Ally told me the residual value / buyout price on my lease contract is non-negotiable, that I could pay them directly instead of going through the dealership, and that I could even buy out my lease early without penalty, which I did with 6 months left on my lease.
And to answer my question above, Ally told me not to include Texas motor vehicle sales tax when writing the buyout check, that I will pay the sales tax when I register the title in my name.
Good to know, thanks. Have you completed the transaction and received your title? Did you just call and then mail them the check and that was that?
I called Ally and asked for the buyout amount. They sent a letter to my Ally online accountâs email inbox within a couple days - I kept checking my account. The buyout amount was only good for about a week since sale price changes with the market. It was toward the end of the week when I made up my mind to buy it and I asked them for buyout instructions. They sent me another buyout letter and the buyout amount decreased by about $500! Ally will accept a cashierâs check or a personal check with your name on it. I overnighted the check to the address they provided and my check cleared before the one-week deadline. I am still waiting on my title, but I have heard it does take a few weeks to receive it.
UPDATE: My buyout check cleared October 29. It is December 7 and I have not received a bill of sale, lien release or title from Ally. I contacted Ally again on December 1 and they said they would put me on a list to receive emailed documents to sign in a week. I received the Bill of Sale and Odometer Statement documents to sign via DocuSign on December 9. Ally processed and signed the documents on December 14. Ally said the title would then be overnighted to me via FedEx but I received it via regular mail on December 20.
Since Ally took more than 30 days (from October 27 to December 14) to release the lien and send the title, I had to pay a late penalty of $238 when I paid the vehicle sales tax and fees. I am calling Ally for a refund but I have low expectationsâŚ
Cool, thatâs helpful. Was the buyout amount the same as the amount as what was on your original lease agreement?
The early buyout amount was about $2,000 more than the residual value buyout amount I would have paid at the end of my lease in 6 months.
This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.