I have been following this thread and this is my latest experience with Ally - today…
2018 RAM
31k Residual in 2 months time when lease ends. 2 payments left.
Vroom 40k
Carvana - 37k
Carmax - 37k
Ally will not return my emails. When I call them they will not quote payoff.
Vroom nor Carvana can get a payoff quote from Ally - Ally will not quote them. Carmax finally got through after an hour on hold. Dealer payoff quote is $48250. This is more than origination cost I paid for truck in 2018. Too funny.
So I am sure Ally wants me to “return” the car in 2 months and make their profit on resale. Which I can kind of understand as they do “own” the car. Just wish they were straight up about it. I will of course not return it and buy it at my contracted RV.
BTW - Carmax business desk told me Nissan and Ford will not quote them lease payoffs right now to them due to same used car inventory problems.
In process of selling a leased 2018 Alfa Romeo Giulia to Vroom. Lease is up in Oct with about $2500 left in payments but trying to get rid of it early for new car coming in next month. Vroom gave me the best price and it was only $277 shy of the 3rd party dealer buyout. I have signed all the paper work and waiting to hear from them regarding carrier pickup. The buy out quote that Ally gave Vroom was good from 5/13 to 5/19 (tomorrow) so there is no way that will happen before 5/19. I didn’t think much of it assuming if they had to update the quote it would be similar. However on 5/15 right before sending in my paper work I got once more quote from a local dealer and they were given a 3rd party dealer buyout almost 2K higher than Vroom received. Not sure how Ally generates these numbers or why it changed so much in 2 days but now I worry that Ally will eventually get their check from Vroom and then I get notified I owe another 2K in negative equity. It still would be about even with what I would owe the rest of the lease and avoids any potential lease turn in fees but certainly not nearly as an appealing deal. Any thought on what might happen as this unfolds? Ally says the check has to be processed by the 19th which again won’t happen but wondering if there is more leeway then they admit to.
Just went to my local Alfa dealer to get an appraisal. I have a 2019 Stelvio Base with 26000 miles —- some safety features and panoramic sunroof but nothing else special. Two payments left,
Alfa dealer offered 29000 (more than others) for the car but sadly Ally wants over 35000 from the dealer.
When I signed the lease in 2019 the residual was 27190.
I did a KBB instant cash offer on my 2020 Ram. KBB offered a $55,055 buyout. A dealer contacted me and stated that they want to inspect the truck. I took it to that dealer and they said that they will give me the KBB offer of $55,055.
On my Ally statement, it shows sale price of $44,555 and additional sales tax of $2,952 for a total of $47,507. So, I’m thinking I’m walking out with over $7k cash.
The manager comes back to me and shows me that Ally wants the dealer to pay just over $60,000 for the Ram to buy it out.
Ram sticker: $67,000
Dealer price to me: $57,000
Down payment: $3,000
I have made 17 payments of $495
KBB dealer offered: $55,055 on the spot
Owe on Ally statement: $47,507
Ally wants: $60,000???
Count your lucky stars your lease came with a free option (one that didn’t require any extra payment) granting you and only you the option to buy this vehicle for $44,555, for well below its current market value.
Go look at any other asset class like stocks and see if anyone will give you options for free.
The lease agreement requires them to sell it to you and only you for way under the current market rate. They don’t want to sell it for under market rate, but they will to you because the lease obligates them to.
Totally understand. Ally has a history of taking forever to get you the title. By the time they cash the check, payoff the Ram and get me the title. The Ram won’t be bringing in over $55k. One, because it will have a lot more miles on it.
If you hold the vehicle until the last monthly period, then get the vehicle appraised by an independent appraiser who both you and Ally approve of, that establishes the wholesale value of the vehicle.
If the wholesale value of the vehicle is greater than the residual value, they have to cut you a check for the difference. It doesn’t matter what they actually auction it for, as long as you have that appraisal, you have your number.
The challenges:
Get them to tell you, preferably in writing but if not, record the call (tell them you’re doing so at the start), who are acceptable appraisers. They told me any dealer same brand will do.
Hold the vehicle until at least the first day of the last monthly period. If you turn in before that, they do not owe you the delta between wholesale and residual. What date is that? Dunno, it’s not listed in the contract because Ally is a dirty company. Again, call them and record the answer. Get the person’s name and employee ID, while you’re at it, and ask them to make the note in the file that is what they told you.
If you buy at your contracted RV, they will charge you sales tax. Depending on your local tax codes, you may not actually owe sales tax if you hold the car for a short enough period. Ally will screw you over here, too, by ensuring the title takes longer to get to you than the time you have to sell the car to claw back the sales tax.
Easy, simple FIX for that one…just park the darn thing and don’t drive it till it’s picked up, what’s the difference if it’s sold now or later-think of it as non-existing and don’t drive it
Same crazy situation with Ally. Jeep Cherokee Latitude buy out was 16,800 and offer from CarMax for 21,400. Went to Carmax to close up the deal, and Ally had to have a private conversation with them and gave them a buyout of 22,000 something.
Not willing to let this go, we came up with the 16,800 in cash and sent to Ally to buy it out ourselves to flip. It took them almost a month to finally settled the deal, for us to transfer title etc. A real pain, but the CarMax offer actually went up to $22,400 when we had what a title in our name, and super easy with CarMax at that point.
Ally was horrible every step of the way. Lies, delays and just rude and uncaring people. Will never deal with them again.
In my case, Vroom originally quoted me a higher buyout based on what Ally shared with them. After emailing my Ally buyout letter to Vroom Customer service, they re-checked via RouteOne system which matched my buyout quote. Vroom sent me an updated Docusign agreement and the car was picked up about 2 weeks back. Ally has been paid by Vroom and my account is now closed.
