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Best way to get out of lease - 2019 Sierra Denali

Zoohair
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Zoohair Enthusiast

Zoohair

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Posted

Hi guys,

 

New to this forum and was looking for some advice. I'm looking to get out of my current lease and was hoping if anyone has tried those swapalease type sites and seen success. I got a 2019 Sierra 1500 Denali with the 6.2 engine black on black and I'm looking to buy a different car and want to get out of my current lease before I can pursue the other vehicle. Any suggestions or guidance will be greatly appreciated! 

Donstar Senior Enthusiast

Donstar

Posted
Posted

Welcome to this forum.  If you are looking at a new vehicle from a different dealership, their finacial officer may have the best advice for you.  They want you to be successful in your efforts to buy their product!  

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GOMD Enthusiast

GOMD

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Posted

Not necessarily the easiest thing to do. Lease swaps are possible, but the person who takes it over usually has to have their credit approved with GM, like you did, and they aren't always approved. Also, depending on your current monthly payment, and buyout at the end, you may not attract as much interest as you'd hope.

 

If you do get out of the lease early, expect to pay to do so. Either by giving $ towards the lease swap to sweeten the deal, or trading in the lease at a dealership and eating some ( or alot) of negative equity.

Zoohair Enthusiast

Zoohair

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1 hour ago, Donstar said:

Welcome to this forum.  If you are looking at a new vehicle from a different dealership, their finacial officer may have the best advice for you.  They want you to be successful in your efforts to buy their product!  

I tried that but FFS does not like negative equity and 50% of down payment would have been to cover the loss so it was a no go. 

Zoohair Enthusiast

Zoohair

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2 minutes ago, GOMD said:

Not necessarily the easiest thing to do. Lease swaps are possible, but the person who takes it over usually has to have their credit approved with GM, like you did, and they aren't always approved. Also, depending on your current monthly payment, and buyout at the end, you may not attract as much interest as you'd hope.

 

If you do get out of the lease early, expect to pay to do so. Either by giving $ towards the lease swap to sweeten the deal, or trading in the lease at a dealership and eating some ( or alot) of negative equity.

That's the problem I'm slowly learning about a lease lol probably my last possible lease because I like swapping cars out fairly quick. My current lease was 599/month with 29 months left and residual of 37k I believe. The dealer was only willing to give me 45k for the truck so left over lease and residual combined I was losing close to 10k...so no brainier I left the deal. 

GOMD Enthusiast

GOMD

Posted
Posted
1 minute ago, Zoohair said:

That's the problem I'm slowly learning about a lease lol probably my last possible lease because I like swapping cars out fairly quick. My current lease was 599/month with 29 months left and residual of 37k I believe. The dealer was only willing to give me 45k for the truck so left over lease and residual combined I was losing close to 10k...so no brainier I left the deal. 

I was afraid this might be your situation. Especially with an expensive high trim level truck. There probably won't be any reasonable way out for you, except keeping it til closer to lease end.  Unless you can find someone willing to take on the payments.

 

I'd put it up on leasetrader or swapalease, and see if you get any bites. Otherwise you'll have to decide just how bad you want to get rid of it. Best of luck.

Donstar Senior Enthusiast

Donstar

Posted
Posted
3 hours ago, Zoohair said:

That's the problem I'm slowly learning about a lease lol probably my last possible lease because I like swapping cars out fairly quick. My current lease was 599/month with 29 months left and residual of 37k I believe. The dealer was only willing to give me 45k for the truck so left over lease and residual combined I was losing close to 10k...so no brainier I left the deal. 

I am not surprised by the $10k loss.  You might be at the point where you commit to  building significant positive equity in your daily driver.  I use to swap out vehicles "fairly quick" and employed some very creative (negative)  financing!  It took a lot of discipline and hanging on to vehicles longer than I liked,  but my trade-ins are now fully paid for and I have purchased my past three trucks without borrowing money.  My current vehicle is a '15 SLE and  is a far cry from a '19 Denali but it's all mine!  

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  • 3 weeks later...
Zoohair Enthusiast

Zoohair

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thanks everyone for your feedback and I've decided to keep the truck and hold off on trading it in this year. I will probably try to sit on it until the new shape comes out 2022. 

Zoohair Enthusiast

Zoohair

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2 hours ago, Colossus said:

How much is it worth now/do you owe now?

I have 28 months left with a payment of 599 so about $16,700. I only put 4500 miles on it and I got it October 2019. KBB says trade value 50-54 but Ferrari was only offering 45 total. Residual is 38k + 16.7k leftover lease so about 54.7k owed at the moment. Lease is for 12k miles per year. 

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hotrodz37 Senior Enthusiast

hotrodz37

Posted
Posted

Try Carvana and vroom. They offer you a buy it price so if they offer over your negative equity or even close to it, you can get out of it. Lots of people do it with leases if you check out the leasehackr.com forum.


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