GMAC Lease pull ahead

[BarneyFife]

I have a lease that expires March 20th, 2008 and the lease pull ahead is until march 30th, 2008. I want to change vehicles but I'm a little confused at how this works. The terms say

To take advantage of this limited-time offer, you must turn in your current vehicle with a GMAC or SFSC contract that has a scheduled end date/special prepayment date no later than March 31, 2008 and take delivery of an eligible new GM vehicle? by July 9, 2007. We'll even waive or credit up to two (2) monthly payments not yet due on your current contract. See our Terms and Conditions. Plus, a $1,000 Purchase Down Payment Bonus** is available to customers who finance their eligible new vehicle through the dealer and GMAC. Check your local dealer for special incentives in your area.

what do they mean by waiving 2 monthly payments? I hope it doesn't mean that I will owe 7 out of my 9 payments.

 

[iamwiz82]

That's exactly what it means.

 

[boomerang]

If you are driving a popular vehicle with a high residual value, you could come out OK on this deal.

GMAC used to refund you back the difference in the price they sell your vehicle for if it exceeded the balance you owed. There are a lot of unknowns here. First off, I'm not certain they still do this, although legally they may be bound to. You would have to ask them. Secondly, you would have to wait until they sold the vehicle, and of course they would have to fetch a price that exceeded your balance. And that amount would have to equal the 7 payments you owe to break even.

Lease returns are typically auctioned so it's truly a crap-shoot.

If you are driving a Surburban or Tahoe (or a few others) that you purchased through the PEP program, you could come out ahead.

Me, I wouldn't take the chance.

If you've only got two payments left and want a new car, it's a nice way to go. I just can't imagine it generates much traffic for them otherwise.

 

[BarneyFife]

I see. I thought I could get a new car without waiting until March without penalty but no way am I going to "buy out" my lease. I'm just going to wait until it expires.