I am looking at taking over a lease and the person is stating that the bank (ally) waived three payments and then extended his lease by three months to make up for it. Has anyone here gotten payments waived instead of deferred?
I will obviously ask ally when they will talk to me, but it would seem odd to me that they would waive payments.
I’d bet it will turn out to be deferred.
Yes, that’s my guess as well.
He was in the hospital for most of that time period, so maybe ally has a heart and really did do a good thing here. That would be really great if they did.
Ally offered a deferment. They allowed you to not make your payments for 4-5 months and extend the lease and make those payments on the end.
They were very clear on two points. That your miles wouldn’t be increased to reflect the added time. And it did mention that Gap was not going to extend through the lease maturity.
I extended thru Ally on my Tundra.
So you never had to pay back the 4-5 months? I understand they added 4-5 months to the lease, but that technically doesn’t make up for the original 4-5 months.
That’s a great policy if I am understanding it correctly.
3 months where you pay for extra registration and lose gap protection…wow
Yes but you also got three months for free. It’s not like they took your car away, you could have used it as you please.
It’s a give and take for sure, but if I had that option on my lease, it would have been very favorable.
Nobody got anything for free.
It effectively becomes a 39 month lease for a 36 month payment.
I’m pretty sure you misunderstood and all 39 payments were due by or before the end of the lease.
That’s correct. According to Ally my 24 month lease went to 29 months. And the months in the middle that they extended I will not have to pay back.
That’s great to hear. Did you get anything in writing? I am going to need ally to put that in writing for me to feel good about the transfer.
Do get it in writing before the Xfer. None of the in writing stuff was word for word what your looking for. So I called in directly.
Did I get good info? IDK. At the Tundra payment I have i wanted the extra months anyway. If they end up billing me. I don’t really care.
Treat it like buying a used car. Do your homework.
Lots of cases of scams on parts and accidents.
After reading the below link, you can tell they are trying to be as vague as possible. I read it 5 times and can make an argument for both sides. The lease gets extended, but it’s not clear what you are needing to pay.
https://www.ally.com/coronavirus-response#auto
It’s under auto extension faq
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