I used a very regarded broker from this forum to get some equity from my leased car.
I received an equity payment from the broker the same day the car was picked up.
According to the broker, the payoff to the lease company had to be sent by the 3rd party dealer on the same day. It is now 11 days past but the lease company still has no payment.
The broker is great with communication and always responds to my texts. He said he requested a payoff confirmation from the 3rd party dealer 3 times in the past 3 days but hasn’t heard from them yet. He promises that there is no problem with the transaction. While this is comforting, I am really worried that he doesn’t have control over the 3rd party dealer and is getting the runaround by them.
I want to trust the confidence of the broker but there is a lot of money at stake. I only have 2 days left in my grace period. I would love to hear your thoughts on the course of action I should take if things go south.
Selling a leased car, you would probably have an expectation of 1 more payment.
Of course your payoff changes. See if you make any more from the broker.
While I can’t speak to your personal situation, every time I’ve sold a lease, it’s amazed me how long it took for the finance company to finally say “oh, we have it and everything is closed out”
My lease payoff took 2 months to be processed by Mercedes, you’re not dealing with an unusual timeline
Usually the equity check is the most difficult thing to get so that’s awesome
It’s in the dealers best interest to pay car off so they can get title and sell it
Worst case you make the payment and get it refunded as the payoff check will be too much
To be clear, I’m not expecting to have an account closed in 10 days period. I just need to be sure that the payment was sent by the dealer.
It further amazes me that the finance company can take 10 days or more to POST the check to the account after theyve cashed it.
Chrysler Financial literally just posted the payoff to my account yesterday and they confirmed the check was received 7/6.
As an added bit of humor, yesterday I also received notice from various credit monitoring services that Chrysler Financial reported the opening of a new account…2 weeks after receiving payment to close the account
I will echo this. It can take what seems like forever, and it makes waiting even worse when you’re anticipating something.