Extension of an one-pay GM financial lease

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1

Hello Hackrs, does anybody here have experience extending a one-pay GM financial lease? I currently have 24 month one-pay Buick Enclave lease at household. When I called GMF today to enquire about extending, I was given a monthly payment number calculated based on the total I paid towards scheduled payment (i.e. depreciation + rent charges + state tax) divided by 24. Does this sound correct?

Also, I was told that I could extend for a max of 6 months, with 1 - 2 months extended at a time. I thought I could request for extension only once for a vehicle. Any comments?

2

GMF seems to extend leases based on who you talk to. I suspect it has something to do with WHAT you are leasing from them. Some have reported anywhere from 2-6 months allowed, and some have reported not being allowed at all. Likewise with the extensions. Note that GMF requires good payment history, and any lates/missed payments could have caused the ā€œnoā€ from those that have reported they couldnā€™t extend.

As far as your calc goes, if thatā€™s what they told you, you donā€™t really have much recourse if you want to extend it. They arenā€™t going to bargain with you.

It does sound legit though.

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Thank you for your elaborate response. The number sounded too good to be true, so I wanted to check with hackrs here about their experience.

I will post here for updates after my request for extension is complete.

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4

Iā€™m into my 4th month extension on my Cadillac ATS. I may stretch it into 6. I think it does matter what make you are in. They also asked me why I wanted to extend and my canned response is ā€˜I canā€™t find another gm vehicle that fits my budget currentlyā€™. (edit- Iā€™m not on a one pay)

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5

Interestingā€¦most other manufacturers donā€™t let you extend a one-pay.

6

Thanks, I borrowed your reason for extension request and that seemed to have worked for me as well. They are emailing me the paper work for 2 months extension at $144.86 a month.

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7

Extra points for the company line! ā€œPatiently waiting out the strike, just between us GM super fans.ā€

8

When I looked into an extension, GM told me that I could extend for 2 months at a time up to 6 months total.

However they would not extend the miles allotted in the contract. No more miles given.

9

Yes, that is true. No change in the allotted miles or residual amount.

10

Just called today about my one pay lease in Terrain and the agent indicated they canā€™t extend one-pay lease. And she also indicated a valid reason was needed to extend lease, such as waiting an ordered GM car. ā€˜I canā€™t find another gm vehicle that fits my budget currentlyā€™ is not a valid reason to extend.
Anybody has a similar experience recently, or I need to call again to speak to a different agent?

11

Try again. There are plenty of people that have extended with GMF, and plenty that couldnā€™t. Thereā€™s no rhyme or reason. There are no guarantees in life, and that goes for lease extensions as well.