Just wanted to share this experience for anyone else in similar position or need an ally or algo experience
Lease payoff:
2020 Chevy Silverado 1500 2.7l turbo
Msrp + aftermarket parts and prepaid service 46200.
Ally lease 36/10, RV 29781
Inception 4/3/2020, 375 DAS + 375. Rent charge roughly 7600 + depreciation 5900.
I took this at the start of Covid and considered buying it multiple times and selling it. 2 reasons I didn’t, 1) ally was incredibly hard to deal with and dealers couldn’t give me a payoff. 2) the other reason was I couldn’t find a replacement that would make sense in terms of TCO for what I needed at the time and therefore watched the market and repeatedly decided to continue leasing.
Finally lease end is near 3/2023 and I had to make a decision, turn it in and pay disposition and overage fees (4500 miles over) or extend (375/mo) or payoff and find a vehicle. I was going on vacation and decided to purchase after making all payments and paid RV + tax + dealer doc fee. I told the dealer I just wanted to keep it and they made me an offer to let me walk away clean (316xx)- the cost of my buyout. I paid 26600 in cash/check and 5000 on 2% cash back CC.
I expected my title to arrive within 4 weeks but it took a whole 7 weeks. In that time I put an extra thousand miles on the car and narrowly avoided a huge collision.
Based on MMR from @Bumboola i knew I had quite a bit of equity despite an accident history but didn’t want to spend to much Time figuring it out. I got offers from all the usual online people, wanted to get carmax and autonation but the nearest dealers are 2 hrs away. Algo and CarbuyerUsa were the highest. $35600 was algos initial offer and on the phone the guy was persistent and don’t wanna let me hang up. I wanted 36500 and we settled on $36000 even.
Picked up today after sending in title 4/27. Easy transaction, the guy that picked it up just wanted the keys and did a very quick inspection. Check for 35905 in envelope (net equity 4300).
Overall TCO $246/mo x 37 months and 34500 miles. Had I purchased immediately, and sold now, my TCO would be about a $100/mo but that diff was worth knowing I had a reliable and useful vehicle in the 3 years of Covid turmoil.