Got a question that I couldn’t answer using the search function.
Got a very good offer for my Chevy Silverado lease from ALGO.
I get a lease payoff “quote” from ally online and it says $6,600 for me to turn the vehicle in and be done with it. With that info I assumed payoff is RV +6600 so about $36000.
I called ally to get an actual payoff amount and they don’t have it, tell me to contact dealer. I contacted the dealer and they didn’t have a number but told it’s basically RV + (months remaining * monthly payment) or about $40000.
Algo offered 40600 so I’m trying to make a decision but need the right info.
The $6,600 seems to be what you’d need to pay to end your lease early and just turn the car in, as you said. Disregard this. It’s completely irrelevant if you’re trying to buy the car (or sell it to someone/dealer, etc.).
Also the true payoff is more complex than just RV + remaining payments. You need to subtract out some rent charges and possibly taxes as well, depending on the state.
How can the bank not know the lease payoff, even if it’s just the private party payoff as if you were buying it? I would call ally back, they own the lease and control what the official payoff is, not the dealer you bought the truck from.
And as mentioned above there can be different payoff numbers depending on if it’s private party or you’re selling to a dealer. Sometimes the bank will not provide the dealer payoff to you, you would need to get ALGO to request this from ally.
Spoke to the typical phone person probably in India who repeatedly stated they could not provide me that information and has to be obtained from dealer. I fought with them and got nowhere.
Called ally lease customer service and same thing, referred me to dealer.
Person at the dealer was nice but he was giving me a specific number @ 37487 and said this was the amount I could buy it out for + taxes.
Algo upped their over the internet offer to 40800 pending zoom appraisal.
