Looking for your advice. I’ve read others having difficulty in 3rd party buyout and lease transfer in Ally financial lease.
I understood that they quote different price for 3rd party buyout and lease transfer doesn’t exist anymore.
I reached out to Ally, the buyout option they gave is about 40K (5.5K higher than the RV, 12 months left in a $450/m lease)
My question is, if i buyout without finance, can I sell it 3rd party with the papers? Is it even legal? Meaning do I end up driving without registration?
The KBB value is, $39.5K, so by paying tax and tags I might end up losing 3K on a Hybrid Highlander with 17K miles after 2 years of lease.
If you buy the car, you pay sales tax and there is no way to avoid that in NJ. That means if you pay cash, you then own the car, and legally can sell it to anyone, burn it, send it off a cliff, whatever. You can’t drive in NJ without registration or temp license plate without getting arrested (in theory).
Why are you trying to get out? Ally does not offer transfer anymore, and 3rd party buyout is at the cost Ally sets. Your buyout is RV + remaining depreciation.
If you buy a vehicle off lease in NJ, They’ll have you listed as the buyer (retail) so you’d have to pay to title in your name and pay minimum # yrs registration. This avoids title jumping and sales tax evasion. For dealers, there is a second reassignment which permits wholesale.
[quote=“svrajeshdct, post:1, topic:453249”]
My question is, if i buyout without finance, can I sell it 3rd party with the papers? Is it even legal
[/quote]. In summary, no title jumping is not legal.
To answer, others question “why” part, I was trying to explore my options to get a EV now to use the CUNJ rather than waiting for an year for the lease to get over.
