Hi Folks
Need some advice. A few weeks ago, I posted that I wanted to get rid of my Giulia and someone adviced to sell to Vroom. I got a payoff quote from Ally for 31.5 and Vroom offered 31.5 as well ( a few dollars change difference but anyways).
I started the process and Vroom and just realized that Ally had a payoff quote of 32.4K to them (as its market value , not private value). Now Vroom is asking for 990 bucks negative equity pay-off , as Ally provided different values to me and to them as private party vs market values.
Anyway to handle it? I don’t wanna pay off $1k if i can avoid it. I know a couple of people were originally interested but I thought with the Vroom quote, I wasn’t upside down at all.
Make sure Ally didn’t accidentally add in tax.
So your payoff quote shouldn’t include tax because u are selling to a dealer. And if so u don’t pay the tax is this correct?
No there is no tax in this equation. If I buy it out myself for 31.5 , I think in that case tax would be applicable (if i take the car to the DMV?). but im wondering should I buy myself and sell it vroom… :s
There is no tax if a dealer buys it.
Correct. What Ally is saying:
Payoff if I buy it: 31.4k
Payoff if a dealer buys it: 32.5k
They are selling me based on value of payments left but they are selling to dealer at “market price” out of contract… WTF
My lease is with Ally i was thinking if i tried to sell to dealer pay off would be higher than what they quoted me as pay off.
Exactly…basically if I sell to Vroom now, I have a negative equity of 1k.
