Hi Krank,
There's a whole thread about buying out you lease. Several ideas listed.
There's a whole thread about buying out you lease. Several ideas listed.
JT is correct less tax and interest..jteolis said:The cost of getting out of your lease is all the remaining payments added up. That's it. There is no other way that I'm aware of. If your lease is up prior to April 2006 you can trade it in at a GM dealership at this time, if its a GMAC lease
The payments are around $350/month after tax and everything is added on. 36mo/15k. Don't know if that changes anything.jteolis said:If you notice most of those lease trading places the sellers offer some cash to make the deal sweeter, subsidize the payments somewhat.
How much are the lease payments on the CTS?
So 36 months left or 19 months left?Krank said:The payments are around $350/month after tax and everything is added on. 36mo/15k. Don't know if that changes anything.
Dubbed, I do like your idea; I didn't know you could do that with them so I might just give it a run.
Keep you guys updated on what happens, thanks for all the input.
Smartbuy is basically a purchase with a ballon note as the last payment. You can either pay the balloon note or turn the car back in. You may trade the car in or sell it at any time during the smartbuy.CTS V6 3.6 said:what are the requirements in getting out of a smartbuy? I heard if you have like 2 years still left on it, you can get out of it, and into a new GM car without taking too much of a beating. anyone?
What he said. I already did it with my 03 CTS. Didn't even use one of those sites, just an add on the Autotrader.com. With your payment being only about $350 a month you shouldn't have a problem finding somebody to take over the car. As an incentive offer to pay the transfer fee yourself. Good luck.Chuck C said:Krank:
un-lease.com is very different than leasetrader.com
un-lease.com: is for those that are DESPARATE to get out of their lease and want to save $$$. It would have cost me $7,000 to get out using un-lease.com ($10,000 without). The calculation: [remaining balace of lease payments] - [fair market value of car].
leasetrader.com: a MARKETPLACE for those who are looking for someone to take over payments.
I called GMAC and found out how to transfer payments to someone else (btw, you do not need leasetrader.com to do this). I wish I had my detailed notes, but here's what I remember:
1.) Find someone who wants to take over your payments
2.) Call GMAC and have them mail a CREDIT APPLICATION to the interested party (Applicant)
3.) Applicant must be CREDIT WORTHY and have CURRENT INSURANCE
4.) Upon credit and insurance approval, GMAC sends the lease transfer papers to the party, applicant signs papers and pays $595 deposit, you hand over keys and sign over title to applicant.
5.) Make sure to cancel all forms of online billing
The same way as any financed car. Call GMAC, and see what your payoff price is. Depending on how much you still owe, you may have to pay or could even get some money back, depending on what they give you on the trade.CTS V6 3.6 said:with a smartbuy, I can trade it in at any time?? How does that work?
Why are you a former lawyer? What kind of law did you practice, what do you do now?redrock said:As a former lawyer, try asking your family attorney. Most of them will not charge for an initial consult. In Contracts 101 the theme was all contracts are made to be broken. A good lawyer can get you out alot cheaper than some of these ,com's. Stay away from fee churners, ask around most people know who they are.
Good Luck and Happy Holidays