[Luke1212385]

Hello everyone, regrettably i need to get out of my camaro lease so i can get a mortgage. Does anyone know the process of this? GM financial and my dealership hasnt been much help at all

[keon718nyc]

Not sure how effective or if anyone else has experience with Swap a lease.com but that might be one route. Some people do post on the forum classified section and that also can be a option.

[Eric SS]

The only thing to do is try to do a lease swap or to take a credit hit by just giving it back. They won't just take it back. I believe the only way they do this is if you are being deployed outside of the country.

You can research swapping the lease on the internet. What is your payment and how many months/miles left?

[Luke1212385]

Originally Posted by Eric SS

The only thing to do is try to do a lease swap or to take a credit hit by just giving it back. They won't just take it back. I believe the only way they do this is if you are being deployed outside of the country.

You can research swapping the lease on the internet. What is your payment and how many months/miles left?

Its 640 a month with 40 months and 37,000 miles left. They said if i give it back i still have to pay the residual value of it left, which my guessing would be about 10 grand atleast which would help but still not ideal

[monkeychops]

640 a month
40 months
less than 1000 miles a month for 640?

bummer

hope u still get the home.

[Eric SS]

Originally Posted by Luke1212385

Its 640 a month with 40 months and 37,000 miles left. They said if i give it back i still have to pay the residual value of it left, which my guessing would be about 10 grand atleast which would help but still not ideal

That's going to be tough to get someone to takeover. Yes, if you give it back you still need to pay the entire amount of your payments, so at that point just keep it or pay someone a few grand to take over your lease.

[16Panther]

Originally Posted by monkeychops

640 a month
40 months
less than 1000 miles a month for 640?

bummer

hope u still get the home.

Where's, "That's more than my mortgage" guy?

Did the dealership suggest purchasing instead? I looked at leasing when I got mine and it was a lot cheaper to buy. What attracted you to leasing?

I'm not aware of GM Financial trying to help anyone out early. One option may be to buy the car but that is going to be ugly. They're going to want the agreed upon lease end value plus the remaining 37 payments, tax and title.

If you go to a credit union you may be able to get an affordable rate, put the car up for sale and hope it goes.

[SpookShow'84]

Sounds like a lease swap + a big cash incentive may be your least expensive option. It's going to be tough to move with months of winter still ahead. Good luck.

[raptor5244]

Originally Posted by Luke1212385

Its 640 a month with 40 months and 37,000 miles left. They said if i give it back i still have to pay the residual value of it left, which my guessing would be about 10 grand atleast which would help but still not ideal

More than likely you will have an early termination fee as well. With such a high lease payment you will have to make it more attractive for someone to take it over. At $640 per month, many folks can just finance a new one for the less than that. If you do a swap lease as mentioned you will probably have to throw some money at it to help lower the payment. You are basically asking someone to pay 25k over the next 40 months and drive less than a 1000 miles per month and own nothing at the end.

What is the residual value set at? Another option is to buy it out now from the leasing company. It won't be pretty. Then turn around and sell it for as much as you can to minimize your loss.

[NITRA10]

Originally Posted by Luke1212385

Its 640 a month with 40 months and 37,000 miles left. They said if i give it back i still have to pay the residual value of it left, which my guessing would be about 10 grand atleast which would help but still not ideal

I...............................Dont......Even.... ..

[SS17]

Good luck,,I offered to pay the transfer fee, and mine is 200 dollars less a month,, and I only have less then 400 miles... I'm going to try swap a lease

[raptor5244]

Originally Posted by SS17

Good luck,,I offered to pay the transfer fee, and mine is 200 dollars less a month,, and I only have less then 400 miles... I'm going to try swap a lease

Dang. You have less miles than some new cars on the lot. Why you getting rid of it? Life change event?

[c4racer]

Leases normally have a buy-out option that changes every month. I've sold a few cars that were leases and the difference between the sale price and the buy out was under $1K in both cases. Maybe you are more upside down. But seems worse case it's a couple K assuming you can sell it. This is a very bad time to sell a car however. I've had one for sale for a couple months not much action. Pretty much waiting for the spring - doesn't really matter to me when it goes as long as eventually it does. Different to have closing a mortgage hanging in the balance.

Is there a relative you could tap to float the $ for the buy-out value until it sells? That way you get it off the books and you could even finance it once the house closes if you want to.

[Luke1212385]

In a few words, they kinda screwed me in the car but i was too excited to really care at the time and its less than half my monthly income so i didnt think much of it at the time. But if anyone hasnt dealed with mortgage companies, they are rough. It was more or less trading in my old car that made the lease insane. And leasing was still a few hundred cheaper than buying a month