Hummer H3 Lease Questions

Karen_S

A reporter with a large newswire would like to speak with consumers who purchased a truck or SUV in the past couple of months and received a good deal as demand was low because of gas prices. If you just purchased a truck or SUV recently, please respond to ctalati@edmunds.com with your daytime contact information no later than Monday, August 25th.

CarMan@Edmunds

Hi jstango. Thanks for sharing the quotes that you were given. These deals are not being run through General Motors' captive finance company, GMAC. GM pulled the plug on its special lease program for most SUVs recently. Since these deals are bring run through an independent bank, make sure to use the $5,000 customer cash and $1,000 bonus cash that are available on this model to negotiate a selling price that is well below dealer invoice. If I was in the market for an H3 right now, I personally would shoot for invoice minus any available cash incentives.

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hazmat4

i'm from new jersey and bought a 2008 hummer in greenbrook new jersey and i really need to get rid of it the payment is really high its a h3 and i pay 610.00 a month what can i do :mad:

tonyg41

Your paying way too much I have seen expeditions go for lower monthly payment. Your options are to go to dealer explain situation and ask them to buy it back you will most likely have to take some sort of loss but its better then trying to keep it for years to come. Also try to sell it to used car markets or other dealers I know some people that have gotten to the point they drove there car to the Bronx and left it there with keys in ignition and doors open because they would have gone bankrupt. Not saying anyone should do that by any means but shows how desperate someone people get over car payments. Best of luck I was gonna look into getting a H3 I guess I might have to rethink that.

indianajohns

You bought or leased? This is the H3 leasing forum. If you leased, your buyout may not be really as bad as you think. If it is a 2008, how many lease payments do you have remaining? GMAC allows you to buyout the lease with just the depreciation portion of the lease payment multiplied by the number of payments left on your contract. Your payment IS EXTREMELY HIGH but that $610 may only have $350 in depreciation. The rest of the $610 is sales tax and rent charge. Anyway, contact your dealer or call GMAC and tell them you want to know your lease payoff. I bet it is probably over $10K but could be as low as $6K. Hard to tell with the limited info you provided. My 2006 H3 is due in July and my payment is $380 per month. Called to check my payoff, it was only $280 for each month left on my contract (5). So for every month I wait to trade it in I am subtracting $280 of my lease buyout. Since the H3's aren't worth jack crap right now it is impossible to trade off your lease without going into some serious negative equity territory. Since your payment is almost twice as much as it should be you are probably as EFFED as you can possibly be right now. You leased a vehicle that isn't worth anything and your payments are atrocious. I'd go get a 5 gallon jug of gasoline and burn it out in a vacant lot. Kidding......but seriously, I would. Then I would study up a little on how to lease a car.

partsguy78

I leased a H3 with 285/75/16 tires, but when I bought the truck I swapped the tires with a different size. Do I need to put the exact size tires back on or can I turn it in with the other H3 tire option 265/75/16?

CarMan@Edmunds

Hi partsguy78. If you put better wheels and tires on your H3 than it came with you probably do not have to put the old ones back on when you return it. Having said this, if you kept the OEM wheels and tires you might want to make the switch if the new ones are better. You could then turn around and sell the good wheels and tires on eBay or Craig's list or something like that.

Likewise if the tread is really worn on your current tires, to the point that you might get dinged with an excess wear and tear charge you may want to swap them out.

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partsguy78

The factory chrome wheels are still on it. I just changed the tires from the
larger 285's to the smaller 265's ( both are hummer h3 options ). I sold the 285's when I bought the 265's.The tread is going to be fine,there's plenty left.

bxtrb86f

I have an offer to take over payments on a 2009 H3 with 11,000 miles...24 months remain...allowed 12,500 annual miles year...$2500 down and $325 month...great deal or needs to be sweetened? Pros or cons as to 2009 H3 or H3 in general...i've never even been in one...are they loud, uncomfortable, limited driver's room (i am 6' and 280)...any feedback is greatly appreciated...

wvans1

Hi,
I too have a lease related question but will answer yours also. We have an '07 and the lease will expire this August. Now that GM's deal with the China co has fallen thru, they have announced that they will phase out the Hummer line but will continue to support warranties and parts and service. That's great but what happens to the lease extension opportunities? Would they be willing to extend our and other's leases on very favorable terms? Presumable the residual will go way down. Can anyone help with this?

