New lease - I need a lower payment

Ask the Hackrs
1

Hey There!

I have a 2015 GMC Sierra SLT All-Terrain Edition 6.5 bed, fully loaded (nav, leather, etc)!
Unfortunately Ally Bank won’t allow for a lease transfer after months and months of them “yes-ing” me to death.

Here are my lease details: $397.91 per month - 39 Month Lease - 12K per Year with 22 payments remaining (about to make my next payment tomorrow). There’s about 9,500 miles on the vehicle currently.
Ally Bank is telling me my payoff estimate is $8,012.64.

With that being said, I need something lower than $300 per month, I’ll take almost anything! I’m located in NYC/Long Island. Use zip 11426 if you need.

Does anyone know of any strong programs that will help throw some $ at this lease to lower the payoff from rolling into my new payments? GMC did a great job for me when I took this lease back in Jan. 2015 and the dealer gave me about $4-$5K in rebates etc to get me the deal I have now with $0 down!

I’m looking for a low payment with obviously some of my payments rolled in, little to no money down, and the ability for a lease transfer in a few months with this new vehicle (as I will not be needing a vehicle next year for personal/work reasons).

It’s an excellent truck in perfect condition and I hate to give it up.

I really would appreciate any insight or help! I really need out of this lease.
Thank you so much!

2

Look into a lease transfer. Ally allows them (though they can take a while to process). Not sure how $398 a month compares to other Sierra leases, but that payment doesn’t sound bad at all. Assuming the transfer went through, that would release you of your lease payments.

3

Ally won’t let me do a lease transfer. It’s a long long story and we’ve been going back and forth for months.

4

Well, that sucks.
I’m assuming you are way upside down if you tried to sell your Sierra right now?
Try getting your Sierra appraised by someone like Beepi. They might offer enough minimize your expense of getting out of the lease. What is the buyout price on your Sierra?

5

It does… lol

To buy it now, Ally wants $39508.36 w/tax (As of April though… so that might’ve slightly gone down now). Ally will only let me trade it into a dealer or I can buy it myself. No third part buyouts.

I’ve never heard of that. I’ll look into it.

The residual on the contract is $27,9xx.xx (I don’t remember the exact # off hand).

6

Wow, Ally blows. I mean that’s not new news, but…yeah, they blow. No wonder GM dropped them.
Sounds like you are between a rock and a hard place then. Sorry man. Hopefully you can find some palatable solution.