How to get out of my lease with Ally Financial?
I've had my 2013 Buick Enclave for a little over a year and I want out of the lease. Ally Financial will not provide me with the balance if I were to purchase the car (so I could sell it). They want me to go into a GM dealer, which is not the path I want to go down. So, other than having someone assume or transfer my lease, is there any way out? Thanks!
Best Answer
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kyfdx
Moderator Posts: 237,046
Ally is GM's main leasing provider.
It's amazing that the bank that holds your lease won't give you a payoff. When you go to the dealer to check on it, make sure they show you the computer screen with your payoff.
If you have a dealer that you trust, they may facilitate you selling it to someone else.. but, given the extra costs in purchasing, then re-selling, you may be better off just selling the car to a dealer.
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Well, you are responsible for the remaining lease payments.
I've never heard of Ally Financial but they should certainly be able to give you a payoff so keep after them and speak to the person in charge.
Having someone assume your remaining lease payments is a possibility but not always an easy thing. Check with Ally on that too.
You might also talk to the store that leased you the car.
I assume it was new when you leased it and I have to wonder why they used an outside company to do the lease.
I'm in FL and Ally Financial is big here. They do lots and lots of GM leases/purchases. I called back and received the same answer, I have to go to the dealer. They are difficult to deal with, that is for sure!
Ally Financial used to be owned by GM (which makes Buick), so that's the historical connection and the deep ties to dealerships. If you want to explore having someone take over the lease payments, check out Swapalease or LeaseTrader. This article on Edmunds has some more detail about the process. If your lease is transferable, it might save you some money.
--Carroll Lachnit, features editor, Edmunds.com
I'm going to guess that you'll have a hard time using Swapalease with Ally Bank, if they won't even give you the payoff amount.
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We only need the payoff amount if you list your vehicle for sale off of the lease. For a regular lease transfer we do not need the payoff. You can start the transfer process by contacting Ally Financial 866-718-8019. Since the bailout and Ally becoming GM's prime lender, things have changed a bit and leases are going back to GM Financial who does not allow for a transfer. I would recommend contacting a rep at Ally and asking if it's possible to do a transfer. In my experience, if they tell you no, they may not know what a transfer is and tell you they do not allow them. If you call back, you could get someone who tells you they allow for lease transfers and they will send out a credit application for a new lessee. We have hundreds of Ally leases on our website and transfer their vehicles everyday so you should be fine. You were smart for not going back to the dealership immediately, that is a tactic for dealers to try to flip your negative equity into another vehicle. Unless you are at the very end of your lease, you will not find a dealer pay off the amount owed. On very rare occasions a vehicle has appreciated over the course of a year or so; even so they will try to undercut you.
We only need the payoff amount if you list your vehicle for sale off of the lease. For a regular lease transfer we do not need the payoff. You can start the transfer process by contacting Ally Financial 866-718-8019. Since the bailout and Ally becoming GM's prime lender, things have changed a bit and leases are going back to GM Financial who does not allow for a transfer. I would recommend contacting a rep at Ally and asking if it's possible to do a transfer. In my experience, if they tell you no, they may not know what a transfer is and tell you they do not allow them. If you call back, you could get someone who tells you they allow for lease transfers and they will send out a credit application for a new lessee. We have hundreds of Ally leases on our website and transfer their vehicles everyday so you should be fine. You were smart for not going back to the dealership immediately, that is a tactic for dealers to try to flip your negative equity into another vehicle. Unless you are at the very end of your lease, you will not find a dealer pay off the amount owed. On very rare occasions a vehicle has appreciated over the course of a year or so; even so they will try to undercut you.