Still in the process of trying to flip my lease right now. I have a 2019 GC Limited with 13k on it, payoff with tax is $24500 per Ally’s quote online. Vroom is offering close to $35k now but the dealer payoff is $39k.
Figuring I couldn’t do anything, I called the manager of my local Jeep dealership and he said if I come down, he will be able to get me out of the vehicle and let me pocket “a great deal of money towards my next lease or give me a check back”. I’m curious as to how he would be doing this if the payoff is that high… do certified Ally dealers have a different payoff amount than what they show me in the dealership or something?
Makes sense. I know a few years back they did something similar with my Wrangler… payoff was 22k for me and the value was around 30k but the dealer payoff was mid 30’s so the dealer had me fill out paperwork to “buy it” from Ally and we split the equity 50/50, which at the time, I felt was fair.
Is there a way to figure out which dealerships have this relationship? My original sales rep said “nah we’ll just send it back to Ally” but I’d be pissed if I found out they paid my buyout and sold it for $10k more. I’d like to just buy it and resell but in NY it takes forever to get titles and all that, sometimes up to 90 days which by then the equity could be gone.
Went in to the dealer to get some more information and even got the dealership manager and lease buyer to sit with me. They confirmed what I already knew, that Ally has different payoffs for dealers, 3rd parties, and for current lessees.
If I wanted to trade my GC in to the dealer, the payoff is $38,720 as of Friday (7/2), so if I go that route I would end up owing almost $9k on the trade in because they were only offering $30k… dumb idea.
So then I ask, ok what if I just turn it in like normal and get rid of it, what happens to the vehicle? He straight up told me that because of their status with Ally, they will be able to buy it from them for my payoff plus a $495 administrative fee… so the dealer can make a ton more.
Seems to me that’s a little unfair and unethical… the dealer can buy it from the bank after I turn it in for what I owe, but if I want to trade it in for profit towards a new vehicle, they inflate the numbers…
Not sure what you find “a little unfair and unethical” about it? You are renting their vehicle. You do not own it. It is not your asset to make a profit. They do allow you to buy it for the payoff as per your contract. You can buy it and than turn around and sell it to whoever you want. In a normal market when most leases have negative equity no one complains about not being able to sell it. Some have been more fortunate than others to take advantage of the equity in their leased vehicle.
