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Smart Buy Questions
What's the difference between leasing and buying? It's called Smart Buy and is brought to you by GMAC. You own the car but have some of the benefits of leasing. The catch is that it also has the complexities of both rolled into one!
Ask your questions about Smart Buy here and others who have been there and done that can share their hard earned knowledge by answering those questions.
tidester, host
SUVs and Smart Shopper
Ask your questions about Smart Buy here and others who have been there and done that can share their hard earned knowledge by answering those questions.
tidester, host
SUVs and Smart Shopper
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Can I still make monthly payments until it is pay off when after the lease is up?
By the way (btw) My lease is up on March 31, 2010
Whoever have SMARTBUY, (it should be on your monthly bill or statement) can you tell more about this SMARTBUY program?
It seems that back in the early part of the last century there was a problem with rich guys running down pedestrians with their limos and then dumping the responsibility onto their chauffeurs who of course had limited resources. To deal with this the state passed a law that said the OWNER of the vehicle was responsible for damages regardless of who was driving.
Fast forward a century and some smart lawyer figured out that on a lease the OWNER is the car company. They started suing GM, Ford, Toyota etc. for million dollar settlements.
The car companies of course thought this was unfair and asked the state to change the law to exempt them as this was never the intent of the law. Of course the NY state legislature is made up of crooked lawyers who were in on this scam, so nothing happened.
For a while the car companies stopped leasing in NY. Soon they realized that this was costing them money and came up with Smart Buy. SB was in every sense a lease except legally the person who leased was the owner.
This got the car maker off the hook but ended up costing people who lease in NY about an extra grand in charges.
Now is that what you mean by Smart Buy? :confuse:
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
We'll have to wait for someone who is familiar with SMARTBUY to help out but my understanding is that you effectively have a balloon payment due at the end of your "lease" and then the car is yours. You can either pay cash or finance the balloon payment.
Can anyone help out here? Thanks!
tidester, host
SUVs and Smart Shopper
But, to answer the question, no, you can't just keep making payments. You have to arrange financing or turn the car back in. It is possible you could extend the SB like you do a lease, but you definitely need to call the finance company to discuss the possibility of that option.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
I think after the lease is up, I'll just buy a used vehicle and won't have to deal with anymore leases. That's the best way, I could think of. Anymore suggestions??
I would get any salesman's promises in writing before I did anything. Maybe I am not understanding what you were trying to say but I can't imagine any deal where they would SUBTRACT any costs when trading.
I forget what state you said you were in but if SB in your state is anything like in NY you should treat it exactly like a lease.
I seem to remember that when SB came here there was an outcry because sales tax was charged on the ENTIRE cost of the car rather than just the lease cost as was previously done. If this is true where you are you might look in to any sales tax rebate that is available to you at the end of your lease.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible