the 2000s. No electronic communication. Makes you call the toll free number and sit in a queue to only have you talk to someone who canāt help with your specific case and your agent never calls you back. They donāt provide the extension to get in touch directly. And they donāt use emails except to send docs after I harass them. Throughout this entire process Iāve received a single phone call saying the transfer was approved but nothing else except when my documents were missing and then no further information. This is not worth $595 and all the wait. Never ever ever again.
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You actually bank with ally? My god how long does it take to get new checks in the mail. 
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I got enticed by the amazing interest rates compared to PNC who I had in PA, and stayed because the app and website are amazing and so user friendly! The bank is great, Iāve never waited on hold for more than 2 minutes for anything and my checks are free and come within the week 
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Crazy how one branch of a company can be so different!
I agree - Ally Bank is actually pretty good, especially how theyāve improved their mobile offerings over the last few years. Yes, surprising itās night/day, compared to the other arms.
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Ally does not exist as an option for me. Anything else but that.
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Ally is what use to be GMAC, and from my dealings with GMAC, I never had any problems with them.
I am trying to get a lease transferred to my name with ally. This is a joke, they are obviously doing this on purpose to get people to just quit. I gave up, seller can deal with them, I have a feeling by the time I get approved, I am not going to want the car anymore.
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It would cost them nothing to just say no to lease transfers.
For nothing in return, why would they create an elaborate system that costs a small fortune just to string people along until they give up?
Elaborate system? They are using the same department that does the typical leases.
Why only use fax or snail mail for lease transfers? But they have a robust system for new leases or any of their other banking. It takes a month for lease transfers, but hours for new leases.
Outside of a minimal fee, they donāt benifit from letting the original person off the lease. They would much rather you not complete the process. They are using it as a perk to lease with them, but donāt actually want you to go through with it.
They would be out $0 if they just said no, so they arenāt paying a bunch of FTEs to sit there mailing and processing pointless letters.
According to your market research, what percentage of Ally lessees are aware before they sign that transferring their lease is an option, and then what subset of that population makes a decision on which car to lease/what leasing company to use as a result of having this information?
Not sure why we are getting so deep into this, but I will bite.
Again there is no added cost or very minimal addition just to offer it. So even if they only got a handful of people per year to notice it, they didnāt pay much or anything to receive those applicants.
Explain to me why this system is so difficult? Itās a credit approval, transfer documents, and then registration. Credit approval takes at least two weeks, which should take hours. The person I am getting the car from stated three people have already been denied by the approval process and it took about a month each to figure that out.
I would guess their decision to remove the ability for lease transfers is right around the corner.
Is this based on your experience running a department for an international financial services company?
The more Byzantine the process, the more expensive it is, so your points are self-contradictory.
This is the real issue - as I have said in respect of BMW and is likely the case with others, they seem hesitant to transfer to people with a different credit profile. Why should the bank take in potentially more risk than the person they originally contracted with? The person they contracted with is basically stuck so it is entirely at the prerogative of the finance company to decide what makes sense for them.
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Not sure why you think it would be more expensive. They are forcing fax and snail mail to prolong the process. They are prolonging the process to spend less time on it.
If they had to stop everything they are doing for this, or create a different department to handle these, I could see the financial burden. But the reason this is taking so long is because they have no motivation to do the transfer.