05-16-2022, 08:02 AM | #1 |
GM Employee
Drives: 2022 LT1 w/ RS+Tech Join Date: Sep 2021
Location: Michigan
Posts: 101
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Have to let her go...
So I leased my 2022 LT1 6 months ago, but recently changed my job last month and having the Camaro just isn't feasible anymore as I used to be full time remote, so it was just something fun to have to take out on evenings and weekends.
Long story short, I need to get into a truck. Has anyone else had this situation come up? What are my options to release myself from this lease so I can swap into a truck lease instead? TIA!
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2022 LT1 Summit White - A10
RS | Technology | Satin Black Appearance | Sunroof | Dual Mode | Carbon Flash Wheels | Illuminated Sill Plates | White Door Trim 09/01/2021: 1100 | 09/24/2021: 2000 09/29/2021: 3000 | 10/05/2021: 3100 | 10/11/2021: 3400 | 10/26/2021: 3800 (TPW 10/25/2021) JCT - Picked and Paired: 11/04/2021 | Dispatched: 11/05/2021 | Delivered: 11/08/2021 |
05-16-2022, 08:29 AM | #2 |
Drives: 2022 camaro 2ss 1LE Join Date: Dec 2021
Location: FL
Posts: 213
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Talk with your dealer, most likely you will have to get payoff, and trade it in. But the way the market is right now it seems like you might make out ok without having to roll too much into the new lease.
They gave my 8,000 cash to turn in my Tahoe lease 1 year early! So I made out great, put that money down on the new 2ss 1LE to buy.
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05-16-2022, 09:39 AM | #3 |
Drives: 2020 Camaro 2SS A10 Join Date: Jun 2018
Location: Here
Posts: 1,495
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You don't have to let her go. Can always pick up a beater AWD car for winter?
I plan on doing the same myself
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2020 Camaro 2SS A10 | Rebuilt by: CBI Street Cars | 2" SE LT Headers | 3" SE X-Pipe | 3" MBRP Axle-Back | Pri & Sec Cat Deletes | Roto-Fab CAI | LT2 Ported | 95mm ZR1 TB | LSA crankshaft conversion w/modified crank gear | LS1 thrust bearing | LS MSD Plug Wire Set | BTR Stage I Cam | ARP Rod Bolts | Delphi Lifter set | NGK LTR5IX-11 spark plug set | DOD Delete | VVT Limiter | ECM, TCM & E85 | Retuned by: Justin L. | Dyno: 510 rwhp 472 rwtq | Best 1/4 Time: 11.639
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05-16-2022, 09:46 AM | #4 |
Drives: 2016 Camaro 2SS Hyper Blue Metallic Join Date: May 2020
Location: WI
Posts: 2,605
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Probably best off talking with the dealer you have the lease setup with.
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05-17-2022, 06:31 AM | #5 |
Drives: Camaro 2020 2SS VERT Join Date: Dec 2020
Location: Ontario
Posts: 224
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I live in Ontario, get a front wheel drive car with snow tires. You will be fine.
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05-17-2022, 08:48 AM | #6 |
Hot Camaro
Drives: '20 2SS Convertible 6MT Join Date: May 2020
Location: CT
Posts: 3,541
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Go talk to a dealer about a truck. Keep bucking for discounts and better prices. Let them give you every story in the book about there being low inventory, high demand, lack of quality vehicles, and so on. Then offer your car in trade.
They will assuredly low-ball you and this is your opportunity to look them dead in the eye and say "Haven't you heard? There's a lack of quality inventory inventory. This is a premium vehicle, and I have to insist on a premium price for it." In the end, what matters is your car plus how much? Get the "how much" to where it needs to be by whatever means and you're good. |
05-17-2022, 10:26 AM | #7 |
Drives: '23 1SS 1LE-Sharkskin M6 Join Date: Apr 2022
Location: TN-615
Posts: 118
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If your lease is thru GM Financial, they are going to make it a bitch to get out of early. Unless, you trade it in on another GM product they won't allow you to get full market value out of it. Do some digging at a dealer before you jump in to another lease.
