Interesting points. If the lease wasn’t extended, then maybe there shouldn’t be any late payments. Kind of makes sense.
If the car was taken because a lessee fails to return it at the end of the lease, is it a repo that hurts your credit? Or is it more of a lost/stolen repo where the recourse is to file a criminal complaint (highly doubt they would do this). If so, the bank may charge the recovery cost but it may not affect his credit.
I’m just thinking through the situation. I don’t know the answers.
OP, I would call/email the CEO and every executive you can find online. Then someone from the executive response team should respond.
Luckily I have two Toyota dealers close by. First one had no luck with Ally just getting the buyout amount. 2nd dealer was able to get through and buyout lines up with what’s on my contract.
I know this is isn’t the best outcome, but I’m going to bite the bullet and trade in my 2014 Forester XT Touring 80k miles with some minor dents (they’re offering 13k) and buy out the Taco lease for 32k + TTL. I’ll miss my Forester but it just had the CVT replaced. Plus the 2020 Taco Sport only has 26k miles.
The dealer says they could give me 34 or 35, but I just ran an offer on Carvana and it said 30 down from 35 a month ago. When dealer says hey we’ll give you x amount - is that something to really base a decision on? In case buying it out vs just letting it go to auction - I’d rather buy because at least then I’m somewhat in control of what happens.
As far as the credit goes, I’m over 800 now and I know I’ll take a big hit, but we don’t have any major purchases coming up after I get the Taco. My wife is also high 7s so if we need anything we can use her credit I think.
Nothing like this stupid stupid stupid move to make me read every damn piece of mail that comes in from now on. Thanks for all the help and replies here.
I guess I’m even more lost now. A Toyota dealer was able to contact Ally and facilitate a purchase of OP’s repossessed vehicle that I believe was stated to be at a salvage/tow yard now.
As others have stated, where is your leased Toyota now? Something isn’t making sense here. Ally is willing to return the car to this Toyota dealer which could be hundreds of miles away from where the physical car is right now? Does this Toyota dealer know you do not have the car in your possession anymore? I hope it all works out for the best for you, but I would have an attorney or someone read over any paperwork you get before signing anything. I just have a hard time believing this dealership can get the car back from a repo lot without penalty, you buy it out with no issues, and you go on your merry way. If there’s some outrageous fee to get the car back from the impound lot, that is definitely better than taking a hit on your credit for the next 7-10 years for a repo. How do you know the car isn’t already up for auction? Not trying to beat you up, but just trying to point out all these what-ifs. Ally is horrible to deal with. I wouldn’t trust a word they say or what they promise until the ink is dry. Also, before trading/selling your Subaru, make sure this is all kosher before you end up completely carless.
As far as you selling the Tacoma to the Toyota dealer you are working with, if they can get you anywhere near break even on this, take it and run and don’t look back. This all sounds too good to be true but just be careful and don’t make any rash decisions.
Thanks so much for all the help here. My Toyota dealer was in touch with Ally and Ally is saying I have five business days to buyout the lease for what’s on the contract. I know this sounds all good to be true but that’s what I’m working with right now. That’s a good idea about having an attorney read over everything.
I called the impound lot and they said that as long as the Toyota dealer calls them - they can release the car. That does sound a little too good to be true? Wouldn’t Ally need to call them?
Also, one of the 10 ally people I spoke with said this isn’t a repossession - it’s called a retake? But that also sounds fishy.
I’m going in to buy this truck and meet with the Toyota dealer in here in an hour so hopefully there’s no snafus. But I am nervous.
What frustrates me is that it’s almost impossible at this point to determine the true financial/credit consequences of either option: buying it out with a trade vs just letting it go to auction.
Yeah just got off the phone with the impound lot and they acted like this is common. Once Toyota oks it with Ally they said it shows up in their system pretty quickly. Wish me luck. All this for not being on the ball and not thoroughly reading my mail. What a lesson.
Poor guy already explained his situation many times, I don’t think beating him over the head with it will change anything. He made a mistake and is getting his car back and will be paying for his mistake for a while.
–>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.
Woe unto me. Truck has been reported as repossesed. Pound lot says I should just pay Ally directly. Pounds says car will be moved to Ally facility in 5-7 days. Ally says I can’t pay them directly. Ally says I have to pay dealer. Dealer says it will take 7-10 days for Ally to get money. RIP my credit. Ally says if I let truck go to auction I owe the difference.
So my plan now is till to buy this truck in an effort to no let it go to auction.
Sorry to read all of this. But yeah- everything the dealer and ally told you was too good to be true. Yep- Ally won’t let you buy directly from them in most if not all states- you have to go thru a dealer just so everyone can make extra money. Maybe try reaching out to an attorney who specializes in credit/repossessions for a free consult to see if there is anything that can be done, but sounds like you are screwed. Ally is literally the WORST bank to do business with in any aspect.
I’m not sure your plan will work to try to buy the car still. If it takes a week or two for Ally to get the money from a dealer, I doubt they will wait that long before going to the next step. My Ally lease has been paid off in full over 3 weeks ago and Ally acknowledged receipt of the payment, and they STILL haven’t closed the account. It sounds like from reading what you wrote you are SOL.
Yeah my fear is that I buyout the lease with my Forester trade in - and Ally doesn’t process it in time and the Tacoma goes to auction anyway - I’d be double f’d if that were to happen. Is it better just to walk away at this point?
