Last post on Nov 29, 2010 at 4:36 PM
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Pontiac G6, Car Leasing, Car Buying, Convertible, Sedan
#132 of 173 Re: Pontiac G6 convertible lease questions [njbloke]
Mar 13, 2008 (1:48 am)
Welcome njbloke. I;m glad that you like this forum so much. Here's the information that you're looking for. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 Pontiac G6 Convertible with 12,000 miles per year are 2.95% and 55%, respectively. The lease rate for a lease with only 10,000 miles per year would be the same, but the residual value would increase to 57%. As you can see, GMAC publishes lease rates instead of money factors for the vehicles that it leases. You can convert its published lease rates into approximate money factor equivalents by dividing them by 2400. So a lease rate of 2.95% would be equivalent to a money factor of around .00123. When negotiating your lease on this car, make sure to take the $500 lease cash that GM is currently providing on it into account. If I was in the market for this car right now, I personally would shoot for a couple hundred dollars over dealer invoice prior to the reduction of the $500 lease cash, or slightly under invoice with it.
Prices Paid: Buying & Leasing Experiences Forum
#133 of 173 Re: Pontiac G6 convertible lease questions [Car_man]
Mar 13, 2008 (5:09 am)
Thank you for this valuable information.
You mentioned that there is 500 customer cash back on the lease, but when building the car on Pontiacs website, you get 2500 cash back. Is this only applicable to purchases?
In addition, how much does the money factor/residual change if the lease is increased 3 months to 39 months?
Lastly, how should one approach leasing a left-over 2007? How much under invoice should one aim for, and would the lease programs be the same regardless of model year?
Mar 22, 2008 (5:33 pm)
I leased my car in April 2007. I immediately notified the dealership regarding air noise coming from the panoramic sunroof. They tell me nothing can be done about it. The noise level has increased so much, that I hate getting in my car everyday. I want to be released from my lease which doesn't expire until April 2010. Is there anyway that can happen?
#135 of 173 Re: 2007 Pontiac G6 [nooesangel]
Apr 30, 2008 (2:19 am)
Hi nooesangel. I would try taking your car to a different dealership's service department. You may find that they will be more willing to work with you or have better luck fixing your car's noise problem. Unless you can get your car declared a lemon and bought back using the lemon law, it is unlikely that you will be able to get out of your car this far from the scheduled end date of your lease without spending a lot of money.
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.
Prices Paid: Buying & Leasing Experiences Forum
#136 of 173 regarding trading in aleased vehicle for something else
Jan 22, 2009 (3:42 pm)
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.
#137 of 173 Re: regarding trading in aleased vehicle for something else [revord]
Jan 24, 2009 (8:12 am)
In order to get out of your lease, you must look at your current pay off amount, then find out how much your car is worth on a trade in. This will determine how easy it is to get out. Since you have an 06 G6, you will have a much better chance at getting out. Your pay off amount should be low enough to either meet or be below your trade in amount. If your pay off amount is higher than the trade in amount, you will have to absorb any of the excess amount into a new deal. Your chances of that or low since you have been in the lease for awhile.
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.
#138 of 173 Re: regarding trading in aleased vehicle for something else [revord]
Jan 28, 2009 (8:28 pm)
The lesson to everyone should be "DONT LEASE A CAR FOR LONGER THAN THE WARRANTY AND NEVER GO OVER THE MILES ALLOWED IN THE WARRANTY."
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.
#139 of 173 Re: regarding trading in aleased vehicle for something else [chuck68516]
Jan 29, 2009 (10:41 am)
I would advise on selling the car privately, rather than dealing with the dealer. Satisfy your lease amount due and your good to go. Like I have an 08 G6, I believe I owe around 8-10k to buy out my lease. Your amount should be much lower. Sell the car.
Explore all options.
#140 of 173 Re: regarding trading in aleased vehicle for something else [bvdj84]
Jan 29, 2009 (8:37 pm)
You can't really privately sell a car that you are leasing. First you have to buy out your lease. Then you would have to buy the car at lease end value. Then you would have to pay sales tax on that end value. Then most importantly you would have to find some dumb sucker who would pay way more than the vehicle is worth to sell it to. It is a stupid suggestion to even think this is an option. Keep the car. There is absolutely no way that it would be cheaper to go through all that nightmare of buying out your lease, getting financing to purchase the car and then pay sales tax, then selling it when you can just suck it up for a few more months paying off your lease on schedule and turn it in. Like the guy said above, lesson learned. Don't lease for longer than the bumper to bumper warranty and don't ever go over your mileage.
#141 of 173 Re: regarding trading in aleased vehicle for something else [stoopy]
Jan 30, 2009 (8:05 am)
Well, I am was just throw all options out there. They are already in a position where they are so buried in the car. So all their options are going to have some expense.
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.