How do I get the best deal buying out an auto lease.?

Question

I am nearing the end of an auto lease and want to purchase the car, but GMAC isn't willing to make any kind of deal other than what is stated in the contract. I did this before with Ford and they lowered the price a couple of times.

Answer 1

You're binded by the terms in the lease, and it sounds like they don't want to offer you a better deal.

You could get out of your lease if you find someone to take-over your current lease.  Then you can get into whatever you want.

Answer 2

GMAC's residual insurance company dictates the terms and conditions regard lease buyouts. The probably figure that they'll lower their exposure on the lease by sending the vehicle to the auction to be bid on. This is justification to them by having more than only one bid on it.

Hope This helps

Cheers

Answer 3

You have the right to buy out the lease early.  It is the same as paying off your car loan.  Maybe the people at the dealership just aren't following your terminology.

Here is the best way to get the "best deal".  Find out what your car is worth.  The dealer can also call GMAC, or you can, to find out the buyout on your lease.  There may also be sales taxes in your state if you decide to keep it, if you trade it, there are no taxes since the dealer will buy if for resale.  If your car is worth more than the buyout, then buy it out or trade it whichever you prefer.  If it is less, then let the lease expire and let GMAC take the loss.

If is really that simple.  There is legally no "deal" you can get in discounting the buyout amount.  That would be like the bank taking a short sale on your mortgage, but you are the new buyer.  They just don't do that.

The deal comes from the fact that they do not calculate the residual to lose money.  Therefore it is almost always worth more.  An exception to that rule might be if you currently own an SUV.  Probably when you leased, the market on SUV's was strong.  Today, because of gas prices, the market has really dropped on SUV's.  Therefore, GMAC probably has your residual figured higher than it is.

Good Luck

Answer 4

Check online tools for help! This company has a good assortment:

Main Info Area for This Topic:

https://www.crestcapital.com/vehicle_fin...

Online Calculator:

https://www.crestcapital.com/equipment_l...

Free App, even:

https://www.crestcapital.com/Primary/App...