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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: 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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Carman, What happens to my lease or warranty work that needs to happen on my 2007 Pontiac G6 if Pontiac is cut? I have till Aug 2011 before the lease is up. What would I do if they cut the service and dealership?
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oddly enough, i also have a 2007 G6 with a smart lease that is up in August 2011. weird, huh? but i too am wondering what the heck happens then. will they take my car back? will it be horribly devalued? should i trade it in early or will they offer an early buy-out of the lease? i am really upset as I'm a loyal pontiac owner for many years and my dad and i are loyal GM people our whole lives and now don't know what to do. what about my husband's Vibe that he bought in 08? will that value go down, or will it be seen as collectible? i am freaking out because i can't afford any new cars for a while after losing a job, etc. is there a best course of action here other than wait-and-see?
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Replying to: pontiacgirl (Apr 28, 2009 7:07 am) Unfortunately, our Pontiac's have already took a huge a hit in depreciation. My 08 G6, loaded with every option except the V6 is only worth $17k tops. Trade in value is only about $11-12k. That is bad! Trading the car could be an option, but with values so low, you must look at your trade in value versus your pay off amount. I still owe $20k. I am angered by this, as it is not valued correctly anymore. We do lease, so this should be the least of our worries. I personally want out of my lease now. Love the car itself, but the 4cyl engine is really bad! I think the tranny is acting up. This is my first and last GM car. You will not need to do anything. GM has stopped leasing for months now, so the current leases will be honored and returned accordingly. Of course, the values and numbers are way off now. It does not work to our advantage anymore. Just be thankful you lease, and can walk away when the time comes. Hopefully your buy out, if you choose to purchase the car afterward is somewhat on track. Me, I will drop the thing off, and moving on to an Acura or VW. You guys must have longer leases? I have an 08, and its up in 04-29-11. When my values line up better... I will get out early. Now if the dealer can fix my engine, because I think its off a bit, then I could stay in it the whole time.
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