Attempting to sell Ally lease to Carvana

Ask the Hackrs
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1

I have made all lease payments to Ally Financial for a 2015 Jeep GC and vehicle is due back July 30. RV is $17,262.

Carmax offered 16000
Vroom offered 17000
Carvana offered 18519

Great, I don’t have to worry about wear and tear items and perhaps I can make a quick $1200.

Ally will not give me the the 10-day payoff quote and will only give it to a dealer. So I connect the two parties and Carvana tells me Ally told them $18,348.00 over the phone. This gives me positive equity of only $171.

Not a big deal and already scheduled the pickup but curious as to why Carvana is paying above my RV? I have reviewed my lease docs and there is no disposition fee and I am under the impression that dealers don’t pay taxes. Again, Ally won’t tell me or show me the 10-day payoff quote.

Thanks in advance.

2

I am having the same trouble with Chrysler Financial not giving me the right payoff for a dealer. They even gave Carvana the incorrect one.

3

Does your state charge property tax by chance? And they Carvana give you what they feel your cars worth, they don’t go off of residual value. Also are you 100% paid on your Loan or is their another payment?

4

There are no payments remaining. Car hails from Florida and is registered there however it is currently in Colorado and the Carvana sale (pickup) will occur in Colorado. I believe there is a property tax in Colorado.

I suspect the delta is some sort of tax or interest but like I said, I am under the impression that dealerships are exempt from taxes in these situations. I am pretty sure if I decided to buy the Jeep I would pay $17,262 plus taxes.

5

Let me share you my Ally experience by selling to Vroom.

  1. Ally gave me a payoff quote but didnt mention that its a personal payoff , not a dealership payoff.
  2. Their dealer payoff to Vroom was 1K higher
  3. I decided to eat it and still sell the car with 1k negative equity.
  4. For whatever reason, Ally then gave the FINAL payoff amount to Vroom, to be the same as my personal payoff. Vroom paid that amount to Ally.
  5. After many phone calls/emails, Vroom returned the 1K back to me.
6

How did you come to know item no. 4 on your list?

At the end of the day I am still selling and have already scheduled a pickup for this Saturday, but obviously, I would much prefer $1200 vs. $171

7

Good luck and please keep us updated to what happens. I unfortunately don’t have any useful info to share on this.

8

I don’t know how/why Ally changed their mind. I don’t have a rational explanation and didn’t wanna challenge it, I did confirm twice that the lease was paid off and there were no balances.

Now, how I came to know # 4 is very interesting/tricky to explain.
Vroom Offer: 31500
Ally Personal payoff 31470
Ally Dealer Payoff : 32460.

Once Vroom paid Ally the 31470, I had $30 in positive equity and sent me a check. I was like WTF is that check coming from. It took 2 weeks to figure out that Ally only asked 31470 and not 32460. Those numbers are very similar looking, even I didn’t catch at first.

9

No the dealer is not responsible it gets added into a payment. When they make a payoff quote it includes property tax (atleast that’s how it was in Virginia when I did it through Ally).