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Prices Paid: Buying & Leasing Experiences Pontiac G6 Lease Questions
95 messages, Last post on Jul 16, 2009 at 11:38 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: nooesangel (Mar 22, 2008 5:33 pm) In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive. You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle. Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Can anyone tell me if you can get out of lease. We are leasing a 2006 pontiac g6 and had to thave the rar brakes replaced in 07. Dealership is out of business where we purchased it and recently we wre told the front needs to calipers, rotors, brake pads. We are over on our mileage. When the dealership was still in business not long after we got the vehicle we were hearing brake noise they said it wad brake dust and we did not even have it a year and under the mileage for a year I think it was around 9000 at the time and the said the warranty only covered it up to 7000 miles. We are really not looking to keep it at this point so how hard is to get out of? I also got stuck three times with car not being able to start they could not find the problem until the warranty ran out we had a bad battery 1800.00 to replace. We ahd taken three times within the first year and half. No wonder they are out of business.
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Replying to: revord (Jan 22, 2009 3:42 pm) Your best option now would be to get your pay off, then go to a dealer to get your trade in value. Do realize that your Kelly Blue book amount will be a bit higher than what most dealers will give you. Don't be surprised. Try multiple dealers to get your average trade in values. Then go from there. I would not go in too deep with details about your car when trying to trading it in, though I would hate to be someone buying your car off the lot with the apparent problems it has. It will hurt your trade value. Yes, you can get out of a lease, but there are several steps for you to make. People trade all the time, but rolling negative equity into a new deal is not advisable, so if that is the case, I would wait until your lease is over. Being an 06, you have to be close. By the way, mileage will kill any positive equity, I would start investigating all options now. How close are you? If you are close enough, I would start looking to get out, but just be smart in the whole deal, though your car has issues and is over mileage already. Good Luck! |
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Replying to: revord (Jan 22, 2009 3:42 pm) If you would have leased the car for 3 years/36,000 miles, your car would be under warranty and you wouldn't be having all this drama. I'm guessing the trade in value on a G6 is about nothing and you still owe $3,000 plus 15-20 cents per mile that you are over the contractually allowed mileage. In summary, you are between a rock and a harder rock and another rock just smacked you in the skull.
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Replying to: chuck68516 (Jan 28, 2009 8:28 pm) Explore all options.
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Replying to: bvdj84 (Jan 29, 2009 10:41 am)
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Replying to: stoopy (Jan 29, 2009 8:37 pm) Even a new 08-09 G6 has an insane depreciation rate. With falling company values, Its better to buy used rather than new, otherwise you are so upside down, you will not be equal or level until pay off or the end of the lease. Your best bet now, move away from GM. Turn your car in, and look elsewhere. I am just upset now that I am supporting GM. Maybe if people stop buying them, perhaps they'll get the picture. I will not be back to GM after my current 08 G6 lease. I am looking at the new TSX, Accord, Jetta. Deals are to be had. |
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My boyfriend currently has a Smart lease on his G6. He's owned the vehicle for 2 years and has two more to go. He said that with the lease he is required to keep full coverage on his vehicle, but he is tired of paying for it and doesn't see a need to. My question is, can he (legally) just have liability insurance on his vehicle? If not, will Pontiac be able to find out about it? Also, if he wrecks or totals his vehicle and it's his fault, what are the repercussions? Sorry if this sounds like a crazy question; I just suggested he keeps full coverage. 
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Replying to: emilystl04 (Mar 01, 2009 3:32 pm) Yes, if he cancels, the bank will be notified... At that point, they will obtain coverage in his name, and bill him for it (and, that won't be cheap). If he wrecks or totals the vehicle without coverage, then he will have fix it on his own dime.. This might be the worst idea, ever.. 
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Replying to: kyfdx (Mar 02, 2009 4:13 am)
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