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  #13  
Old 10-31-2015, 03:10 PM
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Re: Ally lease buyout: dealership payoff higher than mine.

What's the biggest differences between the HA grand Cherokees and the overlands and summits for instance. Do the HA have the air suspension or other nice amenities,V8s or V6s? Thanks.

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  #14  
Old 10-31-2015, 05:41 PM
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Re: Ally lease buyout: dealership payoff higher than mine.

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Originally Posted by CHALLENGERBIZJET View Post
What's the biggest differences between the HA grand Cherokees and the overlands and summits for instance. Do the HA have the air suspension or other nice amenities,V8s or V6s? Thanks.
The HA "is" an Overland including drivetrain options with some Summit exterior cladding and a specific black interior. It's just a special edition Overland in that respect. It's covered up in the sticky thread.
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  #15  
Old 11-01-2015, 09:14 AM
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Re: Ally lease buyout: dealership payoff higher than mine.

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Originally Posted by 2015 High Altitude View Post
Certainly a lesson learned here if in fact there are fees imposed as mentioned in the aforementioned posts. I'm not sure Ally is to blame as much as the dealer that arranged for the lease on your behalf. Furthermore, it just shows the importance of reading the contract before signing on the dotted line. Most take it for granted that there are no unexpected surprises buried in the contract. And yes, I do take the time to read what I'm signing. I'm still very surprised at much of this, perhaps one of you will scan a copy of the contract so we can see where this language lies in regards to penalties.

I think this is Ally specific. On my lease, there is a residual value on line 7d, and that is what most people expect is the buyout value. Line 9 says what the "purchase option at end of lease" is, and that is $2500 more than the residual value.

There is still about $800 unaccounted for in OP's dealer quote. This may be an "Ally Administrative Fee." On my lease line 11b lists a fee of $795, but for me this is rolled into the total capitalized cost that the payments are based on.
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Old 11-01-2015, 10:06 AM
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Re: Ally lease buyout: dealership payoff higher than mine.

To update one where things are at now, I'm buy my Overland. I got a loan on Friday from the bank. $31,850 with sales tax. That's MUCH better.
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Old 11-01-2015, 10:37 AM
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Re: Ally lease buyout: dealership payoff higher than mine.

I ran in to the same situation when it was time to turn in my 2011 Overland lease. Ally is the biggest rip off leasing bank ever and for that reason I would never lease with them again. The buyout for my 2011 was $24,400 plus the $2500 buy out fee which is ridiculous. When I went to trade in for the 2014 Overland and the dealer called for the payoff amount Ally quoted $33,000 which was the retail value at the time. Ally will not sell a lease end vehicle to a dealer for the buyout amount, the dealer must pay full retail of the value if they want it , this is why the buyout is several thousand higher for the dealer then the person who leased and wants to buy it. I went to several dealers and all ran in the same issue with Ally and all of them could not believe Ally operated that way. Ally was a new leasing bank for Chrysler back in 2010 when I got my 2011 and most dealers had no experience with Ally and their policies regarding dealer buyouts. Eventually I joined the group buy that was going on through Jeep Garage in Virginia, this dealer was able to get Ally to sell them my Jeep for the Buyout price and I was able to use the reaming equity toward my 2014. When I asked the dealer how they were able to do that and no other dealer could, I was told they do such a high volume of business with Ally that they had a special relationship with them. And this is not just a Chrysler thing, Ally leases with multiple car manufactures and their policy is the same with all. Avoid Ally at all cost!
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  #18  
Old 11-01-2015, 11:51 AM
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Re: Ally lease buyout: dealership payoff higher than mine.

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Originally Posted by ElLobo View Post
I think this is Ally specific. On my lease, there is a residual value on line 7d, and that is what most people expect is the buyout value. Line 9 says what the "purchase option at end of lease" is, and that is $2500 more than the residual value.

There is still about $800 unaccounted for in OP's dealer quote. This may be an "Ally Administrative Fee." On my lease line 11b lists a fee of $795, but for me this is rolled into the total capitalized cost that the payments are based on.
I'll agree that if all turns out accurate and Ally does include fees that alter ones residual, end of term buyout etc, then it's clear that Ally should be avoided. If it's written clearly in their contract and one doesn't either question or understand it, the fault doesn't fall on Ally and is the sole responsibility of the lessee. One always needs to question as to why the better deal is being offered by a bank other than Chrysler Financial. It's penalty laden contracts such as these that appear better from the start that screw you in the end. Read before you sign and blame no one but yourself should you fall victim to language that what there for your reading and you chose to simply ignore it.
I've personally terminated 3 Jeep leases early this past summer and paid no penalties as well as having equity in all. I came out of my 2014 Overland, 24 mos lease after 15 payments and had $2500 in equity followed by a 2015 Overland that I kept 3 weeks (1200 miles driven), followed by another 2015 Overland that I kept just over 5 weeks and had driven 2900 miles and had $3500 in equity due to all the huge incentives. Lease payoff was $36,500 and dealer placed an ACV OF $40k on the trade. I ended up with the High Altitude ($50,880 MSRP)and my current payoff is $38,000 after applying the $3500 equity along with an add'l $1200 out of pocket. All dealer, reg & lease fees rolled in.
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Old 11-01-2015, 12:49 PM
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Re: Ally lease buyout: dealership payoff higher than mine.

Thank God I leased through Chrysler Capital.

