: Lease exchange ?



f355c5
10-14-07, 01:42 PM
I have a GMAC lease on a 2006 STS with 21 payments left @ $560.00.
Can or has anybody exchange my car lease with a new one? I want to lease a 2008 CTS. Will I get murdered on this exchange Anyone ?
Thanks

Buzz48317
10-14-07, 04:57 PM
I have a GMAC lease on a 2006 STS with 21 payments left @ $560.00.
Can or has anybody exchange my car lease with a new one? I want to lease a 2008 CTS. Will I get murdered on this exchange Anyone ?
Thanks

The short answer to your question is that yes, you will get murdered on trading it in at a dealer. You may have luck in getting rid of it on a site like swap a lease www.swapalease.com where there are folks that are looking to get into a shorter term lease than they are able to get at the dealers. I have heard folks have success with these types of services. Next time, go for the shorter term on the lease...may cost you a few bucks more on the payment, but it's worth not feeling like you are getting married to the car.

BTW: I noticed your ID, are you an F-car owner?

f355c5
10-14-07, 07:02 PM
Thank you for your reply. I think that is a good idea. Yes I had a f355 ,loved the car. I have a 2005 Corvette w/ Lingenfelter head and cam package 497 HP. Also a 1965 Fuelie corvette coupe. Wife doesn,t like the STS as she is used to BMW 5 series. We are going to either try and swap lease or give the car to our son.

Da Dark Jedi
10-14-07, 08:40 PM
Is it possiable to take over payments from a lease, just to get a feel? Or is it a bad idea?

c5 rv
10-14-07, 11:13 PM
Check your lease language. I believe GMAC generally allows you to transfer the lease to a new lessee (with payment of a transfer fee) and you are free-and-clear. With other leasing companies, I believe FMCC for example, you, as the original lessee, remain ultimately responsible for lease payments and final condition of the vehicle if you transfer the vehicle to another person.

TSS
10-16-07, 10:46 AM
I tranferred the lease on my 06 SRX through GMAC. I am out of it free and clear now - cost the new lessee 595.00 for the transfer. However, it was a PITA.

Thankfully, the person it was tranferred to is one of my partners. I would not personally want to try it with a stranger. And, it takes upwards of a moth if I recall correctly. They used to let you do all the paperwork at the dealer - no longer true.

I would never just let someone take over my lease payments. What if they defaulted? What is they abused the car? What is they do not insure it properly? At lease turn -in time, the lessee is ultrimately responsible.

Buzz48317
10-16-07, 04:52 PM
Should be able to swap out of the GMAC lease (ie let someone take over your lease). Only stipulations that I am aware of that would preclude you from doing so are if you had leased the vehicle under the GM Employee discount program or under the PEP program where you need to keep the vehicle for at least 6 months.

BTW: f355 is probably the third best sounding car that I have ever heard. Next to the Carerra GT and the 599 Fiorano.

malcolm
10-17-07, 09:30 PM
I'm doing a lease terminiation of my 05 STS right now. 16 payments @ 599 left to go. Called GMAC for lease termination figure which is less that the total amount of payments owed. it's going to cost me 7800.00 to get out but I have really grown to dislike this car especially after seeing the 08 CTS which is where I am going. It's not as bad as it sounds. I need tires and will be way over my miles if I sty in the car so my real cost is closer to a 4K beating. Not great but I can live with it.