H3 Leasing question

[Hummer Guy]

Originally Posted by nychot

are you just referring to gmac leases, or any car lease? as far as i know you can be penalized up the wazoo for ending a lease early. and its my understanding that companies like infinity financial services, from whom i have a leased car, won't permit such trades.

The bank who takes on the lease owns it...in most cases they'd rather you pay for the whole thing right then -- then they don't ever have to worry about selling it later or you making the rest of your payments. Like i said, you may be upside-down in your equity (most likely) so its not really penalties, its just the value that comes out-of-pocket..

I've also never heard of a restructuring a lease from one car to another...the only time you get that is when there is a special 'pull-ahead' program where GMAC or whoever may entice you for paying some of your final payments in order to get you into a new lease..

[Crashtest]

Any ideas as to how much I'd have to pay in order to own it? Are all lease payments added up, and I pay the difference between what is left?

[Hummer Guy]

All you have to do is call the company who holds the lease (the bank) and they will tell you the payoff amount to the penny...

[Crashtest]

Do you think this route is worth it? Or is it better to just get a newer model and not buy this one out? (I have the 2006 model)

[usetosellhummer]

It all depends on what your plans are. A lease is great for people who trade out quick and limit miles, Or wash the lease out in thier busniess.
If yo plan to use it off-road and put more then 12 k a year you should buy, but buy right. Sounds like your are pretty new to this, check out the payment calculators on the GMAC site. I have never seen someone buy out a leased vehicle. 90% of the time I say them traded (huge loss of money on your part) or turned in with fees for milage, damage etc.

[Vettster]

Originally Posted by Crashtest

Do you think this route is worth it? Or is it better to just get a newer model and not buy this one out? (I have the 2006 model)

I leased a F250 a few years back and ended up using it for work and piling a bunch of miles on it.
Hated it. I was stuck with it for 4 years and could not get out from under it.
Went to turn it in and ended up buying it for less than what I owed on the excess mileage charges.