I just closed on my ally buyout. A dealer can buy it from you/ally for their inventory however the 3rd party/dealer purchase for inventory quote is much different than your cost to purchase
My options with lease maturing soon were:
Turn in and pay miles overage fees + taxes
Buyout at my residual @ 298xx
Dealer purchase for inventory @ 40550.
So in order to sell it to an ally dealer or other 3rd party I’d have to write ally a check for 11k. That’s why it doesn’t make sense to sell to 3rd party with ally, and your options are to turn it in or purchase it yourself and sell it to anyone.
In my state the buyout from ally has to be done through a dealership and luckily their doc fee was less than $200. They spent an hour doing the paperwork.
If I’m looking to trade in my leased car with equityhacker and then buy a new car, but I still need my car before I purchase the new one, what’s the right order of operations? How do I time it so that i know the trade in value first and then can make sure I don’t have a period without a car?
Online wholesalers would normally give you a day or two to do paperwork (gather docs and payoff letter) before they dispatch a truck for pick up. Overall process is like a a week or so.
I understand that BMWFS does not allow a 3rd party but out, however my brother has a 2020 X7 that I want to buy out. We are both in a situation where we can buy it out cash, but it would need to be registered in NY (my location) instead of NJ (my brothers location). Any insight on how to do this without paying tax twice is greatly appreciated.
While gifting gets you into sketchy territory of legality, could you transfer the lease from NJ to NY - is there more than 6 months left on the lease, or could you extend to 6 months?
Alternatively, talk to BMW of Manhattan, they are owned by BMW Corporate, so they could facilitate a buyout for the minimal NYS doc fee more likely than not.
Unfortunately the lease is up in May. My brother contacted the dealer in NJ that he leased through and they basically told him he either has to turn it in or buy it. I will look into BMW Manhattan to facilitate!
Has anyone recently done a Kia lease buyout or trade in recently (to a non Kia dealership)? I heard they are difficult to get a buyout but wanted to see what experience some others had.
No they are difficult to get the title in a timely fashion and that’s why most dealers won’t touch em.
You might get lucky but that guy who buys it won’t be there in 90 days when the title doesn’t show and they get canned for taking a Kia
