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The End of Leasing? And do you care?

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

You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires

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


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#56 of 95
Re: No More GM Canada Lease [Mr_Shiftright] by fintail
Jul 31, 2008 (8:04 am)
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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)
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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
#58 of 95
Re: More from GMAC [kcram] by writer
Jul 31, 2008 (1:14 pm)
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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)
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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.
#60 of 95
with real values dropping... by explorerx4
Jul 31, 2008 (3:08 pm)
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i wonder why the manufacturers don't offer to negotiate the fixed lease end values on vehicles fulfilling their lease terms?
my wife leased a saab years ago and it was turned in in 2004. the buyout was something like 18,500. it had been in an $3500 accident. i would have bought it for 16,500 or a bit more, but there was no negotiation possible. i got a letter that it was sold at auction for 15,100.
say you leased 25k cars and it cost the corporation 1,500 just by disposing it at auction, not to mention storage, paperwork , etc...
1500 times 25000 is close to 35 million dollars.
maybe that number is too small to be seen on the radar of these large corporations.
also, i realize they are in the new car business, not used cars.
#61 of 95
Re: So in an instance... [andre1969] by ingvar
Aug 01, 2008 (6:34 am)
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Replying to: andre1969 (Jul 29, 2008 9:53 am)

I guess the biggest issue would be that at the end of 39 months, I'd have nothing, where if I bought the car, I'd simply have a car with 21 payments left.
And you have to spend time if you want to sale your car and get a new one. I like to change my cars every 3-4 years and I don't have time to receive phone calls and have test drives with buyers.
#62 of 95
Re: with real values dropping... [explorerx4] by qbrozen
Aug 01, 2008 (6:38 am)
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Replying to: explorerx4 (Jul 31, 2008 3:08 pm)

you got a letter telling you what they got at auction for it? That's odd, no?
 
I'd like to know what Chrysler got for our Pac, but I'm pretty damned sure they ain't gonna inform me. Same for the Accord I just turned in.
#63 of 95
Re: [Mr_Shiftright] by hudsonthedog
Aug 01, 2008 (7:36 am)
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Replying to: Mr_Shiftright (Jul 30, 2008 9:22 am)

If you lease a first year model car that turns out to be a DOG of a car, that is bad enough to disappoint you but not bad enough to quality under Lemon Law, you get to dump it at the end of 36 months if you can't turn it in under a lemon law. If you had owned it, perhaps it would have such a bad reputation after 36 months, you couldn't give it away and would have to sell at a huge loss. Who wants to buy Consumer Reports' "Worst Car"?
 
So your scenario expects the buyer to get a bad car. I sure hope people aren't leasing cars with that expectation.
#64 of 95
Re: [hudsonthedog] by Mr_Shiftright HOST
Aug 01, 2008 (8:19 am)
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Replying to: hudsonthedog (Aug 01, 2008 7:36 am)

Nobody knows how a First Year Model will behave, right?
 
Saw a show with Suze Orman.
 
Man, did she ever get down on some woman who thought leasing was a good idea.
 
(quote) "Leasing a car is the stupidest thing you will ever do in your life"
 
woman: "But I like to have a new car every 3 years"
 
Suze: "Why? So you can impress the stranger next to you at the stoplight?"
 
She was NOT being nice!

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