Lease Buy Out Option NYC

Ask the Hackrs
1

Hi All,

New to the community. I am trying to figure something out and I am hoping you all could be of assistance.

My wife’s car is coming to the end of it’s lease, April is the final payment. We are looking at the buy out option for it. When she went in to the dealer to get more information about buying it out they said the car buy out amount (no taxes or fees) is roughly $5000 more then what is indicated on the lease agreement.

Are they allowed to change the buy out option amount?

I see some people have gone directly to Ally about the buy out (Ally is the bank for our lease) is that something we should do instead of going to the dealer?

Any other tips or suggestions about a buy out would be appreciated also.

Thank you,
Tim

2

What does your ally lease web portal say for buy out options?

There’s no reason to involve a dealer that doesn’t have to be involved.

Also, when talking numbers with the dealer, was the higher number for you to buy it out or for them to buy it out?

3

Hi,

I don’t think we setup our ally portal. I will look into that thank you.

As for numbers what is the difference? My wife went there to discuss us buying it out so I would assume the buy out amount would be for us.

Tim

4

Ally charges different rates to dealers for buy outs vs individuals, so it’s important to make sure you know which buyout they’re talking about.

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5

Absolutely go directly to the lessor instead of going thru a dealer.

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6

Your lease agreement has the residual value, not the buyout. You would have to pay sales tax on the remaining RV which could be a good chunk of change in NY. There shouldn’t be any other fees and Ally should be able to provide a detailed breakdown.

7

I am definitely going to look into the Ally route as opposed to the dealer. But this is exactly what my lease says about the End of Lease Buy Out.

“You have an option to buy the vehicle at the end of the lease term for $19,593.60, plus other official fees and taxes.”

Taxes I calculate about $2000 and fees maybe a few hundred more I would of assumed. But the deal is saying basically $24300 BEFORE taxes were even calculated (and other fees).

Thanks again for the info.
Tim

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