GM used to use US Bank and Ally, and sometimes (especially) with US Bank it was possible to negotiate the residual down for buying the vehicle at end of lease, if market prices didn’t line up with the residual listed on the lease.
Has anyone had success renegotiating their lease with GM Financial?
I have a 2016 Equinox that I like, but it’s probably $2000 high from where it needs to be.
I tried emailing and all I get is a form reply stating I need to call in.
I’ve called in once, but I didn’t know what department to ask for (if that even matters). After being transferred a couple times the lady was very nice but said residuals are never changed.
Talk to your dealer. They will get an opportunity to buy it at market value when you return it. You could possibly cut a deal with them to make XXX.XX over that price to handle the transaction and sell it right back to you. @chevysalesgirl or @ChevyPhil could maybe give you some pointers on how to do this.
That’s something to think about down the road. I really like my 16 Malibu, although there was a recall and related warranty repair that has probably scared me off. They used an insane residual of around 19k on a 31k car that was great for lease purposes, but last I checked on kbb it was already down to about 15k value about halfway through the lease lol. I’m guessing they must insure that kind of thing somehow.
I figured that was the case, unless you were absolutely in love with the car or so upside-down on the mileage how anyone would keep anything at some of these RV’s.
Thanks. Yes it’s an Equinox I already have on lease, ending 24 months in March 2018. I guess I’ll try calling in one more time and perhaps asking for a supervisor. The last time I called in the reps acted like they had never even had anyone ASK to have the RV adjusted. I think they didn’t know what to do, hence, the “that’s not something that can be done” answer.
I think that’s probably something that would need to be done much closer to the lease end, in negotiating the purchase of it. Otherwise at this point you would just have your payoff amount from GMF, and I don’t think that’s getting reduced.
Will GMF negotiate the purchase price? According to GMF my payoff is $26k or so while market value is below $20k on my SRX. Am about 8k over miles. So at this point I turning it in and paying for the miles is ny best option. I will be leasing an import. One payment left and about 47 days until turn in.
GM Financial will waive up to $500 of mileage overage fee if you buy or lease another GM and finance/lease it through GM Financial. (Also will waive the turn in fee and up to $500 of damage). It is a great perk not many are aware of.
I was aware of this. My wife just doesn’t want another GM car. in SE Michigan you see them everywhere. Going to the grocery store we see 20 other black SRX’s just like ours.
What is the car in question has had damage / been in an accident? I’d have to imagine that would clearly result in a ‘real world’ lower residual value…
