For many, like me, these crazy used car prices create an opportunity to make some money with early lease buyouts. My lender, like more and more these days, has a much higher price for 3rd party buyouts so I decided to do it myself. Well I had no idea the amount of time and work it required.
Approx 30 days from when you send check to lender (in my case Ally but I assume most are similar) until you get the title, bill of sale and dmv paperwork
90 days for DMV to process the title change and send you a clean title. It’s right there on their website. 90 days!!! Also, 100% impossible to speak to NYS DMV Title Office as they don’t pick up phone.
My point is this is a 3-4 month process. So if you need the money for a new car be prepared to wait. If the market cools (not likely yet) the value will drop.