I checked some previous post, and didn't find the answer I was looking for. Has anyone succesfully renegotiated their lease buyout? I know some people should be getting close to endeing or already have. Mine is$21k and due in 2010. I know there is no waythey can expect $21Kthen when it's only worth $24K(dealer retail) now. I know GM isn't going to want all of them back. Anyone?

 

my lease is done in Feb. so i call gmac and they said my buyout at this time is 28k. its an '07 with 18k miles. my residual at the end of the lease is 25k. gm has no interest in dealing with john q. public when it comes to selling lease vehicles. they would rather send it to an auction that will bring in the most $, wherever it may be. how i know this is my dad has been a sales manager at a dealership for many,many years. now if your lucky enough to know someone like thisand is willing to help, a dealer can buy a lease from gm at anytime for thousands less. that catch is they cannot sell it back to you, but they can sell to your spouse. thats where my wifey comes in. at the end of my lease i should, i mean my wife, should be able to buy for $17-18k. not bad for a 2 year old vehicle with prolly 20-22k miles and original sticker of 35k! oh yeah, my payment will drop $50 a month too. cant wait. hope this helps.

 

Tried it with my Tahoe. They were not willing to deal, so i dropped it off, and got an 09 replacement to drive for the next 3 years. Makes no sense!!

 

Make an offer through the dealer, but my experience has alway been they will not deal. Rather be stupid. Then they will send it to the auctions if another dealer does not buy it, where it will sell for a lotless than you probably would pay for it??? Doh!!!

Look at it this way, when the lease is up, just buy somebody elses for less, or, ...if you have a friend that is a dealer, go to the auctions.

 

Like the bumpers are filled with gold or something!!

 

I called and asked (just out of curiosity).

For my 27 month old leased H3 base (2006,...with auto, chrome package, 6 disk CDand trailer hitch. It had 27,000 miles on it when I turned it in mid September.

I see these on AutoTrader for as low as $17,000 asking,...and itstickered for$30,500 new.

They said the lease buyout was $27,000 and change. I couldn't stop laughing. I wished them luck with their huge parking lot full of used H3's.

Update.

Today 10/19/2008 I see the paper at Starbucks. While they wanted over $27,000 for me to buy out my 2.5 year old base H3 with 27,000 miles on it,...they'll sell me a new 2009 one for $20,866. Not sure what business school they went to,..but apparently it wasn;t as good as the pone I went to. LOL

 

Well I'm sure something will have to change. In 2 more years I doubt the trade-in on my 07 with 15K will be more then $9,000. I may mess with the dealership and tell them I will pay the $21k. When they have the papers ready to sign, I'll write "F##K YOU!" in the signature line.

 

It's not the dealerships that deal with the leases. It is the lease company, most likely GMAC. GMAC is losing so much money right now on residual values, they need to try and get as much as they can for each unit.

the reason most companys don't lease anymore is because of bad residual values. If your lease end value is $27k and it is worth $16k wholesale GMAC loses $11k on that unit. Imagine how many deals they wrote like that in the last 5 years. They didn't predict that gas prices would go above $4 a gallon and people would decide to trade in their Escalades and Hummers for civics and Smart Cars.

 

Gas is NOW $2.64 and dropping here in town. Paranoid mass movement to ditch SUVs.....morons.

 

They did me a favor. At $4 a gallon, GM was practically giving these beasts away! Now gas will drift back down to where it belongs and I'll drive my newly acquired H3 with an even bigger smile on my face!