Last post on Nov 29, 2010 at 5:36 PM
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Pontiac G6, Car Leasing, Car Buying, Convertible, Sedan
#146 of 173 another g6 leasee in a panic
Apr 28, 2009 (8:07 am)
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?
#147 of 173 Re: another g6 leasee in a panic [pontiacgirl]
Apr 28, 2009 (8:27 am)
GM will most definitely honor current leases and owners will return the car as normal. However, I do not see a buy-out, as that would leave them with cars that cannot sell quickly. Especially, when new cars are not even selling like they want. Of course if there is a time where the service center for our Pontiac's are closed, then of course that will pose a problem for us. I do see them closing dealers and service centers here and there, only depending on market conditions in your area.
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.
#149 of 173 Re: another g6 leasee in a panic [starrlight_00]
Apr 29, 2009 (6:09 am)
Yes, well at least you are covered!! Many will choose a longer lease, because the payment is better. But, it is really better to choose the standard 36mth or even a 24mth lease. That way you are covered, and paying a little more or the standard amount is much better than being stuck with it for as long as you would with a loan 4 or more years is crazy for the lease. But, it sometimes gets so crazy when you get a new car, so much information. Only if we all slowed down and read the fine print. Perhaps, I wouldn't be in my 08 G6 lease now. Perhaps, I could have gotten something else. I leased to cars in one day, an 08 VW Jetta SE and then my 08 G6. I just wanted it done and over with. But, I have to be thankful, I don't own the G6, its a lease, I can walk away in about 2yrs, worse case scenario. Its just a car. I do get to drive the Jetta every now and then.
I too will never be back to a GM product. I simply will not stand behind their name, not after dragging us all through the mud.
I too will be choosing a Honda Accord, Acura TSX, or a VW.
By then they will be offering a V6 on the TSX!! That will be a hot car!
#150 of 173 Re: another g6 leasee in a panic [bvdj84]
Apr 29, 2009 (9:00 am)
thanks for calming me down. that is the one nice thing about the lease is that you don't have to worry so much about trade-in value. i have leased my last two cars and traded in the last one early because i was almost over the mileage and they offered me a buyout. this one i will keep til the end since my mileage isn't so bad and it will be cheaper to pay the mileage penalty than the balance of the loan. this is my 4th GM and other than a bad power window weatherstrip have never had major issues with any of them. however, i acknowledge they are somewhat disposable cars; i never plan on keeping them longer than 4 years. my dad is the same way and i take after him. i can't justify spending 40K on a car to go foreign, and have heard horror stories about repairs on foreign cars. so i'll just wait and see when my lease is up if GM has anything with good performance and badass looks. Incidentally, other than my first car, I've only had 6-cylinder GM's. never had an issue with the trans or engines. but who knows now what will transpire! thanks all for the info. it really did make me feel better.
#151 of 173 Re: another g6 leasee in a panic [pontiacgirl]
Apr 29, 2009 (9:12 am)
Hey, no problem!
We have always had honda's and VW in our family, and we haven't had any issues with them. Just normal upkeep. The services are more expensive though on the VW.
I love VW, they are fun cars. The quality is high too. The engine is high revving and smooth, efficient. The 06 4cyl Accord I had was so strong and refined. It was like a little race horse. Not a race car, but it had some ummphh. The G6 4cyl is no where near that. I truly miss my Accord. I never wanted the G6, it wasn't really by choice either, but, atleast I tried it, and now I know that I not truly happy with it. The car its self is great, but the engine is a huge let down. Why do you think most go with the V6 in a GM car? Anyway..... I am going to take my car in, and simply tell them my transmission is going off a bit.. I feel that something is just not right.
If everything is normal, well, okay. but I might have my friend take over my lease. She wants a G6. Then I can start all over again. People will just laugh that I got a new car again. lol.
#152 of 173 Re: My 07 leased Pontiac! Columbia-SC [starrlight_00]
by Car_man HOST
May 05, 2009 (3:13 am)
Excellent question starrlight. If the Pontiac brand is eliminated, and it certainly sounds as though it will be at this point, GMAC or whichever bank your lease is through will continue to hold it.
As far as your car's warranty goes, General Motors will continue to honor your warranty and you should be able to take your car to any GM dealer to have work done on it.
The bigger question is what happens to your car's warranty should General Motors file for bankruptcy. This is pure speculation at this point, but if GM does end up filing for bankruptcy (and if I was a betting man I'd guess that it will) the U.S. government will likely come out with some sort of promise to honor its warranties while the bankruptcy proceedings are going on. Once the company emerges, it would likely continue to honor its existing warranties as if nothing had ever happened.
Prices Paid: Buying & Leasing Experiences Forum
#153 of 173 Re: My 07 leased Pontiac! Columbia-SC [Car_man]
May 05, 2009 (6:16 am)
Yes, the would do all the above or opt to have a mass riot. lol
#154 of 173 GMAC Lease Buyout Options
May 08, 2009 (12:45 am)
Anyone know what kind of finance offers might be available for GMAC early lease buyout?
#155 of 173 Re: GMAC Lease Buyout Options [poponomo]
May 08, 2009 (5:48 am)
Are you considering keeping your car?