GM lease question

[RU482]

In March, we leased an Olds Sillouette. I got a pretty good deal on it, as I was working for GM on contract at the time. I am kind of regretting getting a GM van, it's only got ~8K miles, and the sliding doors are already starting to rattle. also, prior to this I had a Honda Odyssey...and I can definately tell the 55HP difference. (but the Olds was $100/mo cheaper than a base Odyssey)

Anyway, my question is, if you are partially in to a lease, and you trade in and start a new lease on a different vehicle without penalty?

 

[Sluggo]

If you are only a little ways into the lease you are going to get raped (without lube) if you try to trade it in and start another lease.

If you want out, your best bet is to call GMAC (or whoever has the lease) and offer to buy it out. Buying it out will probably cost a fortune, and you will lose a ton of money, but you will lose less money this way than trying to trade it in and start a new lease.

Of course leasing is not a great way to buy any vehicle, but I wont go into all that.

 

[HappyPuppy]

Don't lease. It's almost always a bad decision.

 

[StrangeRanger]

Won't even get into the buying vs. leasing issue but as for your question you have a couple options:
1.) Call GM and find out what your buy out is at this point in time and then put an add in the paper and sell it out right. It's just like having a loan on the vehicle so be sure the buyer knows it's a lease so they can tell their lender that so that the title gets sent to the right place. Many folks have done this. You will probably take a hit on the car. Be prepared.
2.) Call GM and beg plead and promise for a discount if you pay off the lease right now. Ya, like a discount will happen. This is the most expensive option and prolly will not work for you. You basically will have to come up with the $$$ for your remaining lease payments.
3.) Call GM and find out your buyout. Then go to the dealer you want to buy your new car from and see what you will get for a trade in. Then bend over, take it like a man and be prepared to pay the difference.
Option 1 will prolly be least expensive, option 3 would be "easiest" and option 2, well, just keep the damn van if you are thinking about option 2.
j

 

[RU482]

my thoughts on leasing were this...

I needed a van for my family, I found this one that meets our needs and many of our desires. I get it for 3 years and 45k miles. my total payment is a little over $300 a month. At the end, I don't have to worry about selling it or getting raped on a trade. The closest I could buy a similarly equipped new van for was like $450/mo, which I would have most definately sold within a 3 year time frame and still taken a beating on.

For me, it was a financially sound decision, better for my monthly budget, I get the reliability and safety of a new vehicle, and I don't have to take time out of my busy schedule dickering with private buyers or car salesmen at the end of the term.

In hindsight, I wish I had gotten a TrailBlazer EXT...but heh