Renegotiate Lease???

[neo_ss]

Is it possible to get more miles on an existing lease? Also I have feel in love with my Trailblazer SS and really would prefer to keep it. This was not planned when I first got it. Is it possible to also try to switch over to financing to buy?

[coaster.n3rd]

Originally Posted by neo_ss

Is it possible to get more miles on an existing lease? Also I have feel in love with my Trailblazer SS and really would prefer to keep it. This was not planned when I first got it. Is it possible to also try to switch over to financing to buy?

It is not possible to renegotiate the terms of your lease through GMAC. Also, you have a fixed value on your vehicle at the end of your lease that you can buy it for. It is best to shop for a rate or make sure the dealer is giving you the best interest rate at the time of purchase.

PM me and I can look at what your purchase price is.

[GMCdriver]

This may have changes since I left sales but when I was selling you could add extra mileage to your lease in the first third of the contract term as long as you had a standard mielage lease and not a "low mile" one.

The extra miles would be bought at the "per mile" price and then re-calculated into the the remaining payments.
Now heres the thing, when you "buy" extra miles for a lease all you are really doing is takeing money off the end residual value and redistirbuting throuhout your monthly payments.
Say you buy $1000 worth of extra miles for a 36 month lease, your buyout will drop by $1000 and your monthly payment will go up by about 28 bucks.

If you are going to keep the vehicle it really doesn't matter if you buy the extra miles up front or not. The only real difference comes if you decide you want to just drop the vehicle off at the end of your term, if you haven't paid for the miles through your monthly payments then GMAC will want you to pay to cover them as one lump sum at the end of your term.(and probably charge you a higher rate "per mile" then they would have if you had covered them up front through your payments)

[MalibuMaxxSS]

Originally Posted by GMCdriver

This may have changes since I left sales but when I was selling you could add extra mileage to your lease in the first third of the contract term as long as you had a standard mielage lease and not a "low mile" one.

The extra miles would be bought at the "per mile" price and then re-calculated into the the remaining payments.
Now heres the thing, when you "buy" extra miles for a lease all you are really doing is takeing money off the end residual value and redistirbuting throuhout your monthly payments.
Say you buy $1000 worth of extra miles for a 36 month lease, your buyout will drop by $1000 and your monthly payment will go up by about 28 bucks.

If you are going to keep the vehicle it really doesn't matter if you buy the extra miles up front or not. The only real difference comes if you decide you want to just drop the vehicle off at the end of your term, if you haven't paid for the miles through your monthly payments then GMAC will want you to pay to cover them as one lump sum at the end of your term.(and probably charge you a higher rate "per mile" then they would have if you had covered them up front through your payments)

ya you can still do this...just go in to your dealer and adjust the milage, if your going to buy it at the end of the lease it dont really matter, only matters if your gonna drop it off..

It will lower yor residual, (amount left at the end) cause your monthly paymet will go up to comphensate for the extra milage.

[jimmys5600]

I can't offer any help with a renegotation of a lease but as a fellow
Trailblazer SS owner I can understand why you would like to keep it!
They are a fun ride.
Good luck

[neo_ss]

From my understanding so far it seems as if I should just drive it like I own it now and not worry about the miles. Since I'm buyin it anyway. I guess worse to worse if I decide not to keep it just pay for the extra miles then.

[ChebbySalesDept]

It may not be wise to buy it at the end with the amount of miles you have on it.

You may be able to buy a different one that is GM Certified for less money than the one you have with many more miles.

[MalibuMaxxSS]

Originally Posted by neo_ss

From my understanding so far it seems as if I should just drive it like I own it now and not worry about the miles. Since I'm buyin it anyway. I guess worse to worse if I decide not to keep it just pay for the extra miles then.

depending on the extra miles you could have a BIG ass bill...Ive seen them as high as $13,000...so not a good idea either...here it is 12 cents per kilometer, so adds up fast.

and after oyur 4 years of driving it like mad and miling it out are you really gonna want to BUY it after the 4 years, with no waranty, odds are you will want the next greatest thing, like a diesel tahoe or somehting...but you cant cause now you owe $6000 in milage charges. anyhow think about it...I would add the extra milage to the payment and be done with it after the 4 years.

