Is this common? (Lease related question).....

dagwood2001 · December 20, 2015

So I swapped my 2014 for a new 2015 last month. The 2014 was an early build so I'd had it for 25 months, leaving 11 months remaining on the lease. As part of my deal, the dealership bought me out of those 11 months. The truck was graded a 5 for condition, was 12,000 miles under my allotment, and I had the bed sprayed. I was told by my salesperson that they (Ally) were going to take the truck and sell it at auction.

Long story short I received a letter from Ally maybe a week after turning it in that I would get a "final account statement". I called Ally to ask what there was to settle, as I didn't put down a security deposit, and the dealer made my final payoff and (of course) ended up talking to someone in a land far, far away who really couldn't explain a thing expect for I might get a small refund if the vehicle sold at auction for over the residual the dealer paid, but he thought that amount was capped at $500.

Well, sure enough, I got check yesterday for $3,875. I almost fell out of my chair. If you apply this to the cost of the 2015 I bought, I got the truck for almost $15,000 under sticker.....Merry Christmas to me right?

Is this common?

rshad · December 20, 2015

I had my 2013 Sierra to the end of my 3 year lease and trade was $5000.00 more then what was owed and I had them put it towards the new truck. If the lease is taken care of and also millage is low it is just like you owned it and the trade in value is higher then buy out so you get the equity. Works out pretty good. I did not put much down on my truck when I got it 3 years ago and ended with the $5000.00 extra to put towards my new 2015 which I got with no money down on a truck that was almost $10,000.00 more (MSRP) then the 2013 and my new payment is less then my old payment. Can't beat it. I always liked Ally Bank but now GM has their own financing again.

Congrats on the new truck and rebate/refund.

bboyce536 · December 20, 2015

Well shoot. I turned my 14 in early to get my 15 and was a tad over 10k under allotment, got a check for 400 something. Man would have been nice to get close to 4k back!

CMAdams1983 · December 20, 2015

not to get too far off topic but what happens if you turn your lease in early and are over the milage? This is the first lease I've ever done and was actually just thinking about getting into a new one again.

rshad · December 21, 2015

not to get too far off topic but what happens if you turn your lease in early and are over the milage? This is the first lease I've ever done and was actually just thinking about getting into a new one again.

Never had that one come up. I guess technically they could prorate it to the end based on the overage and charge you accordingly for each mile over but not sure.

Doobs41378 · December 21, 2015

not to get too far off topic but what happens if you turn your lease in early and are over the milage? This is the first lease I've ever done and was actually just thinking about getting into a new one again.

All leases still have a pay off month to month just like financing so it will depend on how they value it trade in wise when you go to trade it in. I traded my Audi in early for this truck and they gave me essentially what my pay off was so I broke even, but if they had offered me less I would have had to make up the difference to pay off my current lease to get the new truck loan. OP that is pretty sweet deal for you, I have never heard of that.