Can I turn in my lease really early?

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Thread: Can I turn in my lease really early?

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    Can I turn in my lease really early?

    I have a black 2006 AWD chevy trailblazer SS with everything except navigation and rear dvd. I am a year and two months into my three year lease. I have 29000 miles on my vehicle. If I wanted to turn my vehicle in early, is it possible to do that now. The tuck just turned out to be a bigger expense than I want right now. I might even want to get something else.

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    Re: Can I turn in my lease really early?

    Yes, but it can be very expensive. You first can see what GMAC wants for you to buy the truck from them and sell it your self, or you can payoff the lease, in most cases at discounted amount. For instance my lease is $427, I can pay off the lease at roughly $307 a month.

    I have the same truck (but with nav)with the same miles and have 11 months left on my lease. Trade in right now is right at $25,000.

    Hope this helps.
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    Re: Can I turn in my lease really early?

    Quote Originally Posted by chotton
    Yes, but it can be very expensive. You first can see what GMAC wants for you to buy the truck from them and sell it your self, or you can payoff the lease, in most cases at discounted amount. For instance my lease is $427, I can pay off the lease at roughly $307 a month.

    I have the same truck (but with nav)with the same miles and have 11 months left on my lease. Trade in right now is right at $25,000.

    Hope this helps.
    So if I was to pay of my lease, how does that drop my payment down? I'm paying $411 a month right now. Or is it a lump sum?

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    Re: Can I turn in my lease really early?

    You're responsible for the balance of payments on your lease. If you lease something else you can lump that balance into the new lease payments. Not a great idea especially if you have alot of time left on your existing lease as your payments will be sky high. I would suggest Leasebusters (or another lease transfer website site) to find someone to take over your lease, you'll save a ton of money this way.
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    Re: Can I turn in my lease really early?

    Quote Originally Posted by DuSpinnst
    How do I know this, a buddy of mine turned in his Silverado 4 months early. He paid $500 to terminate early and his payment was close to $300 a month.
    I tried turning my G6 in on Friday and they wanted 750. my payments are 135 and my lease is up in June. GM should give me a break
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    Re: Can I turn in my lease really early?

    Quote Originally Posted by neo_ss
    I have a black 2006 AWD chevy trailblazer SS with everything except navigation and rear dvd. I am a year and two months into my three year lease. I have 29000 miles on my vehicle. If I wanted to turn my vehicle in early, is it possible to do that now. The tuck just turned out to be a bigger expense than I want right now. I might even want to get something else.
    With 29,000 miles and about 2 years left, you would have a huge payment to make if you turned it in right now. Your best option would be to see if you can sell it, and use those profits to buy off the lease and buy it outright. You will probably still end up in the hole, though.
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    Re: Can I turn in my lease really early?

    i will be in the same boat, i have a year left on my saturn, i think the next car i get will be something older, no reason to buy or lease a new car, i can get a older one cheap and fix it for next to nothing. and have no car payments, i have my toy, no reason for another
    There are no stupid questions, just stupid people.

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    Re: Can I turn in my lease really early?

    Quote Originally Posted by neo_ss
    I have a black 2006 AWD chevy trailblazer SS with everything except navigation and rear dvd. I am a year and two months into my three year lease. I have 29000 miles on my vehicle. If I wanted to turn my vehicle in early, is it possible to do that now. The tuck just turned out to be a bigger expense than I want right now. I might even want to get something else.
    Bend over and grab your ankles cuz this one's gonna hurt. You have the dealer call GMAC and ask for two things.

    1)Early termination customer responsibility.
    2)Dealer buyout for inventory.

    If your truck is worth 20000-21000 (estimated), you've gotta pay the difference between (2) and the value. Let's say your buyout is 29500. You have a deficit of about 8500-9500 that would have to be rolled over into a new vehicle assuming the dealer wants to payoff your SS and keep it for inventory.

    Otherwise, (1) should be around 9000 (if your payments are about 500 per month x 22 payments left less interest).

    Either way, it's gonna hurt.

    Don't let anyone here who is not in the business tell you that it's only a few bucks to get out. You contracted for 36 months and that's how long you should keep it. You may be able to get out when you have less than a year left but it's still gonna cost you.

    Hope this helps.

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    Re: Can I turn in my lease really early?

    Quote Originally Posted by DuSpinnst
    I assume you mean two years into the lease.
    DuSpinnst, I read it as a year & 2 months which is 14 months, with 22 months left. If he has 29,000 miles, he's tracking towards 70,000+ miles. He's gonna get killed on the mileage, therefore he has to consider the excess mileage charges he would pay (if he keeps it for 36 mo) into the equation.

    I think he's got a real problem here.
    Last edited by steverino; 10-09-2007 at 06:42 PM.
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    Re: Can I turn in my lease really early?

    Welcome to the wonderful world of leasing !

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    Re: Can I turn in my lease really early?

    Quote Originally Posted by neo_ss
    I have a black 2006 AWD chevy trailblazer SS with everything except navigation and rear dvd. I am a year and two months into my three year lease. I have 29000 miles on my vehicle. If I wanted to turn my vehicle in early, is it possible to do that now. The tuck just turned out to be a bigger expense than I want right now. I might even want to get something else.
    How many miles did you build into your lease when you set it up the deal?
    How much money did you put down?
    Any trade in? If so, what was it appraised at and did it have a lean?

    I'm sure that something could be worked out to get you out of the Trailblazer but I have serious doubts that it will save you any money in the process.
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    Re: Can I turn in my lease really early?

    Quote Originally Posted by sonjaab
    Welcome to the wonderful world of leasing !
    It would be no different than trying to get out of it if it was financed, worse actually because the payment would have only started on the principal. (paying down the taxes.

    Someone can assume your lease, with GMAC's approval. They just take a credit app, and sign and take over your payments to the end of the lease.

    But the 29000 miles already on it will play a factor in this as well

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    Re: Can I turn in my lease really early?

    Quote Originally Posted by GMCdriver
    How many miles did you build into your lease when you set it up the deal?
    How much money did you put down?
    Any trade in? If so, what was it appraised at and did it have a lean?

    I'm sure that something could be worked out to get you out of the Trailblazer but I have serious doubts that it will save you any money in the process.
    We got the truck as a demo that had a little over 3000 miles on it already. We got a 15,000 miles/year for 3 year deal. We didn't put anything down. We just turned in my wifes grand prix because her previous lease was almost up.

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    Re: Can I turn in my lease really early?

    Quote Originally Posted by DuSpinnst
    Oh, I missed that "a year" on the previous line! Man I need to read slower.

    Yea with that mileage he's going to suffer.

    Of course the car could just sit, but then you have to pay insurance on it and the payment in addition to getting a second car...
    I was thinking that I could just let it sit for a while. My wife and I do have another vehicle and we drive that more than the SS. I'm just hoping that if I do have to keep it that it will be convient for us to just drive the other car most of the time.

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    Re: Can I turn in my lease really early?

    Quote Originally Posted by neo_ss
    We got the truck as a demo that had a little over 3000 miles on it already. We got a 15,000 miles/year for 3 year deal. We didn't put anything down. We just turned in my wifes grand prix because her previous lease was almost up.

    So by my calculations, your about 9000 miles over right now on mileage and still have 22 months left to go. At your current rate of racking the miles up, you'll have almost 67,000 miles on it at the end of the lease or 22,000 miles over the limit. I think your in deep doo-doo no matter what you do.

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