Usually you can turn in your car early, but you still pay the penalty. Ask DD, she got hit last time I think, they rolled it into her new car payment I think. Ed got hit and had to pay an extra payment for 10 months, yikes!
My suggestion for you would to "buy" your next car, sounds like you drive alot. Ed and I had leases and were always worried about the miles and it drove us crazy. We both own now.
I would say unless you have to tow something, get a car with front wheel drive. Less gas, smoother ride, better for the environment.
DON'T pay to get out of your lease early Pauline -
look around for deals. Lots of dealerships offer to get you out of your lease early with a new lease agreement. They're out there - I hear it on the radio all the time
GM's lease pull ahead program is now paying off leases that mature through March 31, 2005. I did that last year around this time and they paid off the remaining 6 months of my 2 year lease. It's a good deal if you can use it (going from a GM lease to a new GM vehicle)
Im in the car business. the deals on the radio for early turn in vary from car company to car company, not dealer to dealer, just depends on your maturity date. you can roll the difference into a new car, or pay the difference off. as for blowing off the excess mileage charges if you keep the car, its not a good idea. if the bank decides to be hard about it, the will collect half, then report that you only paid half to the credit reports, its still a negative on your bureau. If you still have 4,000 miles to go wait to see when your lease would qualify for a pull ahead program then get a new car, at that point, you wouldnt have to pay off your remaining payments. If pull ahead goes away, and you still want a new car, then roll your remaining pmnts into a new car. What make vehicle are you driving??
BTW. you will prolly have to stay with the current brand your driving. Chrysler, Ford, GM, etc to take advantage of the pull ahead program
So if you turn it in early then they roll the difference into your new lease, so now you are paying too much for your new car, or you are still paying for the old car as a part of the new car payment and then if you aren't careful, it will happen again next time! Either way, you are still paying extra...Oh, and you have to buy from the same company (ie GM, Ford, etc). So if you want to switch companies, it doesn't allow it.
I don't know about the other mfrs, but with GM's Lease pull ahead program, they pay off the remaining lease payments, there's no rolling over the payments to your next lease/buy. You are responsible for excess mileage if you are over your total lease miles.
Last year I turned in my 2002 Avalanche with 24,000 miles on a 2 year 26,000 mile lease 6 months early. Nothing was rolled over, just sign and give them the keys. At that time they were only paying off leases within 6 months and it looks like they've extended that a few months. The thing that's a drag with it is that if your lease is up on April 1, 2005, you're out of luck. That might be something to consider if you're leasing again. It might be better to get into something at the end of the month instead of waiting a day and getting it the first of the next month.
If you have a gmac lease (vault trust) and your lease ends from June 1 and March 31 you can get out for free as long as you buy or lease a new GM product. I sell Cadillac, GMC, or CHEVY. Let me know if I can help
Don't know about your lease not knowing what type of vehicle... However, my co-worker just told me that you can lease a Jeep Liberty not loaded.with nothing down for either $79. or $99. a month.... Such a deal...
The lease on my wife's Rendezvous is up in mid April, 2005.
I spoke to a sales guy over at Shelton Pontiac/GMC in Rochester and he told me that if the pull-ahead program continues as they expect it to, we should be eligible to re-lease another vehicle by mid June (next month). He has a long list on his desk of names and phone numbers for people who he is suppose to call as soon as they become eligible (my name is on that list). I plan on upgrading to the Buick Rainier SUV! Can't wait!
I can give you his number and you can talk with him about what your options are. I can picture you in the new Pontiac GTO or the new Grand Prix! Let me know if you want to give him a call.
In all the years I've been leasing through GMAC SmartLease, I have NEVER ONCE gone full term on a lease. I always get out early and get something else because I just get tired of driving the same truck after a couple of years.
I am on my 5th lease car. Last time I took advantage of the early turn in special. I just gave them my last car payment of that month, and drove off with a new car. No rollover amounts were added to my new truck....and I was 8000 miles over, and they never charged me. My car saleswomen (Patti), said maybe they didn't charge me because I leased another car.....either that or just lucky.
My truck lease is up next March, and they called me and said I could turn it in now. I am not ready to do that yet, and I am hoping that the good deals last up to the fall.
If you need a great person to talk to about different options, call Patti Trombley, at Somerset Pontiac. I have gotten all my lease cars from her. She is completely honest and will tell you everything you need to know about leasing, buying the car, etc. (She has become a good friend, and hangs out with us LSCN'ers).
You couldn't pay me to buy another Cadillac, that piece of crap is in the shop again! Once it is fixed for the 15th time in 2 years, it is going on the block!! Looking at a nice Lexus. Our friends have the same model, different year, have the same problems.
Don't go near that norstar engine, everyone ranted and raved about it, but those things suck oil like a vacum, and pretty much suck. While at the dealership, we thought we would get it a tune up also, the cost.......$600.00
Don't believe me, call a dealership!
As for not having to pay your extra mileage, I would bet that extra is rolled into the payment somehow!
All depends, I suppose. I have two Cadillacs. The 2002 has the Northstar engine and besides routine oil changes and tire rotations it has never been in the shop. The Northstar is an awesome engine and I get 21 mpg in mostly highway driving! I do add a quart of oil every 4,000 miles or so. I am considering trading for an SRX or a CTS-V!