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05-17-2022, 10:51 AM | #8 |
Hot Camaro
Drives: '20 2SS Convertible 6MT Join Date: May 2020
Location: CT
Posts: 3,541
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It depends on how you terminate the lease. They will make it difficult for a commercial non-GM entity to pay off the lease. If "you" pay it off to buy it outright and then trade, there isn't a damned thing they can do. You just have to find the right commercial entity that can put the deal together the right way.
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05-17-2022, 11:01 AM | #9 |
Drives: 2022 VOM 2SS 1LE M6 Camaro Join Date: Nov 2021
Location: Vegas, baby...Vegas...
Posts: 816
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Dealer would be happy to move you into a truck I imagine.
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05-17-2022, 12:21 PM | #10 | |
Drives: 23 Zl1 Join Date: Apr 2019
Location: SO CAL
Posts: 458
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Quote:
This is correct. |
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05-17-2022, 12:27 PM | #11 | |
Drives: 2021 LT1 Join Date: Aug 2020
Location: Chicago area
Posts: 286
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Quote:
I would explore all options and the dealer isn't always the best choice. I was looking for a lease buyout (since I have plenty of equity on my LT1) and 1/2 dozen local dealers went "Mehhh". If you have the cash to payoff the lease then you might be able to make profit by selling to the likes of Carmax, Vroom or Carvana. |
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05-17-2022, 02:49 PM | #12 |
Drives: 2017 ZL1 Vert M6 Join Date: Feb 2019
Location: Portland, OR
Posts: 486
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Per NoSoFast, I sold a car to Carvana once that had a loan on it - could not have been a simpler nor more pleasant experience - highly recommend as an option for a low hassle way out if a lease is OK.
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05-17-2022, 03:39 PM | #13 |
Account Suspended
Drives: 2022 ZL1 M6/Nissan Leaf Join Date: May 2016
Location: Dallas
Posts: 1,138
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I can't imagine leasing a vehicle with how much the used car market is right now. Probably one of the few times where you can buy a new car, drive it for 6 months and sell it for about the same amount that you paid.
Does the new job pay more? I recently jumped from a WFH to an onsite job, but I had to make sure that the new job paid more than the WFH job. That being said, I'd do as others suggested, go to the dealership where you leased and see if they can put you into something else, and I'd try to go with traditional financing, although APR are higher now than a few months ago. 2nd option would be to get a cash truck and use that. The used car market might not allow for that option though. I'd go ahead and trade in for something but do a traditional loan over a lease. My calculation is that I may want to trade my truck in for a Camaro again if I decide that I miss the Camaro and do not want to deal with trying to get out of a lease again. Good luck on both the job and the car front. |
05-17-2022, 03:45 PM | #14 |
GM Employee
Drives: 2022 LT1 w/ RS+Tech Join Date: Sep 2021
Location: Michigan
Posts: 101
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I think I'm all set, I found a dealer that happens to have the truck with the packages I wanted on it currently in route without already being tagged for someone else.
I had third party offer to buy out the lease and give me $3700, I showed that offer to the dealer and they are going to match it. In the end, I just simply didn't want to end up rolling a negative into my new lease.
__________________
2022 LT1 Summit White - A10
RS | Technology | Satin Black Appearance | Sunroof | Dual Mode | Carbon Flash Wheels | Illuminated Sill Plates | White Door Trim 09/01/2021: 1100 | 09/24/2021: 2000 09/29/2021: 3000 | 10/05/2021: 3100 | 10/11/2021: 3400 | 10/26/2021: 3800 (TPW 10/25/2021) JCT - Picked and Paired: 11/04/2021 | Dispatched: 11/05/2021 | Delivered: 11/08/2021 |
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