Hi folks, first time here. Anyway I just got off the phone with GM Financial lease end department. Based on what I read here and elsewhere, I asked for a lease extension on my 2016 Chevy Spark. I have plenty of miles left so don’t need anything except the ability to keep paying the same 140 a month for as long as possible. She asked why I needed the extension and I told her to keep the monthly payment and I have extra miles. The woman said that I didn’t “qualify” for a lease extension, and wouldn’t give any more information than that. Anyone here have recent experience on what a qualifying reason for a GM Financial lease extension is? She did say they changed there policy in January.
I have no GM experience, But for FCA they told me that I need to have a stock number for my next vehicle in the Chrysler family to be able to extend up-to 6 months until my new car arrived. Obviously didn’t have that so my fiat’s go back in September
You need a better explanation than you want low payments or you want to use up your miles.
Tell them something like you are waiting for the 2019/ 2020 model inventory to build so that your dealer can get you a XYZ model with the newly available ABC option. Do some research to make your case.
If you have any late payments or a less than perfect credit score you may be automatically disqualified
I just extended for the 3rd time on my 17 equinox. Basically it’s max 3 x 2month Extension total 6 months max. No extra miles. You have to have 2 “reasons” so one was “ negotiating new lease” (used twice) and second was “waiting on paperwork to clear on next purchase”.
depending on your state, The original onepay also includes money for sales tax on rebates and payments, DMV fees, dealer fees for registration, bank fees.
I ball park all the fees at around $1k leaving your amortized $116 payment.
This is a very old thread from Jul 19 so things change. That said, you can call them one month in advance and they might extend. Before that if you call then they will tell you to call when one month is remaining on lease(I know this because I called them yesterday )
Thanks, looks like I’ll call the first week of April then and see what they can do. I’m hoping it’s the same base payment or less based on a few posts above.
I called in today (8 days before turn in date) and told them “My wife and I really liked the new 2021 Tahoe, but that it would be a few months until we could get our hands on one, and would it be possible to get an extension.”
Agent said “Sure, No problem. I can give you 1 or 2 months.”
I asked if I could get 4-6 months at the beginning, and she “No, only 1 or 2 months at a time. And if you still need more time, you can call in for a 2nd extension period, and then 3rd if needed.”
So three 2 month extensions is the max, and waiting for new GM model to be released seems to be a good enough reason for the extension.
Payment, Residual, and Miles Allowed DO NOT change.
I am way under, so no issue there.
Still have that crazy Encore deal from 2 years ago, where they actually ended up net paying me to drive the car for 2 years after the refund check I got from the dealer due the negative depreciation issue caused by huge rebates and GM Bucks.
So, as you can imagine, I am in no hurry to turn it in!
Does GM do any sort of lease extension with added miles…for a fee? Just wishful thinking but I want to make sure I understand extending specifically with GM. I’m in a current lease where I’m barely over miles and have 2 payments left. If there was a magic wand to extend a few months and add miles I’d consider it:)
Thanks.
Mark
I currently lease a Volt that is due to turn in next month. I have been told by my dealer that I could extend my Volt lease month by month for a while since at that moment, Chevy couldn’t replicate my Volt’s payment on a Bolt (that was before January’s huge incentive happened) and Chevy doesn’t want to take back Volt inventory if they don’t have to. All I had to do was just call GE Financials and ask for an extension for the same term. So just call be ready to be put on hold for 30 minutes to an hour
The extension gives you more months but no more miles and no more warranty. You also typically need to pay state registration which you may only use for part of the year.
I’d like to give a data point about GM Terrain one pay lease extension and ask question about payment.
Called them within one month and easily got approved for two month extension for reasons like waiting for a new 2021 GM SUV. So I think they changed policy and getting extension is not a question.
For my one pay lease, the extension monthly payment is close to one pay amount/24 months, which is higher than I thought or information in posts above. From posts above, I estimated the monthly payment should be (one pay amount - Fees like dealers and registration fee)/24 months, which is about ~$40 less per month than it is now. The website doesn’t have a breakdown about monthly payment and the agent on the phone also didn’t want to provide details. Anyone has information about it or is there a way to discuss with GM?
Thanks!
Doubtful. Some have reported easily getting an extension for up to 6 months, others can’t get one for a month for the past year +. Your situation doesn’t seem much different.
An update on this, after talking with GM agent again, they found the “amount due” on the website is in fact for two months lease extension, not monthly payment. So as same as discussed in other posts, you got better price than your original deal as you saved a lot in fees
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