Have you contacted AlGo to see if they were refunded the delta?
Update: so after all the back and forth and filing a BBB complaint against Ally, I got a response from Ally saying that they had a clerical error in which they closed my lease as a lease return instead of a dealer buyout. They agreed to their error and will be sending me the entire surplus amount that I am owed.
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Ally lease payoff info:
My buyout 34875 + taxes (5 %)
Dealer payoff : 41800
I’m being offered 38500 by a couple of the sources.
Still have 1500-2000 in equity after taxes but risk market changing before I can get possession of title.
This is all nuts. How can these banks charge more to a dealer than the consumer itself. Is like if they don’t want you to sell on purpose.
They can sell their property for whatever they want.
You have a contract for you to buy it at the rv, but you don’t have a contract to sell their car to someone else for that price.
The real surprise is that any bank allows you to sell the lease for under market value, not that some don’t.
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Makes total sense- this was not known to me a few months ago.
My point was just to show the gap that ally leases have- totally different and makes it unlikely to cash in any equity by selling to dealer.
The option to buyout myself and sell is there- but that’s not enough money to move on from this with taxes accounted for.
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As soon as the market turns back from the current state, none of us will have these problems anymore because most all of the leases will go back to being negative all the way to termination😜
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Exactly…
This gives me some new ideas for class-action lawsuits.
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I’m really wondering about this.
T: Hello your Honor, I’m suing XXX.
J: Why
T: They won’t let me sell their property to Carvana
J: Excuse me did you say ‘their property’
T: Yes your honor, I leased a car from them and they allow me to buy the car, but they won’t let me sell it to Carvana
J: Umm…why don’t you buy the car first then sell it to Carvana
T: Because then I have to pay Taxes on it.
J: So let me get this clear, you want to sell something you don’t own, force the Bank to get on board with this idea, spend their time and money to negotiate the price and accept the check from Carvana, and you pocket the difference?
T: That’s pretty much it? Can you certify the C/A? I’ve only got 90 days left.
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There’s gotta be some kind of a loophole where they shouldn’t care where the money comes from-as long as the property is paid for…maybe a power of attorney or I can’t make sane decisions so i give this “company” the right to do so…when I sold my Hellcat to the local Toyota dealer-I gave them my payoff from Chrysler Capital and they paid off the car-there was no issues at all…some banks try to squeeze out as much as possible
I haven’t gotten the 3rd party payoff to Vroom from Ally for my Tacoma but hopefully it’s not much different than my payoff…will see
It’s simple… they want to sell their vehicle for market value. They’re going to sell it to anyone they can for market value. They have a contract with you that limits them selling it for market value, so begrudgingly, they’ll sell it to you for under market value. They have no motivation to sell it to anyone else for under market value.
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This message is on the buyout quote page. I’m assuming it’s pretty black and white that I cannot sell to a 3rd party prior to my lease completion?
“You and any co-lessee may buy the vehicle. Remember to make arrangements to have any outstanding recalls completed by your dealer before sending in your payment. Otherwise, we’ll be unable to grant your request to buy the vehicle and any funds received for the purchased will be returned. Keep in mind that if you want to arrange for someone else to buy the vehicle you’ll need to buy it from us first.”
That last sentence is for “someone” and a dealership wouldn’t be considered a person. That means if you want to sell it to your uncle, you need to buy it first, and then he buys it from you.
How bout this:
T:Hello your honor I’m suing XXX
J:Why?
T:Because my residual value is $25,000 and I have $5,000 in payments left.
J:Yes
T:So Ally told me my buyout was $30,000.
J:And
T:When the dealer was at my place, ready to pay me $36,000, Ally told them their buyout was $37,000
J:Hmmm…sounds like Ally is piece of shit company.
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2019 Tacoma OR 6MT with 23K miles.
Vroom offer: $38.5K
Ally personal payoff: $31.5K
Ally dealer payoff: $33.0K
Took more than a week and one call but it appears to be done. Sent over signed contracts.
Will keep you updated. Not done until P/U.
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How did you get your payoff from them? Every time I call they say I they can’t give the info and that it has to be done through a dealer. Did you call their dealer line?
no, i didn’t get it. vroom did.
the update is more problems. i decided to go with gmtv but they had trouble getting the appropriate payoff letter from ally. the rep said they keep sending the wrong forms.
i hope vroom doesn’t have the same problems. still working with them as vroom takes forever.
i am resigned to think that selling to 3rd party is not going to happen with ally.
last time i do a 3rd party lease (ally, usbank).
I had recently sent in my cashier’s check to Ally to purchase my lease so I can sell to Vroom. Fedex showed that the envelope was delivered to their overnight address on 5/13, but as of today, the payment still has not posted and every Ally rep I spoke to has given me the standard line that it need to be transferred from their overnight address to their PO Box address, before it’s posted. They’re saying this could take 3-5 business days. Anyone else run into this issue? Had I have known, I would have sent to their PO box directly.
So vroom will contact ally directly and then show the payoff in their system?