[GMCdriver]

I would add the extra mileage to your payment just to keep your options open down the road.
If you decide to buy it out, your buy out will be signifigantly lower and much more in line witht the actual value of the vehicle with that many miles on it.
If you decide to get something else you won't have to worry about covering the lump sum charge.

"Planning" to go over the mileage allowance is really just planning to limit your options and commit yourself to a decision that you might not want to make in the long run.

[txhokie4life]

Originally Posted by GMCdriver

I would add the extra mileage to your payment just to keep your options open down the road.
If you decide to buy it out, your buy out will be signifigantly lower and much more in line witht the actual value of the vehicle with that many miles on it.
If you decide to get something else you won't have to worry about covering the lump sum charge.

"Planning" to go over the mileage allowance is really just planning to limit your options and commit yourself to a decision that you might not want to make in the long run.

Let's say you are interested in buying it back at the end of the lease
but you are not willing to pay residual value -- can you negotiate?
Counter offer to the dealer?

As soon as they take that vehicle in, doesn't the lease contract with
the underwriter essentially close out -- and the vehicle is now
with GM? Seems like an immediate sale -- even if less than resid
would be a good deal for GM? Unless of course they don't want to
because it sets a precedence?

thanks,

m

[DuSpinnst]

Originally Posted by txhokie4life

Let's say you are interested in buying it back at the end of the lease
but you are not willing to pay residual value -- can you negotiate?
Counter offer to the dealer?

As soon as they take that vehicle in, doesn't the lease contract with
the underwriter essentially close out -- and the vehicle is now
with GM? Seems like an immediate sale -- even if less than resid
would be a good deal for GM? Unless of course they don't want to
because it sets a precedence?

thanks,

m

If you don't buy it, GMAC takes the car and auctions it off to whoever. The dealer where you drop off the car has no rights to that car.

[GMCdriver]

Originally Posted by DuSpinnst

If you don't buy it, GMAC takes the car and auctions it off to whoever. The dealer where you drop off the car has no rights to that car.

Actually, the dealer where you drop the car off at has first right of refusal on that vehicle from GMAC.
GMAC gives that dealer a price that they can buy the car for(FMV) and if they don't want it then it goes back to GMAC to go to auction.

[doh]

Originally Posted by neo_ss

From my understanding so far it seems as if I should just drive it like I own it now and not worry about the miles. Since I'm buyin it anyway. I guess worse to worse if I decide not to keep it just pay for the extra miles then.

If you are buying the car@lease end it does not matter how many miles are on it. It could have a million miles.

One thing GM should look at is doing what Ford's Red Carpet lease does, that is If you purchase extra miles on your lease and donnot use them, they refund the miles you donnot use.

Meaning if you purchase 30k km's/year and only drive 80k km's in 3 years. They refund you 10k km's

[DuSpinnst]

Originally Posted by GMCdriver

Actually, the dealer where you drop the car off at has first right of refusal on that vehicle from GMAC.
GMAC gives that dealer a price that they can buy the car for(FMV) and if they don't want it then it goes back to GMAC to go to auction.

I don't think I've EVER seen a dealer take a car (which why I assumed they couldn't). The price after a lease is just too high, they can get a much better deal by trying to track it down at auction.

[GMCdriver]

Originally Posted by doh

If you are buying the car@lease end it does not matter how many miles are on it. It could have a million miles.

One thing GM should look at is doing what Ford's Red Carpet lease does, that is If you purchase extra miles on your lease and donnot use them, they refund the miles you donnot use.

Meaning if you purchase 30k km's/year and only drive 80k km's in 3 years. They refund you 10k km's

GMAC does this already, at least in Canada they do.

Originally Posted by DuSpinnst

I don't think I've EVER seen a dealer take a car (which why I assumed they couldn't). The price after a lease is just too high, they can get a much better deal by trying to track it down at auction.

FMV is almost always less then the customers buyout(residual). GMAC claims that it is based on the actual auction transaction pricing but...
We don't take cars very often because the FMV is almost always a bit too high but on 4x4 trucks it is usualy worth it to snap them up at GMAC's FMV offer.