GM Lease Return Options

sok454sok454 Member Posts: 3
edited June 2018 in General
WE bought a 2015 GM Equinox. Ended up going over mileage to tune of about 3k in penalty. Considering buying the car. Dealership shows us "GMF Dealer Source" sheet w 3 options
1. Puchase for Dealer Payoff Quote $15,765
2. Turn in vehicle pay 3k in overage
3. Purchase for Market based price - 3k penalty, Market Based Price 13,000.

They say we could buy it for the 15,765 but also pay the overage. Doesn't sound right.
Any ideas?

Answers

  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    No, if you purchase the car for the payoff, then you don't pay the overage.

    The only other way out of this is to trade the car in on another purchase or lease--but that's usually a bad deal when you have negative equity.
  • kyfdxkyfdx Moderator Posts: 207,825
    sok454 said:

    WE bought a 2015 GM Equinox. Ended up going over mileage to tune of about 3k in penalty. Considering buying the car. Dealership shows us "GMF Dealer Source" sheet w 3 options
    1. Puchase for Dealer Payoff Quote $15,765
    2. Turn in vehicle pay 3k in overage
    3. Purchase for Market based price - 3k penalty, Market Based Price 13,000.

    They say we could buy it for the 15,765 but also pay the overage. Doesn't sound right.
    Any ideas?

    Don't ask the dealer. Call GM Financial and ask them for the buyout number on your vehicle. It's on your lease contract. If it's the same number as option 1), then that's it.

    I think it's option 3) that's confusing you. Market based price isn't your payoff. It's the actual value of the vehicle. (with the contracted mileage) If you want it for that price, then yes, you have to pay the mileage overage, as well.

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