Need help! first time leasing or buying out friends 2019 GMC Sierra 1500 Denali

So my friend is looking to get out of his lease 10 months early on his 2019 GMC sierra 1500 denali 6.2l
Truck has like 10k worth of modifications into it…
Current lease payment is $827 a month.
I am new to leasing or buying out a lease so i need help on figuring out how to go about taking this truck off his hands the most budget friendly way
Truck currently has 26k miles on it.
Residual value is $44,8xx
Any other info needed I’m happy to find out to help me out!!

You can’t buy it out. Your best bet would be to do a lease transfer to you and then buy it out from gm. That’ll only work if you’re residents of the same state.

we are from NY. So take over lease for the 10 months then buy it out from gm when lease is over?

Transfer the lease. Then buy it out. You do not need to wait for the full 10 months to buy it out.

“payoff” amount right now is $54,272.02. Will i be saving anything waiting to pay the residual value rather than payoff amount?

Only a small amount if your interest rate on your loan is less than the equivalent mf on the lease.

Are you going to pay cash or secure financing?

Have you checked the best rate you will be able to secure?

one option I think of is that once you get the lease transferred, may be you can ask GM Financial to use the same Credit Pull to offer you a rate for financing to avoid multiple pulls.

if I end up buying it out it’ll be cash if the rate is too much. Considering this extremely hot market not sure when to actually buy out the car now or in 10 months.

If you get the lease transferred, you wont have to worry too much about it.

You practically have 10 months to decide when to purchase it, month 1 or month 10, shouldnt matter much even in $$s unless youare really trying to save every penny.

Then you should just compare the remaining “Rent Charge” on the lease & compare it to the interest rate when you are ready to buy.

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Personally, i think you will be looking at any where between 2.5 - 3.0% APR for a 48 to 60 month term.

I would finance it. i think it is cheap money (comparitively) to write such a big check to save few $$ when you can probably make more by investing (if done correctly).

Got it, so buying it out when i think is the right time is what your saying. Lease it now to take it off his hands and use the 10 months to figure it out. Buy out or give back if my mind ever changes. Thank you!!

yup exactly.

So i decided to 'assume" his lease. Gm is telling me i will pay a $6xx assumption fee and tax on the remaining payments. Does this sound right?

The transfer fee is normal.

Are you both in the same state?

I think NY charges tax upfront, so there should not be double tax…if your friend already paid it

NY will treat it as a taxable event.

Didn’t know!!