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#1125 of 1189 Re: GMAC/Ally Lease Turn-in [ddelise]
by kyfdx@Edmunds HOST
Mar 16, 2011 (4:04 pm)
I'd be very wary of signing a lease with Ally..
Currently, on new leases... there is a $2500 purchase option on top of the residual, if you want to buy out the car..
Yes... that's exactly what I meant to write.... they want to charge you extra to buy the car at lease end..
Most leasing banks will beg you to buy the car, rather than turn it back in... Make sense of that one!
#1126 of 1189 Re: GMAC/Ally Lease Turn-in [ddelise]
Mar 16, 2011 (7:36 pm)
that hurls, and is not what you want at lease end. Most folks would run to another car brand / lease bank for their next vehicle - which should NOT be what they want you to do either.
Honda is best I have ever used, with the pre-inspection report and forgiveness for a lot of stuff. They certainly make you want to lease from them again (and we have).
#1127 of 1189 Re: GMAC/Ally Lease Turn-in [kyfdx]
Mar 17, 2011 (4:21 am)
I cannot figure out how this makes sense for them. I would love to see the accounting/business case against that one!
#1128 of 1189 Re: GMAC/Ally Lease Turn-in [dwynne]
Mar 17, 2011 (4:22 am)
I did get a call from the Finance Manager yesterday. He said he sent the fax on Saturday (2 days after turn-in), and resent yesterday. I need to call again today to verify. Too much work for the consumer.
And I ended up buying a used 2010 Mazda6s Grand Touring...
#1129 of 1189 Re: GMAC/Ally Lease Turn-in [ddelise]
by kyfdx@Edmunds HOST
Mar 17, 2011 (4:23 am)
It looks like they just started that about a year ago..... I guess the chickens will come home to roost in a couple years, when those first 36 month leases mature...
I don't see how that's going to work, either.... but, maybe they have a plan....lol
#1130 of 1189 Re: GMAC/Ally Lease Turn-in [kyfdx]
Mar 17, 2011 (4:31 am)
Perhaps they are trying to drive more sales through the dealers? How about this scenario: Dealer says - "Hey you can buy the car for $16,000 + $2,500 = $18,500 directly from Ally. Or, I can work a deal with Ally and sell the car to you for only $17,500, including a CPO?"
So, a dubious "win/win" - the dealer gets a sale, and the consumer "saves" $1000!
#1131 of 1189 Re: GMAC/Ally Lease Turn-in [ddelise]
Mar 17, 2011 (4:49 am)
Everyone knows it costs a lot more to attract a customer than it does to retain a good one. Ally missed that lesson and wonders why repeat lease business is so bad...
Folks who finance or own their cars may or may not decide to trade cars. Folks at the lease end can either turn it in or buy it - and most turn it in. So those are 100% for sure in the market for a car. So let us hack these for sure buyers off at the turn in to be sure they don't lease with us again? Not smart, but it appears the "strategy" is working!
#1132 of 1189 Re: GMAC/Ally Lease Turn-in [dwynne]
by kyfdx@Edmunds HOST
Mar 17, 2011 (2:10 pm)
Maybe they got tired of everyone trying to negotiate their lease buyout amount.... Now, when they call, they'll say, "Sure, if you want, we can knock $2500 off your buyout!". LOL
Mar 31, 2011 (1:48 pm)
Volvo was doing something similar with XC90s for most of last year and the start of this year. They just don't want you to lease the car they want you to buy it.
#1134 of 1189 Mazda Turn-in
Mar 31, 2011 (2:21 pm)
Thanks to all who responded to my post (#1113). As it turns out two dealers offered me $400 over my buy-out price plus the $600 taillight replacement to trade my CX-9 in on the car I was interested in buying from them. A third dealer said that while the car is worth a little more than the buyout, Mazda dings non-Mazda dealers $3,000 to do this. Another dealer agreed and I called Mazda (Ford) credit who confirmed this.
Basically, I can buy the car for buyout plus Mazda dealer fees or trade it in on a new Mazda or drop it off and pay for the taillight. I can't even buy the car and then sell it to a dealer because I'd have to pay the sales tax or generate a bunch of paperwork making it not worthwhile.
Bottom line, I cannot take advantage of the $1,000 (new tires and 8,000 miles under allowable) equity unless I trade it in on another Mazda.