Anyone buy out their lease.
 

My H2 lease is up in July,08. I bought the H2 in 2005 and have loved every minute of it. I have taken exceptional care of the truck. I bought the truck when GM offered the employee discount . Therefore my lease price was 51k. Pretty good! It currently has 19,000 miles on it. I'm not too fond of the new interiors and really would hate to give up my current H2 with the mileage being so low. The lease is through GMAC.
Can i negotiate the buy out residual?
My residual amount is 36K, probablya bit more than blue book when July hits. With the interest rate for used vehicles being morethan new my monthly payment my actually go up, which really sucks! Any suggestions?

Re: Anyone buy out their lease.
 

That price probably isn't toooo far off of what you'd find for a nice '05. I'd imagine that you could find one for a little less than that come July '08, but then again you've owned this one and know it inside and out.

I'd say if you really like it, see if they will negotiate with you on the price. Sometimes they offer 'pull ahead' deals where they will take yours in around 6 months prior and you can get something newer if you wanted to.

If your set on the interior of the '05, possibly you could negotiate for a new '07. I think they still are offering 0% financing on them. Then again, by July '08 they may be starting to come out with the '09's shortly so they may have some deals on those.

Additionally, if you haven't already, check out the new '08's. I've had an '03, an '04 an '05 and now the '08. My '05 was my favorite by far out of the others, and I was a little on the fence with the new '08 interior, but now that I have it I love it.

The new '08 engine, trans and gearing make for better drivability and while I never thought my '05 was a dog, the '08 really gets up and go's for such a big vehicle. Mileage is better with the '08 as well, not that anyone really buys these for good mileage.

Re: Anyone buy out their lease.
 

My residual amount is 36K, probablya bit more than blue book when July hits. With the interest rate for used vehicles being morethan new my monthly payment my actually go up, which really sucks! Any suggestions?


Like others have said the price seems good and it is yours.

Are you a member of a credit union or can you get
your own financing?
Have you talked this over with some on at GMAC yet?
Maybe they can make a deal now or sooner.
Good luck on what happens next year.
~Richard

Re: Anyone buy out their lease.
 

You will love the 08 and the new interior much more as you use it. I've owned 8 old interior style hummers (03-07) and 1 08 and would never go back. Also theres about 100x less rattles in the 08s, there is much more quality. Also its nice to get a new one every 3 years, plus your warranty will be running out if you buy it out.

Re: Anyone buy out their lease.
 

:iagree:

Your warranty is gonna be up soon and your gonna be looking at somewhere between $1200-2000 for a GMPP warranty(depending on time/mileage terms) if you want to stay covered..... $36K come next July is gonna be pricey for an 05 (by then I would assume your mileage is gonna be up into the 25K range). You would be better off just leasing a new one then buying out unless they will negotiate the buyout price down at least into the lower $30K's
You could also look for a used 2007 that is priced in the mid $40K range.... the 06 and newer models have a 4 year 50K warranty. You definately have some options but I would carefully weigh them if I were you.

Good Luck in whatever way you decide to go.

Re: Anyone buy out their lease.
 

i like the old interior....we were differnet.....the new power train is great, but i miss the dash boobs....

Re: Anyone buy out their lease.
 

Pretty much same here. 2005 H2. Lease end June 08, Payoff will be 33K. Currently have 21K miles on it. Have talked to a couple of dealers regarding numbers for the 08 and they are trying to kill me! It is ridiculous as they are not willing to negotiate and they have all these Hummers just sitting on the lot.

Anyway, I guess after reading all suggestions, it would probably make more sense to lease a new one than to buy this one. That is if I can get to negotiate.

Re: Anyone buy out their lease.
 

I did the same yesterday just to talk some numbers.I called my Hummer dealer and had a nice chit chat. I can get a great deal on an "07". No deals on the 08 yet. He did mention that summer usually brings the start of low financeing deals and such as the 09 is on the horizon. I'm not sure what I'll do. I dont think I want to lease again. I would like to buy one pay it off and keep her for a while. I now know that I love the H2. I'll hang out till near lease end and see if any deals arrive on the 08. If not, then i think I will by mine out. I know the vehicle, its been pampered and well taken care of. Low miles as well. I can then always trade it in if a future deal comes to head. Like the others have said, when the time comes I'll run all the numbers and what makes the most sense.
The Dealer did mention that H2's are not moving. But all the incentives are with the H3.
I wonder if a new gen H2 will even be built down the road? Hummer might just just stick with H3 and push out the H4. With gas prices and everything going by way of "environmentaly friendly", the H2 might be doomed!

Re: Anyone buy out their lease.
 

No deals on '08s? Edmunds.com shows a $2000 dealer incentive. Plus you can get GMID pricing from several on this board. All you have to do is ask... That will bring you to about $7,000 off sticker right now. May not be the best price, but that doesn't sound too bad to me if you really want the '08 right now.

Re: Anyone buy out their lease.
 

before you buy it, have it appraised and then compare that with edmonds and kelly and the other books...if the buy out is 36,000 and all the other numbers are 32,000, turn it in....if the appraisal and such are higher than the buy out, then keep it....

Re: Anyone buy out their lease.
 

Then if my payoff is $32,849.70 in June 2008, should I buy it then?