To answer your question, my wife loves the vehicle, it has not been in the shop once in almost three years. It IS quiet has a great sound system, rides and handles well. I am 6' 190 and I fit into it just fine. I drive a Discovery 2 and prefer the open view it has but after getting used to it the Hummer is ok with visibility. I still find myself being cautious in tight spaces due to its size. You too may want to look into the question I have raised about the lease and residual. Maybe the Saturn forum may have some info as they were also discontinued.

wvans1

Hi Car Man,
Our H3 lease $472/mo on 15K miles will expire in August. We are considering extending the lease if terms are great. How will the winding down of the Hummer brand affect the residual or will they go strictly by the contract? Could we renegotiate a better deal? Thanks in advance for any help.

tonyg41

It depends on the year as far as its residual going down. I believe you will have good chance at a re negotiation because they will take the stance that you are in possession of a classic now and it will go up in value. The truth is they are getting to bank money off a truck they would most likely have to sell cheaper at auction then there lease out plan originally calculated for. I think you have the situation on your side, I dont see them denying a lease extension but its possible.

CarMan@Edmunds

Hi wvans1. Banks typically carry the same payment that lessees are already making forward on extensions. While anything is possible, I find it unlikely that you would be able to lower your payment with an extension.

In terms of buying this truck at lease-end, it is difficult to say whether GMAC or whichever bank you are leasing your H3 through will be willing to negotiate it's lease-end purchase price. There's no doubt that your Hummer will not be worth anywhere near its residual value so if they won't negotiate then just walk away from your vehicle at lease-end.

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bluesfan1735

I am going to be turning in my 2007 H3 in August from my 39-month GMAC lease and I don't want to keep the vehicle. Does anyone know if they are charging a lot on the returns for misc. wear/tear or tires? In general my H3 is in great shape, including being under the alotted mileage, but I don't want to have to pay anything when I turn it in. The new car I want to purchase can be bought within this dealer's local network, so I am thinking about contacting the financing department at Hummer to see if they can work with me to get the vehicle I want and not "ding" me for return charges, but I want a Toyota Sienna so I wouldn't be financing it through GMAC. Any advice/comments?

mikeb10

I turned in my 07 H3 last summer. I turned my truck in 6 months early with about 500 miles under the allowance. I paid no penalty or wear and tear basically just paid the truck payments minus the rent charge. I think if you read the lease agreement the tires only need to have a 1/4" of tread. Go through your paperwork. In the GMAC lease pack there should be a small 4 x 4 card that has acceptable tire wear mark on it and the area size of any dings or scratches you may have. Let me know if you have anymore questions.

anchorjoe

Hi, I have an 07 H3 that has a 4yr GMAC lease coming to an end in November. My question is related to keeping the vehicle and just rolling it into a standard loan. This vehicle is my wife's car and she really likes it in the winter time. Would it be worth trying to negotiate with GMAC a lower amount to roll into a loan, and could someone provide some guidance as to how to approach them (GMAC) on this?

On other vehicles I have leased, I have just taken the contract value and rolled it with little to no negotiation; but with the Hummer brand discontinued I am thinking it might be worth trying to get a lower price to roll into a loan. Thoughts???

dawnie417

RE: Post #423 - I'd like to hear the response you get. My lease expires 6 mos. after yours. I, too, would like to know about possible negotiations, etc. As I just LOVE my H3 and definately would like to try and keep it. Only "downfall" is that I will be over my mile allowance, so I'll have to pay the .20 cents per mile over the allowance.

Also, let's say if we don't negotiate and just roll it over into a regular loan, do u know if the monthly car pymt. would be higher or lower than the payment we're paying now to lease? (This is our first vehicle we ever leased...so I don't have a clue if it's the norm for the monthly payment to go up or down after the lease is over and you keep it).

THanks!

anchorjoe

My experience with a lease roll over is the payment drops, but I guess that depends on the residual value of the vehicle as to what the payment would do. I leased my old truck in the beginning of the purchase on a 5yr lease and 4yrs into it I rolled it over to a standard 4yr loan and my payment dropped by about $50/mth.

Chances are we will just roll it regardless, but I figured if we could get a better financed price it would be worth it. I will definitely post what I found out through this.