Reply With QuoteI don't know a whole lot about sales dept stuff, but I'm pretty sure you can turn in early. They'll roll the difference into the new vehicle. Not the best idea in my opinion, I've just known too many people upside down in cars.
Wifes Tahoe just went over her 45k mile allowence. We dont want it anymore but we have 3 months left on the lease. Has anyone heard that a dealer l will let you return the lease early if you buy or lease another car thru them? I have not decided to lease or buy her car yet? Not sure if we want to get another Chevy. I am tring to talk her into a GMC or might just let her pick her own deal!
Who makes the desicisions on leases the dealer or the finance company?
WW
I don't know a whole lot about sales dept stuff, but I'm pretty sure you can turn in early. They'll roll the difference into the new vehicle. Not the best idea in my opinion, I've just known too many people upside down in cars.
Is it a GMAC lease? They are pretty good about it if you lease/buy another gm product....If you just want to give it back though they will take it but will want the last 3 mo. payment too....Thats what I wanted to do and it was a mess....
I've mentioned him before and will recommend him again. Give Armen a call at Diamon-Motors; he should be able to answer your questions. Diamond-Motors (http://www.Diamond-Motors.com)
Originally posted by WetWillie
Wifes Tahoe just went over her 45k mile allowence. We dont want it anymore but we have 3 months left on the lease. Has anyone heard that a dealer l will let you return the lease early if you buy or lease another car thru them? I have not decided to lease or buy her car yet? Not sure if we want to get another Chevy. I am tring to talk her into a GMC or might just let her pick her own deal!
Who makes the desicisions on leases the dealer or the finance company?
WW
You should be able to pay those last three payments now plus your mileage penalty and turn it in. Shouldn't be too bad, maybe $1,500-2,000 max? You can have them roll it into your next truck or just pay it cash. Its no big deal since you didn't go crazy on the miles. You're in good shape considering you leased.
OL
My experience has been that if the dealer wants to sell you a new car (which they always do), then they will make it work. most likely will roll it into the next vehicle. Negotiate hardball and make them work for you!
You should be able to return the vehicle if you want but the remaining payments will still be collected by the bank.
The bank is the one who owns the paper on your lease so it is not the delaers decision but as others have said, a dealer will most likely be willing to work a deal and attempt to bury the last payments into a new purchase...especially if you are going with the same brand. Brands outside of what you are currently leasing normally don't have as much leway to work a deal like that but they may well try their best. Most mileage penalties are only in the .15c per mile range so weigh out what will cost you more in the remaining term you have left vs. burying the payments and paying even more interest on the payments you already are paying interest on.
Since you only have 3 months left, I would set aside the money for the milage penalty,...drive it to the end, and turn it in and pay the penalty. That way when you are dealing on a new one, you are not trying to compensate for what you owe on the other. My experience has been that I am in a better negotiating position if I am owe them nothing.....I would rather have them making the best deal to get me a new car versus making a deal to help me get out of my old car...just always seems like the new car deal is not the best when they are front loading the new deal...almost like they are doing me a favor instead of giving me the most competitive price on the new car.
We leased my wifes jetta and i asked about this since it was our first lease and thought we would try it(have heard lots of good and bad about leasing)She drives under the limit but a new job puts her on the borderline.Anyhow the slaes guy made it sound as long as you are going to re lease a car from them it wasnt going to be a problem since you will still be their custumer.But if you were walkin away it sounded differently
Originally posted by mbrown2
Since you only have 3 months left, I would set aside the money for the milage penalty,...drive it to the end, and turn it in and pay the penalty.
This would be my suggestion too.
That way when you are dealing on a new one, you are not trying to compensate for what you owe on the other. My experience has been that I am in a better negotiating position if I am owe them nothing.....I would rather have them making the best deal to get me a new car versus making a deal to help me get out of my old car...just always seems like the new car deal is not the best when they are front loading the new deal...almost like they are doing me a favor instead of giving me the most competitive price on the new car.
Well your feeling is right there, in most cases we are trying to do you a favor but in reality it is costing you money somewhere else. Its short term satisfaction to make those payemnts go away but long term it isn't the best(read smartest) way for the customers in most cases. When you bury those payments you are paying interest on top of interest plus it increases the tax base, license fees etc. Leases are quite binding and even if you make payments early you still pay the full amount on the contract, its not like a purchase where interest is "accrued" and can be reduced with extra or additional payments.
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