Any updates on the Volvo policy? Approaching lease end and thinking about selling.
As far as we know, Volvo’s policies have not changed. The first party is still the only person who can buy the lease.
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HMF has always allowed buyouts, but because it takes them 90 days to mail the title (except to their own dealers), no one wants to do business with them.
Sorry for the late reply! I did sell my 1yr old sonata hybrid lease through ALGO. The process was seamless. Just got a letter from HMF last week that my car was purchased by ALGO and my lease account is closed.
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Awesome, glad to hear that. Thank you for reporting back!
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Driveway is telling me that they can buy out a BMW lease- do you think that is possible?
If it is, I can actually flip my expiring lease without losing any $$$
They have multiple BMW dealerships so most likely they can.
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Does Ford Motor Credit let ford dealers buy out leases
The ford dealer here in IL - said you gotta buy it out and pay sales tax on it and then sells us the car?
did the rules change or something
If I remember right, there’s a rule that you have to go back to your originating dealer if it’s near.
original dealer was in PA
Ford always had an issue with leases.
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Also no buyout on the last 6 months of lease agreement.
Used to be 90-120 day restriction. Did they change it? Back in 2020 during the crazy drop then moonshot in used car prices I was within 30 days of lease end on a ford. Value was going crazy (late model F150) and I was told about the restriction. I called ford and extended the lease 6 months. This took me out of the restriction and I was able to sell it to a different ford dealer.
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Final Update: found a ford dealer to do a buyout
car was purchased in PA reg in IL
dealer in IL was able to facilitate buyout
dealer payoff = lesse payoff
lease had 27 months left
120 day restriction is true as of Jan 12, 2023
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So I am on this boat. Have Ally on a 2021 lease. I have equity if around $1,500 based on my payoff (around 25k) but the dealer payoff is around $29. This might have already been asked but is this legal? Is this something new they starter recently? If so, when? And I assume it had to be in the contract?
Thanks
Lenders that DO Charge a Different Payoff to Third Parties*
- Audi Financial Services
- VW Credit
- Ally, US Bank, GroovCar, and CAL
*Note some lenders do not charge participating dealers a higher payoff, so it may be worth exploring selling your leased car to a participating dealer or through Equityhackr .
If it’s ally, well that’s too small.
It’s their car, not yours no matter what you think, so it’s legal
Nope, ally has been doing it for years even before the pandemic.
Other way around, anything in the contract they are legally obligated to do, anything else they have free reign.
If they could, during the Carpocalypse they could stop people from buying the leases and sell them at auction for more money…but they are contractually forced to allow you to buy it at RV, but not contractually forced to let someone else buy it at RV.
Ally is great for rates and payments (sometimes), but unless you intend to buy it they will not help you in any way.
If you had more than $1500 (more like $5000) then there are ways like Equityhacker, but this buyout is too low.
Hey thanks for all the replies and insight. I think the part about them being contractually obligated to sell it to me at RV but not obligated to sell it to a third party at RV would make sense.
Thanks again!
Any way to get around the third party markup that US Bank has on selling their leases? I keep hitting roadblocks and would like to sell my 2019 Wrangler or trade it in for some respectable equity