QuestionI leased A Buick Century in June 2000. I am not pleased with he vehicle and would perfer to have A truck. Are there any options available as for terminating the lease or trading for an equal price truck, Without costing an arm or a leg.
AnswerHi Bob - There is a simple question to your dilemma. Unfortunately, there is probably nothing much anyone can do, unless there is an inordinate amount of number flipping hapening, which inevitably will end up costing you money.
An easy way to figure out where you are in your lease, is to call GMAC, and ask for a buyout on your lease. This buyout is the amount that is owed, just like a loan. And don't forget any taxes.
Then figure out what the car will "sell for" on the market, not the inflated figure that the dealer may give you on trade. The difference is the amount of money either for or against your car.
For example, lets say that your buyout is $ 20000. And the car should sell for $ 17500. There is a shortfall of $ 2500 that you either have to pay, or the dealer can "hide" in the next lease, but you are still paying for it, just over a longer period of time, rather than all up front.
If GMAC in the US is using the full disclosure lease paperwork, (the lease should be a huge piece of paper), the options available to you are in very plain English on the back. You don't need a lawyer to explain what is happening.
This is just a little bit of information, to get more indepth I would suggest that you go to http://www.carbuyingtips.com/ and have a look here. The fellow here has a very pessimistic view of car dealers but he does have some good info.
If there is anything else I can do to help, please feel free to drop me a line.
Automotively yours,
Dean
