Lease Ending - Help

Ask the Hackrs Buy/Finance
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1

Hello Everyone,

My wife and I live in RI and her 36 months lease is coming to an end in February. My wife is currently pregnant, and we are leaning in buying out the lease for 18,700 per lease agreement.

The issue that I’m having is that we called the dealership to let them know we are interested in buying the lease. However, they told me the buyout for the lease is now 20,309 because the value of the car has increased.

Is this even possible for the dealership to increase the price due to the current market and not honor the stated buyout price on the lease agreement?

Leasing Company: GM Financial
Dealership: Chevy

Thank you for the support.

P.S I’m new to this site :smiley:

2

Yes lots of lenders are doing that especially ALLY.

3

I severely doubt this is the case, as the value was agreed upon in your contract. I would call GM finance to confirm, or go with a different dealer not trying to screw you over.

4

Who is your leasing company?

Have you gone on the web portal for your lease to buy it out directly?

5

GM Financial

6

Stated buyout price is for you, and you have to pay tax, they would bypass the tax rule and more than likely activate the ‘We hate you flippers rule’

7

As mentioned by @mllcb42, contact the lessor (in your case, GMF) and buy it directly.

Arrange financing thru a credit union or bank if you need it.

Do not contact any dealerships.

Which Chevy model is this?

8

I will check that out to see if I can.
Thank you,

9

Going to check that out. Is a 2019 Chevy Equinox LT

10

They can not charge you more than the original contracted agreement. Your car now has equity in it and is most likely worth more than you owe on it. If you trade it in make sure you ask for that equity. My Equinox lease came to an end this month and the payoff was 16k. The dealer was willing to offer me 22k to turn it in for another vehicle. Used cars are up over 25% and new %10.