[MCD40]

Hey guys, here's the scenario. My dad's looking to get out of the lease on our '04 silver green. We've had the car for 17 months and it's got 21k miles on it. Basically, I'm heading to college next fall and can't take the car with me, as much as I love it. But I'll need an SUV or something more fit for a college student that can afford to get banged up a bit; I was lucky enough to have had the privilege of driving this car at my age in the first place anyway. So I read Chuck C's thread awhile back when he was contemplating getting out of his lease, and I checked out the couple website options such as un-lease.com and leasetrader.com. Now what I'm wondering is, if anyone here has had any previous experiences with them? Or if someone can offer me another viable option as to how I might be able to handle this? Keeping in mind that we'd like it gone as soon as possible to avoid a crunch when it comes time to move out, but we can hold onto it for a couple months. Any and all opinions are appreciated, thanks in advance.

 

[RobertCTS]

Hi Krank,
There's a whole thread about buying out you lease. Several ideas listed.

 

[-1-]

:tisk: The only answer is the cost. If you can get out of the lease without taking a huge loss do it. Don't dump the car just to get rid of it.

 

[jteolis]

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

 

[MCD40]

Thanks for the comments. I do realize that I'm kind of stuck in between a rock and a hard place, but now my main question is if anyone has had any experience with un-lease.com or leasetrader.com, or any other websites of the sort? I'm just worried that the car won't go if I post it up. I'm somewhat interested in an old used Escalade if I were to find someone to take over my lease, so at least I'd be staying Cadillac.

 

[jteolis]

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?

 

[CTS V6 3.6]

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?

 

[jteolis]

Usually GM runs specials (as they are right now) where if your lease terminates prior to 04/06 then you can trade it in. That's the deal last 5 months forgiven if you trade in, thats the deal w/GMAC

 

[72279]

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

JT is correct less tax and interest..
The other option is to call GMAC and tell them you want out. Turn the vehicle in early, they run it through an auction and you pay the difference. Ive seen this work out really well for some consumers. Plus all the other ideas here...

Its basically pay me now, pay me later. Keep in mind the longer you wait the more it will cost you because you car is worth the most money today.

 

[MCD40]

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?

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.

 

[jteolis]

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.

So 36 months left or 19 months left?

 

[Chuck C]

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

 

[SuperCrew]

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?

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.

 

[MemberX]

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

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.

 

[CTS V6 3.6]

with a smartbuy, I can trade it in at any time?? How does that work?

 

[ghostrider]

Lighter fluid?:lildevil:

 

[just lou]

with a smartbuy, I can trade it in at any time?? How does that work?

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.

 

[redrock]

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

 

[jteolis]

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

Why are you a former lawyer? What kind of law did you practice, what do you do now?

 

[redrock]

If my math is correct that is three questions. I usually only answer two at a time, but for you I'll take a crack at three! This might not be in the order in which the questions were asked.

I was a trial lawyer - the go to man - when all else fails get a jury and try that thing ! Did that for the last twenty years! I worked in Chicago, New York and D.C. I also did a couple of years in Indy working for the late Gov. O'Bannon(memory block)what's his name. Negotiated things like how much Verizon should pay its customers who were deprived of service for almost two years after a rather powerful storm. (They paid 2.1 billion plus anyone without service got a free cell phone to use until the system was restored.)

Also got involved with Global Crossing, another story for another time!

Notice I said was! I pushed myself into stress induced health problems ! That's part of the why I am not working now, I am recuperating from having my left lung removed (cancer) in May, chemo (just finished). Which finally answers the what am I doing now - trying to stay alive!

What do I know - most trial lawyers have to become nearly an expert on the issues that are facing him at trial, like Criminal Law, Medicine, Commercial issues, Probate, Product design faults (like why did that seatbelt fail?), ballistics, evidence collection, and did I say contract law!

I made a deal that I would not give any legal opinions for a year. If its opinions you're after can't help you, but.....I can answer questions and suggest things. I hope that answers them all. Oh I am going to ask myself why I became an attorney? I still don't know I think I should have gone to Med school people tell fewer malicious jokes abt Docs.

Hope that aids your curiosity----RR