So I thought Ally leasing was the cat’s meow, no sec. deposit, no end of lease charges, etc. Well, end of the lease comes and I’ve got serious equity in the car especially with the current market situation. Unfortunately, Ally has done everything in their power to make sure they get the car back at end of lease. Total nightmare. First, Ally, as many are painfully aware, make it virtually impossible to get a buyout directly from a dealer. So I find a dealer who will finance a personal buyout of the car and then I can sell it to them and still make some money.
Well, Ally pulls another fast one and basically doesn’t allow even personal buyouts in Florida which has left me in a very frustrating situation. The dealer appeared to have a way around all this, but as I write this I’m into a three week nightmare trying to get this resolved. The dealership has paid Ally and says there is nothing else to do, Ally says they are waiting for the dealership to complete the transaction, and I’m pulling my hair out trying to get this resolved, get the lease closed and get my check(s).
Anway, the point of this wasn’t really a sob story, I’ll get through it, but I wanted to warn others about staying away from Ally.
TLDR: With an Ally lease in Florida there is almost no amount of equity that makes a buyout worth it. Avoid Ally leases at all costs is my recommendation. They have concocted every way possible to make sure THEY get your car back and no one else, not even you.
Ally Financial is based out of Jacksonville FL, but I guess the rule you’re referring to says they need brick and mortar branches in Florida? OK, then I stand corrected on that point, but the main point remains, don’t do Ally leases in Florida if you have ANY possibility of doing a dealer or personal buyout.
Errr, last I checked I belive it was that they needed to have a dealer, but I could be wrong. Not a Florida dealer law specialist and I have better things than to read archane Florida laws.
Fair on that point, but Ally structured the lease such that Dealers have to pay about 8k more than I do to buy out the car. Or are you saying that is not Ally’s fault either ?
So you are saying you are trying to get equity out of an Ally Lease? then Yes BEWARE they are horrible. I did say they suck in so many ways, but your OP piece makes it front and center that’s it the buyout rule and lost check issue. It’s not.
BTW Ally is not the only company that charges Dealer buyout rules. In fact they are the norm right now. What’s not norm is that their own dealers have to pay more, that part really sucks.
The only bank worse than Ally? Probably Volvo, you can’t even trade it in unless you want another Volvo.
This was an Alfa Romeo, I took it back to the Alfa dealer and they said that none of this would have been an issue with a Chrysler lease. So that’s the moral of the story, buy a chrysler product - get a Chrysler lease, even if its a few bucks more.
No, I’m attempting the second outcome, buy it out. The lease didn’t make specific that I couldn’t do that in Florida, and like Hershey, I’m not much on staying up late reading Florida Statutes before a lease purchase.
Are you trying to buyout the lease personally, register/pay tax, then resell to another dealer to capture the equity, as it would be less than the market adj price ally is charging?
However you are running into issues with actually purchasing the lease personally to accomplish the first step, right? As FL is a state that almost basically requires you to go through a dealer to accomplish this.
If you had to go through a dealer for the buyout, which is common in FL, then I misunderstood because you also said that there’s some sort of workaround that the dealer’s attempting.
The dealer very well may have thought the way around it was to talk the OP into a new Ally lease. I recall that being one of the workarounds previously then of course you have a new Ally lease.
