Selling to vroom - issue

Depends on the state. In Michigan you have 14 days IIRC to flip it without paying sales tax.

Looks like i am stuck with me. Maybe will take the hit when i get a new higher paying job. Right now i cant afford on this.

Even if this is an option, OP cannot sell the car without the title. I do not think he will get new title in less than 14 days.

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You can get a title overnight shipped when you pay the car off. Even without that I’ve never had it take more than 3-5 business days.

Cannot tell this about NY DMV when i was waiting almost four weeks after that car was paid off.

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Most states :slight_smile:

Some states have a grace period on sales tax like you said! Michigan, California to name two.

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Oh I was just referring to a lien payoff letter. Yeah who knows how long DMV will take :rofl:

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I’m in the same situation, except mine is out of a desire to change vehicles rather than a need to.

Ally 3rd party is way more than expected
Dealer then tells me they get an even bigger dealer payoff number- this one doesn’t even make any sense. It’s at least 2500 greater than the RV and remaining lease payments combined.

It’s been a headache, I don’t understand the Ally numbers.

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Are you sure you were given the right buyout? I’m trying to figure how you have 1 year left on something as pricey as an Alfa but the payoff is already down to $21k. If your MSRP was something like 46k, you are already at 45% RV with a year to go?

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Pretty sure all the payments have to be made weather you turn in, buyout or sell the car early or not. Then you can buyout the car at 21K.

But I have never done it so clarify if I’m wrong here assuming that.

No idea what you are trying to say but buyout now is different than RV at lease end. Does buyout now include remaining payments? Not entirely. You get a break on some of the interest that has not yet accrued.


IMO this is a learning process. I had smilar situation with my local credit Union and my advise is that we need to know if there is an option to sell the car during the lease and at what condition before we sign the lease and how they structure the 3rd party payoff number.

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For banks that charge a higher 3rd party pay off, it’s usually based more on what they think market value for the vehicle is. It isn’t based on how much you have paid.

Think of it more like this: you signed a lease that said you would pay a certain amount for the vehicle. That includes a buy out amount if you want to buy the car out. With a 3rd party buy out, you’re saying to the bank “hey, I’d like to sell your asset to a dealer, cool?” and they’re saying “no prob, we think it’s worth x amount, so they can buy it for that.”

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That’s my statement or question to you or anyone else that knows.

If you sign a lease aren’t you liable for all the payments? So what’s the advantage of Ally letting you out early to buyout or sale the vehicle? I thought they’d want all their payments then you can buyout or sell the car.

Is that not the case? Asking because my wife has a lease thats up in a year that she’d consider selling early if she can break even or make money on if possible.

No this is not true whatsoever. Has been discussed many times, search. For most lenders it’s very straightforward - your net cap cost minus depreciation paid. Regardless it’s as simple as requesting your current buyout from the lender.

But Ally is different.


Think of it like a loan.

If you buy out the loan sooner, your cost is based on how much you’ve paid down, not all the remaining payments. You don’t pay all the interest on the upcoming payments if you pay it off early.

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Definitely makes sense, thanks!

Definitely a learning experience.

I didn’t think of the need to transfer or sell before lease end, but now those seem like good options now and in the future.

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I’ve had an interesting experience along the lines of this topic. Apologies if this belongs in a separate/different thread.

I think I sold my Ally leased Stelvio to Vroom last week. I’m in Texas. They picked it up, sent payoff to Ally, and I got a tiny bit of the “equity” in the form of an overnighted check. The payoff check posted to my Ally account on Monday showed as paid off. Last night I log in to see if the account has been closed yet, and the payoff payment has been reversed and shows as “reallocated,” and my January lease payment is showing as past due.

I called Ally today, and they said there was an issue with the payoff information provided. During the sale process, Vroom refused to call the dealer payoff line on my behalf, and Ally refused to give me the dealer payoff. Instead, Vroom had me sign over power of attorney for the sale of the vehicle. My assumption is that they did this so they could essentially payoff on my behalf versus paying the increased dealer payoff, and Ally called bullsh on that.

As it stands now, I’m on the hook for a vehicle that hasn’t been in my possession for over a week. Nobody has tried to contact me about this, which gives me hope that there is truly a paperwork gap, and Ally and Vroom are working on it…we shall see.

Has anybody else experienced anything like this?

No. But I suggest you make that payment and hope to avoid a credit ding. If everything works out, you should get a refund.