Last post on Jul 14, 2010 at 6:32 PM
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HUMMER H3, Car Leasing, SUV
#417 of 425 Re: Lease Payment for 2009 H3 Base 11,000 miles [bxtrb86f]
Feb 25, 2010 (6:01 am)
I too have a lease related question but will answer yours also. We have an '07 and the lease will expire this August. Now that GM's deal with the China co has fallen thru, they have announced that they will phase out the Hummer line but will continue to support warranties and parts and service. That's great but what happens to the lease extension opportunities? Would they be willing to extend our and other's leases on very favorable terms? Presumable the residual will go way down. Can anyone help with this?
To answer your question, my wife loves the vehicle, it has not been in the shop once in almost three years. It IS quiet has a great sound system, rides and handles well. I am 6' 190 and I fit into it just fine. I drive a Discovery 2 and prefer the open view it has but after getting used to it the Hummer is ok with visibility. I still find myself being cautious in tight spaces due to its size. You too may want to look into the question I have raised about the lease and residual. Maybe the Saturn forum may have some info as they were also discontinued.
#418 of 425 Extend H3 lease at end of term or not
Feb 25, 2010 (6:28 am)
Hi Car Man,
Our H3 lease $472/mo on 15K miles will expire in August. We are considering extending the lease if terms are great. How will the winding down of the Hummer brand affect the residual or will they go strictly by the contract? Could we renegotiate a better deal? Thanks in advance for any help.
#419 of 425 Re: Extend H3 lease at end of term or not [wvans1]
Feb 28, 2010 (1:03 pm)
It depends on the year as far as its residual going down. I believe you will have good chance at a re negotiation because they will take the stance that you are in possession of a classic now and it will go up in value. The truth is they are getting to bank money off a truck they would most likely have to sell cheaper at auction then there lease out plan originally calculated for. I think you have the situation on your side, I dont see them denying a lease extension but its possible.
#420 of 425 Re: Extend H3 lease at end of term or not [wvans1]
Mar 04, 2010 (3:25 am)
Hi wvans1. Banks typically carry the same payment that lessees are already making forward on extensions. While anything is possible, I find it unlikely that you would be able to lower your payment with an extension.
In terms of buying this truck at lease-end, it is difficult to say whether GMAC or whichever bank you are leasing your H3 through will be willing to negotiate it's lease-end purchase price. There's no doubt that your Hummer will not be worth anywhere near its residual value so if they won't negotiate then just walk away from your vehicle at lease-end.
Prices Paid: Buying & Leasing Experiences Forum
#421 of 425 Lease Turn-In Questions
Apr 09, 2010 (8:38 am)
I am going to be turning in my 2007 H3 in August from my 39-month GMAC lease and I don't want to keep the vehicle. Does anyone know if they are charging a lot on the returns for misc. wear/tear or tires? In general my H3 is in great shape, including being under the alotted mileage, but I don't want to have to pay anything when I turn it in. The new car I want to purchase can be bought within this dealer's local network, so I am thinking about contacting the financing department at Hummer to see if they can work with me to get the vehicle I want and not "ding" me for return charges, but I want a Toyota Sienna so I wouldn't be financing it through GMAC. Any advice/comments?
#422 of 425 Re: Lease Turn-In Questions [bluesfan1735]
Apr 09, 2010 (9:22 am)
I turned in my 07 H3 last summer. I turned my truck in 6 months early with about 500 miles under the allowance. I paid no penalty or wear and tear basically just paid the truck payments minus the rent charge. I think if you read the lease agreement the tires only need to have a 1/4" of tread. Go through your paperwork. In the GMAC lease pack there should be a small 4 x 4 card that has acceptable tire wear mark on it and the area size of any dings or scratches you may have. Let me know if you have anymore questions.
#423 of 425 07 Hummer H3 lease ending
Jul 14, 2010 (10:47 am)
Hi, I have an 07 H3 that has a 4yr GMAC lease coming to an end in November. My question is related to keeping the vehicle and just rolling it into a standard loan. This vehicle is my wife's car and she really likes it in the winter time. Would it be worth trying to negotiate with GMAC a lower amount to roll into a loan, and could someone provide some guidance as to how to approach them (GMAC) on this?
On other vehicles I have leased, I have just taken the contract value and rolled it with little to no negotiation; but with the Hummer brand discontinued I am thinking it might be worth trying to get a lower price to roll into a loan. Thoughts???
#424 of 425 Re: 07 Hummer H3 lease ending [anchorjoe]
Jul 14, 2010 (5:04 pm)
RE: Post #423 - I'd like to hear the response you get. My lease expires 6 mos. after yours. I, too, would like to know about possible negotiations, etc. As I just LOVE my H3 and definately would like to try and keep it. Only "downfall" is that I will be over my mile allowance, so I'll have to pay the .20 cents per mile over the allowance.
Also, let's say if we don't negotiate and just roll it over into a regular loan, do u know if the monthly car pymt. would be higher or lower than the payment we're paying now to lease? (This is our first vehicle we ever leased...so I don't have a clue if it's the norm for the monthly payment to go up or down after the lease is over and you keep it).
#425 of 425 Re: 07 Hummer H3 lease ending [dawnie417]
Jul 14, 2010 (6:32 pm)
My experience with a lease roll over is the payment drops, but I guess that depends on the residual value of the vehicle as to what the payment would do. I leased my old truck in the beginning of the purchase on a 5yr lease and 4yrs into it I rolled it over to a standard 4yr loan and my payment dropped by about $50/mth.
Chances are we will just roll it regardless, but I figured if we could get a better financed price it would be worth it. I will definitely post what I found out through this.