I just went over my agreement and fortunately, I don't have something like that in my contract.

Putting that into a lease-agreement certainly benefits Ally - but it certainly doesn't help the dealer/manufacturer to generate a new sale. I guess Chrysler Capital figured that out as well so they left that out...
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  #20  
Old 11-01-2015, 01:17 PM
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Re: Ally lease buyout: dealership payoff higher than mine.

Quote:
Originally Posted by 2015 High Altitude View Post
I'll agree that if all turns out accurate and Ally does include fees that alter ones residual, end of term buyout etc, then it's clear that Ally should be avoided. If it's written clearly in their contract and one doesn't either question or understand it, the fault doesn't fall on Ally and is the sole responsibility of the lessee. One always needs to question as to why the better deal is being offered by a bank other than Chrysler Financial. It's penalty laden contracts such as these that appear better from the start that screw you in the end. Read before you sign and blame no one but yourself should you fall victim to language that what there for your reading and you chose to simply ignore it.
I've personally terminated 3 Jeep leases early this past summer and paid no penalties as well as having equity in all. I came out of my 2014 Overland, 24 mos lease after 15 payments and had $2500 in equity followed by a 2015 Overland that I kept 3 weeks (1200 miles driven), followed by another 2015 Overland that I kept just over 5 weeks and had driven 2900 miles and had $3500 in equity due to all the huge incentives. Lease payoff was $36,500 and dealer placed an ACV OF $40k on the trade. I ended up with the High Altitude ($50,880 MSRP)and my current payoff is $38,000 after applying the $3500 equity along with an add'l $1200 out of pocket. All dealer, reg & lease fees rolled in.

I'm a little bit fascinated right now with all your Jeep swaps. Guess I need to search for your threads. Also, sorry if this is out of line, but you've got me curious as to how many times you have been married...
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Old 11-01-2015, 01:23 PM
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Re: Ally lease buyout: dealership payoff higher than mine.

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Originally Posted by plynn7 View Post
I ran in to the same situation when it was time to turn in my 2011 Overland lease. Ally is the biggest rip off leasing bank ever and for that reason I would never lease with them again. The buyout for my 2011 was $24,400 plus the $2500 buy out fee which is ridiculous. When I went to trade in for the 2014 Overland and the dealer called for the payoff amount Ally quoted $33,000 which was the retail value at the time. Ally will not sell a lease end vehicle to a dealer for the buyout amount, the dealer must pay full retail of the value if they want it , this is why the buyout is several thousand higher for the dealer then the person who leased and wants to buy it. I went to several dealers and all ran in the same issue with Ally and all of them could not believe Ally operated that way. Ally was a new leasing bank for Chrysler back in 2010 when I got my 2011 and most dealers had no experience with Ally and their policies regarding dealer buyouts. Eventually I joined the group buy that was going on through Jeep Garage in Virginia, this dealer was able to get Ally to sell them my Jeep for the Buyout price and I was able to use the reaming equity toward my 2014. When I asked the dealer how they were able to do that and no other dealer could, I was told they do such a high volume of business with Ally that they had a special relationship with them. And this is not just a Chrysler thing, Ally leases with multiple car manufactures and their policy is the same with all. Avoid Ally at all cost!
How did this play out, as far as the $2500? When I call in now for the buyout amount, the $2500 is not included in the number they quote me, as the amount is a little less than the remaining payments plus the residual value listed in the lease. Did you get billed for it separately?
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Old 11-01-2015, 03:22 PM
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Re: Ally lease buyout: dealership payoff higher than mine.

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Originally Posted by ElLobo View Post
How did this play out, as far as the $2500? When I call in now for the buyout amount, the $2500 is not included in the number they quote me, as the amount is a little less than the remaining payments plus the residual value listed in the lease. Did you get billed for it separately?
The dealer took it out of my equity. They gave me $31,500 for my trade the payoff was $24,500. So instead of getting $7000 in equity towards my new lease I only got $4500. The dealer could not get that fee waived, Ally refused. I have leased several cars over the years and never had any type of penalty like this of $2500. It was on the contract so it's my fault for not seeing it when I signed, but Ally not allowing the dealer to buy the Jeep for the residual and only allowing the owner to purchase for residual, that was nowhere on the contract. Very slimy of Ally, I would never to business with them again even if the deal was unbelievable.
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  #23  
Old 11-01-2015, 04:23 PM
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Re: Ally lease buyout: dealership payoff higher than mine.

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Originally Posted by ElLobo View Post
I'm a little bit fascinated right now with all your Jeep swaps. Guess I need to search for your threads. Also, sorry if this is out of line, but you've got me curious as to how many times you have been married...
I happened to find the right dealer who knows the importance of customer satisfaction. They initially contacted me to see if I had any interest in coming out of my 2014 Overland after only 15 months, original lease was for 24 months. Offered me a new 2015 with the same lease terms with zero out of pocket, heck, I'd be foolish to say no to that deal. Unfortunately, I had some issues with my new 15 Overland, most here have experienced much of the same and most would be considered minor in nature by many however, I asked for a replacement after driving it 1200 miles or so and they did just that. Not a penny from me, just a second 2015 with the same 24 month term/18k per year. Drove this 2nd one for almost 6 weeks and nearly 2900 miles, again I wasn't happy with some issues, and yes again they came through for me and put me in my current High Altitude. As far as the number of times I've been married, I'm happy to report that I've had more Overlands than wives.
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