Lease buyout

[Magicfloat]

The 2 year lease on my 07 Chevy truck is up next month.The buyout amount from the original lease is a ridiculoiusly high 28K,so I was going to just turn it to GMAC. Recentlly heard that you can actually buy for way,way under stated value,like whatever they are bringing at the factory auctions,maybe one half that?Just an internet rumour,or true? If it was really cheap,I would just buy it.

 

[glassdave]

I think if you talk to the right people you might find some truth to that. From what i am told from my dealers at the auctions they are giving "off lease" stuff away especially trucks. I was looking at 02 or 03 Avalanches but later model stuff isnt to much more.

 

[glassdave]

just talked to my dealer and she said, just for example, if that truck was a loaded out 2500, 4wd, leather, all the bells an whistles it would in the low twenties maybe even high teens depending on whats going on that day. at any rate if it went back to the dealer she could track it and get it back for you if nothing else works out. Let me know and i can forward her # to you.

 

[Magicfloat]

Thanks,Dave. Just talked to my dealer who is a friend I can trust. It is basically true,he said turn it in,he will get a price from GMAC within the hour,and let me have it for that amount.Only catch is he is not supposed to sell it back to me,has to be someone else,but that is easy to arrange.Guess I will just turn it in and see what the # is.Appreciate the info. Robert

 

[Offshoredrillin]

Thanks,Dave. Just talked to my dealer who is a friend I can trust. It is basically true,he said turn it in,he will get a price from GMAC within the hour,and let me have it for that amount.Only catch is he is not supposed to sell it back to me,has to be someone else,but that is easy to arrange.Guess I will just turn it in and see what the # is.Appreciate the info. Robert

Actually GMAC is not leasing anymore suv's or trucks, because of the hits on the residuals...I just saw a brand new Denali at one of my dealers, listed for 54, they would love to get 37 for it...or so one of the salesman said

 

[Geronimo36]

Leases have turned into sub prime loans of the auto industry...... You lease the truck because you can afford. Most people buy one with little to nothing down and then when you go to buy it the loan is more than the truck is worth.... :ack2::ack2: And now they're not doing leases (like a credit freeze of sorts) anymore and if you can afford it you have to buy one on a loan with a good down payment.

My buddy Billy works the auctions, I'll see what he has to say!

 

[Chris]

I bought my wife's last GMAC lease. I called them up and said "here's Black Book on it, I'll take it for that and you won't have to do the turn in inspection, the transport or pay the seller's fee at auction. They called back 20 minutes later and said "yes".

 

[boatme]

Leases have turned into sub prime loans of the auto industry...... You lease the truck because you can afford. Most people buy one with little to nothing down and then when you go to buy it the loan is more than the truck is worth.... :ack2::ack2: And now they're not doing leases (like a credit freeze of sorts) anymore and if you can afford it you have to buy one on a loan with a good down payment.

My buddy Billy works the auctions, I'll see what he has to say!

Didn't used to be this way

I Leased a Lincoln Mark 7 a few years ago. I was traveling a lot so I bought the extra miles to 100,000 in two years. Sale price was around $30,000 and residual was $20,000 with 100,000 miles on it

This was a no brainer for me since i was paying on $10,000 money over two years and with a little bump in my payment i covered the extra miles

No way the car was going to be worth $20,000 with all the miles in 2 years I jumped at it ran it to 100,000 and turned it in at the end of two years

Was the best car deal I ever had

 

[Geronimo36]

I hear ya... But Lincoln or the dealer had to take the hit on it cause it probably wouldn't pull $20K at the auction with 100K miles on it.

it was great for the folks who were leasing and now that car/truck values are in the crapper it's like a wet dream turned nightmare...

Last year my Burban was worth $16K at auction, now it's lucky to pull $7K.. When I purchased it as a lease return I paid roughly $30K, new was nearly $50K, now the dealerships are trying to give them away at close to the same price brand new that I got it used for, futher weakening the value of my truck. I was going to sell my burban and get a Duramax but when the market crashed I didn't have any equity left in the truck so I'm just going to hold onto it....

 

[boatme]

exactly what i was saying

was a good deal for me back then

I asked the dealer if he was sure on the residual with 100,000 and he saidyea so i said good deal lets go for it

ahh how things change

 

[Slick02]

Robert, A good example was my significant other had an 05 GMC Envoy on lease, truck had 42000 miles on it, mileage to run the lease out was 45000, and still had 9 months time left on it.. Gm notified her that they would early out her on her lease with no penalties, give her 3000.00 down on a new Envoy and 0% interest for 60 months to buy a new one..The payment on the new on is the same as the lease was on the old one, and she owns it. Now the kicker was this, the residual if she bought the truck at the end of the lease was 16000.00(app) The truck went through Manhiem for the grand total of 8400.00 a week later, a friend of mine is a dealer here in town and bought it for his wife..

 

[Bad Idea Baja]

The only book that ever bought anything was the checkbook. That being said, with a huge hit on the residuals the lease companies are taking I'd try them 1st then price the dealer & see if you are being treated fairly from the dealer. Everyone deserves the right to make a buck, so keep that in mind.