Dealer lease buyout more than lease payoff

I’ve got 12 months left on a 2018 Outlander PHEV lease. Looking into getting out of it early as long as I don’t have any negative equity to absorb. Trying to jump on a deal on a 2020 purchase.

That said, Ally has told me that my payoff is $21.4k (which is what I would expect based on remaining Lear balance + residual). However, they quoted the Mitsubishi dealer payoff as $22.7k. The dealer called Ally dealer services twice to confirm. Anyone have any idea what the difference is? The difference is pretty damn close to what would be 6.25% sales tax (TX rate), but that could be a coincidence.

Getting quotes from Vroom, Carvana and ALgo as well. Only a little bit upside down based on some of the quotes (as I’m trending 20k under my mileage allotment), but Ally would be dumb not to take one of these offers as payment in full as they will be real upside down in a year based on the residual. Sure they don’t think that far in advance though.

Any other good ways for me to get rid of? Someone could put 30k miles on this in 12 months for only 300 a month. Just obviously not a massive seller or high appeal car.

A lot of these leasing companies have different pay off amounts for you and third party. I believe they refer to it as third party premium

1 Like

How did this end? Were you able to sell it off?

I live in Florida.
At the end of my 2019 Jeep Cherokee “3 Yr.Lease period” ( Oct 2021) I wanted to buy out my car.
My original dealer in FL wanted to add approx. $2000 to my Buy-Out price )stated in my Lease Contract). I contacted the leasing bank ( Ally bank) to buy directly. They told me that in the state of FL. only a FL licensed car dealer can sell me the car and the bank can not. I ended up finding a smaller dealer who arranged the Buyout for a fee of $500.

I am currently engaging a lawyer , in FL, to arrange a “Class law suit” against Ally bank , in order to have Ally bank refund me $500.
If any one has a similar issue and is interested in possibly joining my Class action law suit", please contact me ASAP.

1 Like

Ally charges a different buyout for third parties. But if you are buying it out, there might not be a fee.

So you are going to do a class action against Ally , when it’s Florida Law?
I am surprised a Class Action Lawyer even went past first meeting on this.