If i paid off my entire lease amount early and returned my car 3 months early . Should i be getting an early termination amount from Ally??
I leased many cars and returned them early after paying the lease in full. Not sure if Ally is different?? They are saying they will sell the car in auction and the difference sold from the residual is how much i will pay. I am hoping this is an error but want to ask if any one is familiar with ally.
Somthing like this in the letter i got
Today I received a letter from Ally. Here’s what it says. "Because your vehicle was returned early, CA law requires us to tell you that the Gross Early termination Amount is $XX,XXX.XX. We are not asking you to pay this amount now. After the vehicle is sold, we will use the Gross Early Termination Amount to figure the amount you owe.
The amount you owe for early termination will be no more that the difference between the Gross Early Termination Amount stated above and (1) the appraised value of the vehicle or (2) if there is no appraisal, either the price received for the vehicle upon disposition or a greater amount established by the lessor or lease contract."
That’s assuming everyone who lease a car and pay the entire lease amount will have to pay a fee after the car is turned in? Makes no sense… why do I have to worry about the cars auction price after I return the car?
I agree if you pay what your obligated to pay they shouldnt stick you with anything else. Guessing this also means that if they make over the set amount you dont get anything back? I know GM used to give the difference back.
I received the same letter. I turned my car in 3 weeks early but the lease was paid in full. I was supposed to get a mileage refund from pre-paid miles at the start of the lease. I called Ally to have them explain this, it took a while. I had to have it bumped up to a supervisor, but in the end If your lease was paid up to the lease end date you will not owe any extra money. The person at Ally agreed that it was a confusing letter.
Do you think I need call Ally and do the same thing or is this letter just given out to anyone who drops the car early? Sounds like its just a formality and required by law to inform the leesor.
cpak, I would give them a call just to clear things up. You might have to talk to a supervisor because the first person you speak to is usually the least informed. I believe there was a phone number in the letter.
