anyone knows what happens with GMF one pay leases that are due for return in may? while we can extend the lease, as I have never been charged a payment, how would that work? what would even the monthly payment be?
I had a BMW lease return due March 30 and dealership wouldn’t accept it – said call BMW. I did and BMW gave me a one-month lease extension for no charge, with extra miles.
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I had a one pay that expired end of March. I couldn’t turn it in and I think they are just auto extending it a month. If you look login to the GMFinancial Website you’ll see a monthly payment listed which is basically just your one pay divided by 24.
it is /24, but why for a 36 month lease? its overly expensive.
This might seem like a dumb question, but why couldn’t you turn the car in? (Some dealerships remained open.)
I may have been able to but I didn’t pursue it. My payment is only $109 a month and there isn’t any killer 3 row SUV deals right now to force my hand to switch. I’ll probably hang onto the Terrain a month or two longer since I’m barely driving right now.
Why are you taking this so personally?
Look it’s not rocket science. When tens of millions of people lose their job, asset prices, be it cars, boats, RVs, houses fall. It may not happen overnight, but it will happen. It always does, it always will.
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Not in many states. PA has shut down all life sustaining businesses, for me I would have to drive to NJ (2-3 hours), or Maryland (2 hours) with two cars to turn in a lease, thankfully we don’t have anything coming up till 2023.
Doesn’t help that a crew just completed a speed run from NYC to LA last week in under 27 hours.
I did want to see what others think, I have a 24 month 1-pay lease that’s not due til Dec. It feels a bit disappointing that it’s just sitting there unused now cause can’t go out obviously, are they going to allow for a 1 month extension at the back end of that or are they only talking about folks who need to turn their cars in by this Summer?
As for registration, seems like it’ll also be an expensive cost to hold the car for an additional month. I know, contracts are contracts, we sign them not expecting a meteor to hit the world, and the meteor just hit so can’t cry over the spilled milk but want to see if people got any advice that they would do, I don’t really expect my state (CA) to be fully opened until at least June at this rate and even then it might just be a slow rolled opening, where people are going to go to work, groceries, and home.
I do tend to plan far ahead, but many moving parts here so I know it’ll be hard for anyone to have any answers. Thanks all.
That’s pretty good deal, did you receive an actual email about that from them, unsolicited or did you make a call?
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Cannonball? 26 hours and 38 minutes I think, absolutely nuts. 103MPH avg in an Audi A8.
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I called a few Lexus and Audi dealerships in the NY area and began to inquire about certain models. I proceeded to ask them about how they are seeing the current environment, and they have all said demand is considerably down.
I then asked about their monthly quota programs, and many of the dealers have said these have been cancelled due to COVID-19 – one dealer in particular alluded to the fact that manufacturers are subsidizing costs and as such have phased out any volume based bonus programs present at dealerships. Is this true, or are dealers not being forthcoming?
Secondly, any tips on how to use the market conditions to your advantage in this situation?
It could be that it is just early in the month, however the dealers I have spoken to are not being too flexible when it comes to pricing.
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There are many topics related to this currently with 100-200+ posts in them, wouldn’t be bad idea to sift through those first…
I wouldn’t have even bothered asking about the current environment and their monthly quota programs because it makes seem it seem like your an unrealistic buyer that’s just looking for that “CORONA FIRE SALE” however you answered your own question…The fact they are no longer working towards a quota bonus means they are less likely to give an aggressive discount on the car and make it up via the bonus money.
Even though lease programs for some brands may be decent, there needs to be an aggressive dealer discount to coincide with the lease program in order to get to the overall goal which would be a “hacker worthy deal”
New York is the heart of the pandemic in the United States, I know many New York dealers laid off about 80-90% of their workforce and a lot of them decided to remain closed even though Governor Cuomo allowed for remote vehicle sales.
While there are always exceptions, what’s being heard from a lot of dealers is that with sales so far down and no hopes of volume bonuses, gross profit on each vehicle is becoming the target. The covid19 fire sales that some people are wanting to exist aren’t existing. Could always change in the future if manufacturer support changes, but right now, I wouldn’t count on finding a better than normal (or even as good as normal) deal right now.
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Is it accurate to say that the quota programs are being phased out?
I don’t know if they’re no long being offered or if they’re just no longer achievable in the current market. In the end, the effect is pretty much the same though.
Have you looked through the Share Deals & Marketplace section on this forum and run a search on interested models?
BMW is one of the more talked about brands on LH, with some Audi and the occasional Lexus deal. Brokers have most of there deals posted in the Marketplace section which would give you an indicator of what is possibly achievable as well as other individuals have posted in the Shared Deals section what they were able to achieve.
Copied from MBFS FAQ site
Is MBFS able to complete requests to transfer vehicles to third parties at this time?
Department of Motor Vehicles (DMV) office closures throughout the country have impacted the transfer of title and registration process. As a result, we are unable to accept vehicle transfer requests until further notice. Vehicle transfers already in progress will be completed and both parties will receive a confirmation package from Mercedes-Benz Financial Services when the transfer is complete.
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Unsolicited email followed by a confirming letter.
Waiting to see what kind of new lease offers are available in May before deciding what to do.
I have extended my BMW 430 lease since December 2019 while a new BMW car was being built-also a lease. Inspections are suspended as of now but the dealership figured out a way to contactless deliver me the new car, which was sitting for about a month on their lot. I called BMW FS to get a sense of potential issues and extend the old lease and they offered me a courtesy free month extension (without my even requesting for it). Just in case anyone out there is in the same situation, it does not hurt requesting for this unexpected courtesy.