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The GM Financial Shaft


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Looks like it will be a bit more difficult to dispose of your leased GM vehicle.  My 2019 GMC Sierra has a boatload of equity in it, but GM financial will no longer allow sales to third parties, such as other make dealers or Vroom.  Told me it was to allow GM dealers to have more access to used vehicle.  More like allowing GM dealers to low-ball you out of equity.  Nothing in my lease agreement mentions selling to third parties, but GM financial stated that they'd just return any attempts at payoff.  

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The car game has changed a lot since the Chinese Virus showed up. Dealers are begging for used vehicles. My wife finally told one dealer not to call her anymore or she would file harassment charges. They want he 2014 Impala LTZ. I've had calls to trade my Sierra. All that to say that may be why GMAC is doing that. Just my thoughts.

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And that is where I get off the buss. Run out the lease and find a new OEM to deal with. State laws vary on early payment. Assure yourself of the states laws on the topic. GM can not legislate anything that counterman's state or federal law. 

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Its only on the leased vehicles as far as I know, but I couldn't tell if the OP is a lease holder or outright purchaser based on his post.  If you are a lease owner, this move by GM really sucks for you, its a bad spot to be in and I don't envy you at all for it.

 

However, it gives you one more reason to stop leasing and start owning :)

Edited by Gangly
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The radio show I listen to on Saturday ( car-pro) says they all are jumping on that band wagon. With leases. The solution is to buy it. Especially if there’s a ton of equity. There are certain vehicles up to two years old are bringing the original sticker or more. 

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44 minutes ago, KARNUT said:

The solution is to buy it. 

There in lies the rub. The "drive more vehicle than one can afford" ploy (leasing) ropes in those that consider only the monthly payment and nothing else.  If they could afford to buy it they would have.

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It's a lease.  I leased this one because it's a dedicated tow vehicle and I was flipping purchased trucks every three years anyway.  Generally, at three years, the purchased vehicles were usually a wash with payoff.  So, the lease made sense and shifted any loss of value back to the lessor...pre-covid.   

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39 minutes ago, It's Tim said:

There in lies the rub. The "drive more vehicle than one can afford" ploy (leasing) ropes in those that consider only the monthly payment and nothing else.  If they could afford to buy it they would have.

 

Geez....👎

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3 hours ago, It's Tim said:

There in lies the rub. The "drive more vehicle than one can afford" ploy (leasing) ropes in those that consider only the monthly payment and nothing else.  If they could afford to buy it they would have.

 I been leasing my vehicles for 20 years now and no issues. This is just once in lifetime event. And like many have said Lease work for some and not others. The lease on my 2019 Denali will be up soon and i cannot wait to get a new GM truck. Maybe this one wont have the leaking back window.  :)

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I don’t see the problem.  If the other dealer wants it, they can front the money to you to buy the lease out and then you turn it over to them as part of your next transaction.  I guess there could be tax consequences but if not, there should be no problem.  If there are tax consequences, there may be some way around it by acting as an agent for the non-GM entity that wants the vehicle.

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11 hours ago, Grumpy Bear said:

Has anyone asked a lawyer how they can change the terms of  your lease period? A lease is a contract that BOTH parties have to agree to...

It's probably buried in the fine print that nobody reads. Because we all just want to sign and drive! I seriously doubt that all of the car companies doing this have not done their homework on the subject. I mean why would they want to be sued if what they are doing is wrong?

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