It’s D&M Leasing, financed through Resource One bank in Dallas. D&M told me I would owe the difference in the value versus the balance. Just want to make sure they’re being up front. Thanks.
Call and get both the “dealer” and personal payoff. If you are with GM it can be sold to a GM dealer or companies like AutoNation or larger dealer groups the have GM dealers in the fold.
Brokers here also buy out leases- they could give you a number to see how it compares to your buyout.
If you are will Ally or US Bank you will likely have to pay the truck off first and sell.
Being you are in Texas you likely paid sales tax on the full vehicle price- and it will be hard to get out early without paying a big difference. It is really going to depend on how much you paid for the truck and the availability of new trucks in your area.
Other options are to try and transfer the lease. Swap a lease might bring you a potential person. You need to check the other offers and compare how your payment stacks up to see if you can ask for a down payment or offer a cash bonus to someone who takes it over.
What does your contract say?
Need help figuring out what I owe to end the lease.
Post a pic of the early lease termination clause of your contract
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Oh no
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Wait this is that crappy and shady Texas lender right?
Oh no…
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Are you trying to terminate your lease or buy it out so you can sell it to capture any equity?
Sure seems like you’re going to owe a lot more than $500 to get out of the lease.
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I am just trying to get out of the lease. I know I’m going to probably end up owing money, just trying to wrap my head around what that number might be and any advice from the experts here on strategy. Getting bids from Equity Hacker, Carvana, and Vroom now. I have a company vehicle with my new job. Whatever I end up paying will be money saved due to payments/insurance/gas, etc. Thanks in advance.
First and foremost, you need to contact the bank (not D&M leasing) and have them provide you your personal buyout and find out if they will allow a dealer to buy it out (and for how much).
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I have contacted both. I only requested advice from the smart/helpful folks here to make sure I wasn’t getting screwed over by the leasing company or bank. Thanks.
Theres no reason for you to have any further conversation with D&M. Your business relationship with them is done. Nothing they say matters.
The early termination excerpt from your contract above would have you owe a significant amount of money. Theres nothing in what you posted that would substantiate what D&M has said. There may be more in the contract that does, but what youve posted so far is going to cost you tens of thousands of dollars to early terminate.
Can you post all of the paragraphs that are referenced in paragraph 14 you posted?
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Out of curiosity, what trim level is the truck? We talking 1500 crew cab, sierra HD AT4 or something in between.
The truck is a white 2022 GMC Sierra 1500 SLT Texas Edition, crew cab, short bed 4x4.
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