I turned in my Bolt a month early as I no longer needed it. All 36 payments were made prior to this. I had called GM Financial to set up the pre-lease return autovin inspection and I asked if it was okay to turn in a month early, they said no problem. I get this letter which seems like the amount I owe could be based on the auction value received, but the option (2) seems to indicate the RV of $20920.35 would be used.
So if I read this right, I just owe the $36.04 ‘other’ due + $395 disposition fee? No danger of needing to pay more based on auction sale price?
I’ll call GM Financial tomorrow, but my experience in talking to the random rep I get makes me want to double check with the experts here.
Yes doesn’t feel right to me either. Not sure if it’s a bug in their system that always sends this letter if they get the car over a month early? I think I was one month + 1-2 days.
I followed up with GM Financial’s lease termination department over the phone. My original assumption was correct in that everyone turning in the lease early (before last month?) gets this letter. There are two calculations as to what I could owe, one based off the lease contract (RV, all payments made) and the other based off the auction price (accounting for payments remaining).
The latter calculation is useful for those turning in the vehicle early but its auction value is over RV. In that case, the auction price - RV will subtract from the number of payments balance still due. In my case the auction price will be less than RV, so the first calculation will be used. The rep stressed that the calculation in which I owe the least is always used for the final bill.
If you made all payments and just grounded it before the termination date, it shouldn’t be handled as an early termination. I’ve grounded GM leases earlier and have never gotten this letter.
