I’m going to the dealer tomorrow to do a lease end purchase on my 2019 GMC terrain. The dealer quoted me the below fees on top of my buyout price and just wanted to make sure I should be paying these fees and they aren’t just adding fees to make a profit to process my lease end purchase. Any advice would be great!
Rate with excellent credit 3.29%
Lease purchase price / residual 19782
Doc Prep Fee in PA - 394
License / title - 210
Tier / battery / vtr - 85
Tax 6%
What does your contract say as far as fees? Are you able to process the buy out yourself on your gm financial portal? What are other dealers charging as far as fees? How does that interest rate compare to the rates you got from local credit unions?
GM requires you process your buy at a certified dealer. I can’t do it through GM financial. I don’t have my original contract, so I might request it. When I spoke with GM financial they said the dealer can charge fees etc, but I don’t know what other dealers charge for fees. I’m hoping someone is familiar with lease end buy outs that can give me some advise. The rate seems within reason. I can get 2.99% from my local credit union, so I will see about that as well.
You shouldn’t have to work very hard to find a better rate, if you have good credit.
Other than the rate everything looks normal to me. Try digital credit union, they’ve had great rates for car loans.
Pa limit is 394 so this is pretty much the state wide standard.
I got a pre-approval of 2.89 from my credit union…
I was at the dealer today and they said because its a Saturday the lower rate wasn’t coming through, so i told them i’d come back Monday. Probably only saving me 5 bucks a month but that adds up over the life of the loan.
Thanks! I guess they have no reason to go lower.
GM Financial does NOT require you to buy it out from the dealer. You can do it directly through GMF (Just bought out my 2019 Silverado last month). You simply need to call GMF, request your buyout offer (which they will give you the amount listed in your lease contract + state sales tax amount), and also have them mail you the “lease buyout paperwork” (which is like 2 forms and odometer statement) , and for some reason can’t be done online or over email). You fill out the forms and send in a check for the amount and within a few weeks title will arrive in your mailbox…this avoids all the fees of going through dealer… also if your not just cutting a check, and want to go through your own credit union/bank, just bring the “lease buyout forms” to them and they will fill them out and send them in along with their payment (and the title will be mailed to them…. Hope this helps clarify for you.
Check someone else’s credit union. 
Did you also avoid any title and doc fees?
I called gm financial and they said bc I’m in Pennsylvania they require you to go through the dealer. Some kind of special handling on lease buyouts.
