I have a 2017 GMC Terrain that is coming up on a 39 mo lease. I like the car and want to pay it off with cash / keep it. I called GM Financial who claims that “by state laws” I have to go thru a dealer to get the payoff amount (I live in FL). I also paid off a Honda last year where I was able to pay the Residual+Sales Tax directly to Honda and they sent me a transfer title I was able to take to the DMV (where I payed a grand total of $80 to get a new title).
The dealer I leased from gave me the following payoff quote:
Residual Value per contract: $15354.95
Price of the car: $15707.35 (claims the extra $352 covers some mandatory inspection - do I need one if i am buying it outright?)
Private tag fee: $98
Electronic registration filing fee: $279
Taxable price: $16084.35
Tax: 1125.90 (7% tax in FL)
License / Registration: $450
Called another dealer and he was able to take $200 off but I noticed his quote had M/W/F and battery fees that look similar to the padding fees i payed upfront to the dealer i leased the car from.
I then mentioned to GM Financial on the phone that I wasn’t interested in going thru a dealer and the call center manager said the only other option was to go thru a 3rd part called “Innovative Funding Services” who also said they charged a $480 processing fee + the usual tag and title fees.
Anyone else deal with this racket? Any suggestions?