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The End of Leasing? And do you care?

95 messages,  Last post on Sep 03, 2008 at 4:58 PM

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What is this discussion about? Chrysler, Automotive News, Coupe, Hatchback, Truck

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#50 of 95 Re: So in an instance... [tmgeneral1] by 1stpik Jul 30, 2008 (4:51 pm)
Replying to: tmgeneral1 (Jul 30, 2008 10:50 am) "if your "owned" vehicle is not paid off, you do not OWN it. The financing company owns your vehicle until it is sold or paid off."   True, but the statement requires some qualification.   The finance company may "own" the vehicle, but it can't restrict you from driving 30,000 miles per year. A lease company can. The financier can't make you pay them more money because of cosmetic body damage. A lease company can. The financier can't keep you from painting the car green with orange flames. A lease company can.   So, while a finance company technically "owns" your car until you pay it off, while you're paying, the car is truly YOURS. With a lease, the car is NEVER yours. The company owns it before, during, and after the lease. Plus, they're reasonably certain that you'll lease another car from them when your current lease is over, since you'll have no car and no equity when the lease ends.   Lease companies not only get other people to pay for THEIR cars, they create a perpetual market for more of the same. It's a great deal for them, and a sucker's deal for the customers.
#51 of 95 Re: So in an instance... [andre1969] by ponytrekker Jul 30, 2008 (8:24 pm)
Replying to: andre1969 (Jul 30, 2008 12:54 pm) The car had probably high 30s when I started the year. I was still making payments which led to a total cost of nearly $800 a month. I opted for a BMW lease instead. Maintenance costs are zero. Better write off for a lease according to the accountant.   Now of course because I used the truck for work I could write off some of my actual expenses but the unpredictability was what knocked me for a loop.   With the 4runner, the plan was to drive it 'til it dropped. However, once I got a load of the repair bills I changed my mnd.
#52 of 95 Re: No More GM Canada Lease [stmss] by kcram HOST Jul 30, 2008 (8:45 pm)
Replying to: stmss (Jul 29, 2008 9:44 am) I have heard GM Canada will stop leasing on Aug 1.   Not quite. GMAC will no longer offer subsidized leases in Canada. Meaning, they will no longer inflate the residual in order to make the payments lower.   Here's where it gets fishy...   As everyone knows, Cerberus owns 80.1% of Chrysler Holdings LLC (which in turn owns 100% of Chrysler Financial). Cerberus is also the majority owner of GMAC (51% - General Motors owns the other 49%). So these leasing decisions could be coming from Cerberus, not necessarily the automakers.   kcram - Pickups Host Replies to this message: Mr_Shiftright (Jul 31, 2008 7:47 am) qbrozen (Jul 31, 2008 7:48 am) fintail (Jul 31, 2008 8:04 am) stmss (Aug 01, 2008 11:13 am) corvette (Aug 02, 2008 3:04 pm)
#53 of 95 Re: No More GM Canada Lease [kcram] by Mr_Shiftright HOST Jul 31, 2008 (7:47 am)
Replying to: kcram (Jul 30, 2008 8:45 pm) Cerberus -- wasn't that the three-headed dog of Greek mythology that guarded the Gates of Hell?   I don't like the sound of that. Replies to this message: qbrozen (Jul 31, 2008 7:48 am) fintail (Jul 31, 2008 8:04 am)
#54 of 95 Re: No More GM Canada Lease [Mr_Shiftright] by qbrozen Jul 31, 2008 (7:48 am)
Replying to: Mr_Shiftright (Jul 31, 2008 7:47 am) yes, yes it was.
#56 of 95 Re: No More GM Canada Lease [Mr_Shiftright] by fintail Jul 31, 2008 (8:04 am)
Replying to: Mr_Shiftright (Jul 31, 2008 7:47 am) It's an apt name for a firm such as that
#57 of 95 More from GMAC by kcram HOST Jul 31, 2008 (12:39 pm)
Automotive News just reported the following:   - As I noted before, GMAC will end subsidized leasing in Canada - GMAC and GM will cut the volume of US subsidized leasing - The SmartBuy balloon program will be discontinued - Dealer floorplan rates will increase - Consumer financing and lease (money factor) rates will increase   This follows GMAC's quarterly report of a $2.48-billion loss. All of the above are effective August 1, except for the floorplan rate increase which starts September 1 and SmartBuy which will end September 30.   kcram - Pickups Host Replies to this message: writer (Jul 31, 2008 1:14 pm) ponytrekker (Jul 31, 2008 1:57 pm)
#58 of 95 Re: More from GMAC [kcram] by writer Jul 31, 2008 (1:14 pm)
Replying to: kcram (Jul 31, 2008 12:39 pm) Looking at your summary, it looks like business as usual. They have re-jigged the numbers to stop losses (which is understandable), and with all the noise, they can kick off an advertising campaign along the lines of "run into your GM dealer today and get the deals before they're gone!" Sounds familiar.
#59 of 95 Re: More from GMAC [kcram] by ponytrekker Jul 31, 2008 (1:57 pm)
Replying to: kcram (Jul 31, 2008 12:39 pm) Automotive News just reported the following:    - As I noted before, GMAC will end subsidized leasing in Canada - GMAC and GM will cut the volume of US subsidized leasing - The SmartBuy balloon program will be discontinued - Dealer floorplan rates will increase - Consumer financing and lease (money factor) rates will increase   Ok, now am going to fly, not run, to buy that Tahoe.

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