Please let me know if I should post this elsewhere.
I have a 2018 Pacifica Limited with a residual of $28,000. I made all lease payments so my account balance is $0. I received an online offer at CarMax for $33,000 so I went in and had them inspect the car. Everything was as described so I decided to move forward and was looking to pocket $5000. Instead, I was asked for a $10,000 check. When I questioned why the payoff was $38,000 they explained that Ally is charging them market value and not my residual. Has this ever happened to anyone else or is this some new shady business practice that Ally has come up with? Do I have any recourse or do I just need to write the $28,000 check and buy the vehicle and then turn around 30 days later and sell it for a profit?
Wow…horrible. The worst part is that if I just buy it out myself I have to pay sales tax. Then in 30 days when I get the title I have to wait even more for the title to clear. Between the 2k in sales tax and the time, the van might not be worth 33k anymore.