I’m in the same boat as many people on this thread. Got a 20k buyout offer from Carmax on my 18k RV. Another dealership offered me $300 over that, and I agreed to sell it to them. However, they came back and said that the dealer buyout from Ally was 28k (10k more than what I can buy it for).
Now, I’m considering going down the route of buying the vehicle myself and selling it to Carmax (or a private party or another dealership). I’m trying to understand the tax ramifications. If I have to pay 7.75% sales tax, that sort of kills the deal. TIA.
I’m glad I found this thread, I’m not happy to find that I never should have leased from Ally.
I thought I was ahead of the game but like most people here have run in to all the same problems.
2018 Ala Romeo Stelvio live in southern California
Buyout is $27K
Carvana offer $29K
Vroom offer $28K
Shift $25K
CarMax $26K (asked her to see what her pay off is never heard back she did say when she gave me the quote “very often you’ll find different dealer payoffs from consumer payoffs”
I tried to initiate process with Carvana and they wrote within 12 hours and said no we cannot move forward.
Went to initiate with Vroom and 8 days later they sent a contract, I got excited that it was working, and got to the bottom of the contract in very small print and said buyout is 35K you’ll owe us $7K (I can end lease for $3700)
I had an actual dealer say they were quoted $35K buyout
Swapalease is obsessed and calls every day wanting me to list the car with them for $300. She kept insisting over email over multiple days that her payoff is the same as mine except for possible difference of sales tax. She’s the “expert” and I am confident after reading all of this she’s going to realize she has to pay 35K too…and even if I do list the car for sale at 37K it’s about $5K higher than other one on the market so no way anyone will pay that.
I called Vroom to call them deceptive with them giving me an offer, then sending me a contract for sale when there’s a $7K difference. The woman was very flustered, said I had to speak to another department and I’ve been on hold with them for 1 hour 22 mins and nobody has picked up.
I have faith the one person that said Vroom adjusted payoff and checked again but I’m not holding my breath.
I have a good lease deal to get in to another car and really don’t want to wait the 5 remaining payments. But I’m not in a position to buy the car and resell it and hope it all works out.
I called the Alfa dealer to get a feel for what’s going on: they said they absolutely need all their cars back because they’re so busy but then he proceeded to sell me on getting in to doing a deal for a new lease even though I’m 6 months out and they only pull head at 3 months. Then said they dont have a car shortage it was only in January of this year and in fact they have over 100 Stelvios in stock to lease. Then he called multiple times and emailed trying to get a new deal. A few days later he sends me an ad to lease for 299 a month. Almost fell out of my chair.
I wouldn’t call Vroom deceptive over their buyout price that they receive from Ally. Your payoff, the dealer payoff, and a third party payoff (like Vroom) can all be significantly different. Nothing in the initial offer from Vroom states what the buyout is until you receive the paperwork.
I called Ally customer service (888) 925-2559. Since I live in a CA, which is a “personal property tax” state (they were not able to explain to me what that means exactly), they have to do some special calculation to give the exact payoff quote.
They said that they would upload the quote to my Ally online account inbox in 1-2 business days. When I went through this with them last month, it took a little bit longer, they also physically mailed it to me. By the time I received the physical letter, the quote had already expired.
The dealer used a different phone number for the the dealer payoff quote, 888-919-2559. That number mentions RouteOne as well.
I am in a 2018 Mitsubishi Outlander PHEV SEL AWD. Leased with Ally Bank and so I found out today Dealer buyout is 7k higher than my personal buyout from them. If I were to buy the car it’s 20,178. Dealer was quoted 27,224.73 to buyout. Because of this Carvana will not buy it after offering me 21.6k. Algo and Vroom both said the same thing. So Hackrs I’ve got 10 months and 2k miles left what should I do?
It’s Ally’s fault for not selling to Carvana, not Carvana’s.
The banks don’t want you to sell it to another dealer.
Your only recourse is to buy the car, pay tax, sell it to carvana, and you will probably lose money.
Other answer, keep car, return in 10 months.
Great question. They quoted my buyout price without tax and said at the bottom you may need to pay sale tax.I don’t think I paid more than $400 in taxes when I leased the vehicle.
Thank you Max for your encouragement. I agree about the equity. I am strongly considering writing ally a check! Process takes a few weeks to get the title.
