: I want out of my Lease. Any tips?



donjumpsuit
10-16-06, 10:04 PM
Due to the miriad of examples available on this board, that I won't go into, I want out of my lease. Its your standard GMAC 4 yrs/48000 mile lease. Does anyone have information about bailing on it?

Can I buy my car for the resale price (seeming as how it has depriciated) and sell it? Is it up to GM or the dealer or both? What if I have had excessive service problems with it? Can I use that as an excuse, and not just get a swap? How much money would I expect to pay if I just bargin to break out of it?

We always hear what people paid for thier SRX, does anyone have any advice on this subject, even with previous cars/companies? I am just asking for a interesting discussion, but I am curious. I have close to 20k left to pay on this beast, and she's already seen 20k of mine.

P.S. I am familiar with LeaseTrader.com solutions, this question is for dealer/GM only.

Thanx

robhersch
10-16-06, 10:53 PM
Suggest sitting down with dealer & offer to buy out remaining lease; my friend with a CTS already had a similar offer to buy out from his dealer. An alternative might be to donate it to a charity.

BarryH_GEG
10-16-06, 11:43 PM
Due to the miriad of examples available on this board, that I won't go into, I want out of my lease. Its your standard GMAC 4 yrs/48000 mile lease. Does anyone have information about bailing on it?

Can I buy my car for the resale price (seeming as how it has depriciated) and sell it? Is it up to GM or the dealer or both? What if I have had excessive service problems with it? Can I use that as an excuse, and not just get a swap? How much money would I expect to pay if I just bargin to break out of it?

We always hear what people paid for thier SRX, does anyone have any advice on this subject, even with previous cars/companies? I am just asking for a interesting discussion, but I am curious. I have close to 20k left to pay on this beast, and she's already seen 20k of mine.

P.S. I am familiar with LeaseTrader.com solutions, this question is for dealer/GM only.

Thanx

The technical answer per the contract is that you're responsible for all of the remaining lease payments. This is my first GMAC lease so I don't know if they track a buy-out figure as the lease progresses. That's a question for GMAC. You could go the "appeal" route to GM via the regional rep because of your problems. With the car being two years old it's past lemon law and they'll know that. They might do something out of good will. The other route would be to throw yourself at the mercy of the dealer and see what (if any) good will they'll throw in. You don't have a lot of bargaining power and even though the lease is through an affiliate of GM, GMAC is a bank. Defaulting on your obligation will trash your credit and they'll definitely sue you to recover as much as they can should your parting not be amicable. I too have a 2005 V8 AWD. I haven't had experienced a single defect or problem - in fact, it's one of the best cars I've ever owned. Because of my experience with the SRX, I just replaced a BMW with a CTS and it too has been a great car (so far). It's amazing the different experiences we owners can have with the same car(s). Good luck.

stlgasman
10-17-06, 09:13 AM
Wheck out swaplease.com

Smokin' SRX
10-17-06, 09:38 AM
Due to the miriad of examples available on this board, that I won't go into, I want out of my lease. Its your standard GMAC 4 yrs/48000 mile lease. Does anyone have information about bailing on it?

Can I buy my car for the resale price (seeming as how it has depreciated) and sell it? Is it up to GM or the dealer or both? What if I have had excessive service problems with it? Can I use that as an excuse, and not just get a swap? How much money would I expect to pay if I just bargin to break out of it?

We always hear what people paid for thier SRX, does anyone have any advice on this subject, even with previous cars/companies? I am just asking for a interesting discussion, but I am curious. I have close to 20k left to pay on this beast, and she's already seen 20k of mine.

P.S. I am familiar with LeaseTrader.com solutions, this question is for dealer/GM only.

Thanx

Hi! Went to look at the Trailblazer S/S (with the Vette motor) just for giggles recently. They would extend to me a "pull-ahead" end of lease deal of about 7 free months ( I have about 18 mos remaining). this left me holding the bag for $8K on my '04 SRX just to walk away! Luxury car depreciation is stiff! No way!

Finally, I bought out a lease at the end, on my 2000 GMC Yukon in 2003, and then resold it! The lease end buy-out was originally $23K. They accepted 20K! I knew I could sell it myself for $24K to a friend who knew my care and options added to vehicle! My profit: $4K! So deals exist!!

This is different than mid-stream buy-outs however. Don't know if they track such. But the Trailblazer dealer was willing to deal!! Try several and see! Make offers. Some dealer inventory is high and they want movement! naturally the same original dealer SHOULD be the most willing.??

If you're going "imported" good luck! Bunch of "primadonnas" in my experience. They think no one knows about the long service lines at Lexus and BMW!!!! Sit there one day. I did!!:suspense:

Good luck!!

PS...Seen the new '07 SRX's. Pretty nice! Step-in width is small, liftgate is power , prices are lower, Bugs are gone.......

beekay
10-17-06, 11:03 AM
I did some research of my own, as I am considering buying my 04SRX in June at the lease end, but will NOT spend $30k for it when others just like it are selling for 23-26k. Here is what I found:
"Usually GMAC will negotiate the payoff of the vehicle .... the best time for this is in the final 5/6 weeks of the lease termination .. deal directly with GMAC - not the dealer, the dealer doesn't own or have the title - actually the last time the dealer had anything to do with the vehicle is when you signed the lease papers, after that, it's between you and GMAC ..... you need to be speaking with a regional/district manager, not the bubble head that answers the phone, they may be nice but they have no horsepower for a decision ............ http://a332.g.akamai.net/f/332/936/12h/www.edmunds.com/media/townhall/webxicons/emotorcons/emo_smiley.gif
it is an edmunds forum site.
as others said above, you need to find a Manager, the phone jockey will NOT do anything for you. They tell you that GMAC DOES NOT Negotiate. But, from past experience, they all negotiate, you just need to find the person with the power to do so. I am a sales person, this is common. anyone can say no, but only few are allowed to say yes.
good luck;
bk

donjumpsuit
10-17-06, 02:13 PM
You guys have been super helpful, I know the GM rep for my area has been contacted about my brakes, and now has been contacted about my "phantom" engine problem. I will be sure to call him directly and start a dialog.

One more thing, Beekay, can you repost that link your were trying to post, it didn't come through, or at least tell me where to find it.

beekay
10-17-06, 04:54 PM
If you're going "imported" good luck! Bunch of "primadonnas" in my experience. They think no one knows about the long service lines at Lexus and BMW!!!! Sit there one day. I did!!:suspense:



I second that. When I bought my allroad in 2001, a guy next to me was trying to trade in a 2000 Caddy, perfect shape. they offered him somewhere around $15k for the car. he didn't hang around long. Nor would I!