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End of Lease Question

andrialexineandrialexine Posts: 3
edited March 7 in GMC
Hello. I'm fairly new with leasing so I hope someone can help me out. My lease is ending with a GMC Acadia 9 months from now. Is it possible for me for me to get a new car lease from another company e.g Acura or Infiniti when my lease expires? I made about $9K downpayment for the GMC since I traded in my old Toyota. Also, do I have to make another downpayment if I go to another company. I hope I've explained it thoroughly enough. Any help is appreciated.

Comments

  • vividivividi Posts: 6
    edited March 7

    Don't think of your GMC Arcadia transaction as a lease - think of it as a rental - consequently you have no equity to show for the money you have fork over. If you want to keep your payments down, you can either enter into a new leases ever three years or so, or buy a used car that some other sucker has paid the high depreciation like you experienced with the Arcadia.

  • julio91julio91 Miami, FloridaPosts: 54

    @andrialexine good thing you found this forum, Food for thought never give anything down on a lease reason why if anything happens to the car (stolen, totaled, natural disaster) you lost all that money and again your not keeping the car. Now depending on the type of car you want (in this case infiniti) they offer Multiple security deposit ( up to 9 monthly payments rounded out to the nearest 50$ *there is articles on this in edmunds.com) which lowers you interest rate for the loan and if ANYTHING happens like i stated before your money is refunded no questions asked. Now my recommendation is take your car to car max and get it appraised see how much they will offer you once you have that it is good for a week. Call your bank in which your are financing the vehicle and request for a pay off. Now here comes the good part if car max offers you more then the pay off you won the lotto trade the car in to carmax and the difference is basically yours (that rarely happens but its still possible) then go get your vehicle at infiniti. if the carmax plan does not work take it to Infiniti and see what they will give you and see if they pay it off completely ! make sure they DO because some dealer will just roll in you remaining 9 monthly payments from your arcadia into you new lease which is a horrible idea. hopes this helps !

  • @julio91 thanks for the nice info. If however I decide to stay with GMC and get a new Acadia probably 2014 or 2015, my questions is 1. Would I continue to pay the monthly lease that I am paying right now? And 2. Would I still have to pay for another downpayment?
    Thanks.
  • julio91julio91 Miami, FloridaPosts: 54
    1. If you are planing to stay with the lease till it ends yes! by all means continue to pay for it. Now if you want to trade it in to Carmax and they pay off your car, you wouldnt need to because \car max will own the car. Therefore no more payments. Carmax issues a check and is paid off to the bank it is financed with.

    2. As far as down payment goes I don't know how GMC works, but you never want to give down payment to lower you "cap cost", reason why something happens to the car is lost completely gone, cant get it back. Now some companies offer "Multiple security deposits" which is basically monthly payments rounded up to the nearest $25 or $50 up front, to lower your interested on the loan. Now the beauty on this you get this money BACK when you take back the car, and the money is refunded no questions asked, definitely something to look into. Let say GMC does not offer this, Check what rebates you qualify for, if the manufacturer is offering cash incentives (this is great to lower "CAP COST" while giving $0 down) once that is added to the equation, if you dont want to add dealer fees, taxes etc into the loan to may be to lower your monthly payment, cover some of those fees up front, and when you do, make sure you ask the sales rep to give you break down of that and its not rolled into the loan as well, they are sneaky BE VERY CAREFUL.

    Well, Hope this helps feel free to contact me if you may have any more questions. Best of luck

  • @julio91- Thanks again. I appreciate all your help.
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