Minnesota. Signed a lease extension early May. Ally says they never got the paper work or payment. Missed one letter warning (my bad didn’t open it in time). They towed my 2020 Tacoma Sport 26k miles last night. What a nightmare. No one at ally can give me an answer on how much I actually owe in fees if I don’t buy out lease. I’m on my way to the dealership now to try to figure this out. If I would have just opened that one piece of mail from Ally last week I could have avoided all this. I can’t understand how they didn’t get my paperwork. Stress bomb. And what’s worse is used car prices just took a nose dive. My Carvana offer went from 35k to 30k. I’m pretty sure my buyout is 32 + 2ish in taxes.
To make things even more complicated the whole reason I got an extension was to give me time to have insurance repair some minor rear end damage (was rear-ended in parking lot).
If you thought you sent the paperwork and extended the lease, then you should have proof of the lease payments you made in May, June and maybe July. That should be enough proof that you believed you had extended the lease.
I thought my Auto-Pay from my normal lease payments would kick in - it’s on me that I didn’t check to see - if I would have checked I would have seen that they weren’t going through.
Should part of my decision be here not only the equity - but the hit to my credit score? If I just buy-out the lease and sell for either profit or loss - would that negate the credit report of repossession?
They repo’d your car over one missed payment? With my Ally Toyota lease I did not extend it and had to cancel auto pay because it was about to charge me for the next month even though the lease was over maybe some details missing here…
Dealership doesn’t really have anything to do with it, you’ll need straighten this out with Ally.
Have you called the bank and explained the situation and offered to pay all of the back lease payments to show good faith on your part? Maybe then they will not show it as repossession. Do you have any receipts from the post office/UPS/FedEx showing when you mailed the documents and to where?
As others have said, the dealership has nothing to do with this. It is between you and Ally. It sounds like this was missed payments for May, June, and probably July so Ally ordered a repo. Unless you have proof and copies, receipts etc of the lease paperwork and it being mailed out, unfortunately it sounds like you are SOL. Not what you want to hear, but “I didn’t know” and “I didn’t realize” and “I didn’t check my bank” aren’t excuses. Hopefully you can work something out with Ally if you can offer to immediately wire or do a bank transfer any outstanding balance and get it corrected. Taking a loss on any equity would be the least of your problems compared to a repo on your credit report.
Would buying out the lease at this point take that off my credit? Yes totally my bad, but Ally won’t give me a buyout number. Ally told me to go to the dealer. I’ve been on the phone with 7 different Ally people - some twice and cannot figure out what I owe or how to resolve this. Do I just leave it at the salvage yard? I’m at Toyota dealer now and they say they’ve never seen anything like this. I’m caught in a black hole where I don’t know what the pay off is if I want to buy and I don’t know what I owe if I don’t buy.
Typically no, you have multiple derogatoriness now: late payments and a repo. Unless you can convince Ally it’s their fault and get them to remove them as part of that, RIP you credit. If the lates are already on your bureau that will affect your ability to get a loan to buyout or refinance.
As others mentioned, you need to take this up with Ally and not the dealer.
Ally earning their reputation, but you might need to talk to 70 people there to sort this out. Good luck!
I don’t even think that you will have the option to buy it. It’s not yours. It got repossessed. I would try either chat or keep calling Ally to find out what you need to do to try to make it right. Can you make a payment thru your online portal? Can you pay any remaining balance thru there? Do you have any proof you signed and sent in an extension?
It sounds like it was May June July missed. If this was a high value truck that Ally knows they can repo and make a ton of profit on I bet you they sent the repo man out the second the 3rd payment was late.
Talking to a dystopian subprime lender is bad enough at the best of times. Trying to get an answer that’s not in the script they read off, holy fuck, you’ll need the patience of a saint.
It sounds like Ally never extended your lease, which means you technically have no missed payments on your credit report. Ally will auction your car, and bill you for the difference. If you pay the amount billed, your credit shouldn’t take a hit.
It’s unlikely that they’ll remove any late payments that have already been reported, but it’s also unlikely that the repo has already been reported. Might be able to salvage that.
Please get your three reports from www.annualcreditreport.com if you haven’t already. (Now, even more so than usual, isn’t the time to ask Kredit Karmuh what’s going on.)
What does it say in your account online at Ally? Perhaps it references a phone number to call for the Special Assets division or potentially any instructions.
Yeah, Ally may have a “messages” tab in your account that will give you information about the pending repo. There could be a phone number there for someone that knows what they’re doing … maybe
OP also said he found a letter informing him of the impending repo. There’s bound to be some contact info on there.
maybe some details missing here…