Why do you guys always have to go to the "stealership" dealer bashing card?
GMAC charges a $595 aquisition fee on all leases in most states, some states are more.
Dubbed Stealth: I've been reading this thread and I don't believe people have gone to the "'stealership' dealer bashing card." They're just relating their experiences, which may or may not be negative. Is it possible that you're a bit sensative since you are a sales person yourself?
yup that was why i said require or not, it sounds like hidden. If it is indeed a requirement, sales has no fear to disclose that fee clearly prior to, well at least before they agree to purchase/lease not after.
Above you will see the "stealership" comment! Your right I am a bit sensative, but than again I am sensative to any type of stereo-typing.....
But notice when I used it.
7% tax plus another 3% for some odd reason. Sorry, one thing I do try to do is get facts behind what I say.
Them attempting to put a 10% "tax" when there is no such thing is utter and complete stealing/suckering regardless of what you think. The dealer ship can not add willy neely taxes as they see fit! Hell the state or city can not do that without putting the increase/decrease up for vote!
So my comment stands on this particular crooked/shady stealership.
as for the OP
well they posted this on 5-5, They were going to pick the car up on 5-6. So here we are 5-13 so this is ancient history.
I don't have any experience with GMAC, but I can use BMW Financial as an example. BMFS charges a $625 acquisition fee and the allows the dealership to mark that up as much as $200.
The OP is somewhere around Jersey, I believe. Everyone in this area should go see Chris at Kemper in Bridgewater.
They are very straight-forward, and don't try to pull punches.
Acquisition fees are a fairly recent item. I've been leasing for a number of years and it never showed up until about 3 years ago as I recall. And I consider it total BS.
On an average 36-month lease, every extra $1,000 adds about $30 a month to your payment. So the fees you're talking about here will add anywhere from $18 to $21 A MONTH to your payment.
And what's it for? No one (at a number of different dealerships of different brands) has been able to tell me. They just like to shrug and say, "It doesn't go to us", which I frankly don't believe.
I've been successful in getting it dropped on a couple of cars after threatening to walk the deal, but I've caved on a couple of others and just paid it under protest. It still sucks.
I am in Dallas and use GM Smart Buy. Works same as lease except you own the car with a balloon payment at end that you can pay or turn car in. No fees except $250 fee if decide not to do another Smart Buy on another GM car. Also if the trade-in value is more than the balloon, you can get the difference applied to new car.
I am in Dallas and use GM Smart Buy. Works same as lease except you own the car with a balloon payment at end that you can pay or turn car in. No fees except $250 fee if decide not to do another Smart Buy on another GM car. Also if the trade-in value is more than the balloon, you can get the difference applied to new car.
Do you have GM Smart Buy in your area?
I think Smart Buy is available countrywide, and the dealers (at least in Texas) push it hard, since they get good rebates from GM.
My only issue with Smart Buy is the amortization. The interest is heavily front-loaded, so you're not paying down your principle for a long time. No problem if you keep the car to the end of the term, but if you trade early, you tend to be upside-down big time. Just ask my wife. After 2 years with her STS, she'd like to get a new CTS, but she's close to $15,000 upside-down!
Apparently, those 2 years of $600 payments all went in GMAC's pocket as interest, and very little went toward actually paying down the loan amount ...
