What’s the trick to get a good offer? Can one negotiate after their offer? Maybe show them one of the online offers that is high.
To not waste either of your times, i’d pull up, mention you’re interested in selling the vehicle. Tell them your highest offer and ask them to beat it. If they can’t, most dealers will tell you right away and you don’t waste any time. I have had a dealer or two waste my time coming way under though so ymmv
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No. The brand is averaging 1100 cars a month, roughly 5 per store. They’ll be grateful someone checked that their phones still rang.
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Does anyone know the workaround for selling an Ally lease? Trying to help my grandpa
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I just checked with the Alfa dealer today, their price to buy the car from Ally is roughly 7k more than mine, which means I can’t make any profit unless I buy the car and resell. Hate Ally. Can’t make any money on my car, and have to overpay for the next car. Lose money both ways.
My other post here: https://forum.leasehackr.com/t/alfa-lease-ending-in-3-months-sell-to-make-profit
Don’t forget that MyCarAuction or others can buy the released title which means you don’t pay tax.
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I thought a very few can. I noted this one (mycarauction) down and checked with them too earlier. Their price was lower but will get on them again to see what can be done.
What is released title? I pay Ally, and then they release title, and I show them online proof? This way they don’t have a different buyout price than mine, makes sense.
A title that says the original owner has released all their interest in this car and can be used to issue a new title in the new owners name. This usually triggers tax payments when you go to ‘reissue it’ unless the bank already collected it ahead of time (which you verify in your buyout). Depending on the bank, it can take 2 weeks or up to 2 months.
I think what you’re recommending here is “open title” which is illegal.
Huh? A released title is normal
No it’s not if you’re not a dealer. When you pay off the car you are required to pay taxes. Selling on the “open” title is attempt to avoid taxes that you owe, at least in most states. The legal answer is take the released title, go to DMV and pay taxes and get new title issued in your name and then you are free to do as you wish.
I have no idea what you are talking about. Released titles are part of the buyout process. Whether tax is precollected depends on the bank
When you buy out your lease, that is a change of ownership. If you are not a licensed dealer, you need to take the released title and turn it in to the DMV to get a new title issued in your name before you can resell the car. In most states that also requires payment of sales tax, which the lease company might or might not collect as part of the payoff and if not, you pay at DMV when you title the car.
That is very true, however companies like MyCarAuction are bypassing the DMV step. Mentioned here many times
Just because they will do it doesn’t make it legal. The tax man doesn’t like missing out on his $$ so anyone going this route should be aware of the risk.
You might not know a rule in CA is that Sales Tax is refundable if the car is sold within 10 days of retitling.
Hence the Tax man here in CA loses nothing. @stk123 is located in CA hence why I gave him this option.
If you buy out a lease in CA with the intention of reselling, you are exempt from sales tax.
The problem people have been having in CA is the “10 day” rule, because most dealers won’t take a title release, they want the title in your name.
As we all know, once you go to the DMV to title the car in your name, well over 10 days will pass. However, many people on here have been successful in getting the tax amount refunded by documenting exactly when they receive the title from the DMV (not the release title), selling within the 10 day frame and showing supporting documentation with the proper forms to CA.
This is especially helpful if the bank forces the sales tax on your payoff or if you’re selling to a dealer that requires a free and clear title in your name.
If you do sell to a dealer that is willing to take a released title, you’re basically skipping the pain in the ass steps, and it does not violate any laws because you never owed those taxes anyways, granted you sold the car within the time frame.
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Equityhackr not accepting Ally.
I get error “We are unable to purchase Ally leases at the moment.”
What a shame!
A friend of mine told me that some high volume dealers who regularly work with Ally can buy out any Ally lease for just a few hundred dollars markup. Can anyone confirm if that’s true?
I have a few names I have saved from various threads, but is there a bigger list of companies that will buy released title from Ally? CA state.
Names I have so far, mycarauction, gmtv, carstub,trade-in-sol, whipflip, equityhacker (won’t let me submit for Ally).