Ally lease ending with equity option (not FL)

Ask the Hackrs
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1

Hi, all

I have a 2021 4Runner Venture that is up in March 2024 (Ally 39/15). I’ll have roughly 17k miles on it when I turn it in. Ally purchase price to me is $35700’ish (tax included), I have CarMax and Carvana offers north of $39k. I know that the purchase price to me is different than a dealer2dealer price so my question is:

  1. In order to get my equity I would have to purchase the truck (using credit union for good rate) and then sell it to a dealer. Does anyone know if a dealership could get payoff amount and purchase the truck from me in a matter of days AFTER I actually purchase the truck from Ally?
    -Example: I buy the truck from Ally on Monday using Credit Union. I sign papers and take the truck home. Could I go to CarMax on Tuesday and be able to sell it to them that fast?

  2. Since I only have 3 payments left, any other ideas on how I can get my equity? I’d like to lease another Toyota truck.

2

you would ake a loan out to payoff the car. then when you get the paperwork takes a little bit of time. you can sell the car to whoever you want.
No need for the dealer. Or you find a dealer that can buy the car from Toyota and give you the equity

3

Doesn’t sales tax pretty much wipe out most of the equity. Regardless, I bought out an Ally lease a few years ago and it was A LOT of work and took months to get clean title and I paid cash. Can’t imagine doing all that work and getting a loan.

4

No, the purchase price of $357xx was including tax. The diff of the offers would give me $3300-4500.

5

Try @Anthony_Lopez he can buy it at your price.

6

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