GM getting out of leasing

[Murminator]

GM is getting out of leasing as of Aug 1 they are raising the rates to 12%

Latest : No more leasing?

Keep watching there is about 3 or 4 stories about it

[rknight111]

If you listen to the report after, Chrysler has allready done this. GM are the BIG players in the auto industry. Now most likely all the other manufactures will follow suite.

[Summitric]

SUUURE... GM HAS TO COPY FARGO!!! CAN'T THINK OF ANYTHING ON THEIR OWN. LOL

[northstar23]

that will send the price of used truck up

[shiznitt100]

ya i hope the used market goes up as i am trying to sell my 05 dodge 1500 quad cab,
gm interest rate right now is 0% up to 72 months, they also offer a program like leasing but a BALLON payment at the end of your 60 month or so you choose payments end. so you would refinance this chunk at the end..

you wonder why they are all doing this as at the end of your lease the vehicles are paper weights and not worth the monies left owing on them

[northstar23]

Originally Posted by shiznitt100

ya i hope the used market goes up as i am trying to sell my 05 dodge 1500 quad cab,
gm interest rate right now is 0% up to 72 months, they also offer a program like leasing but a BALLON payment at the end of your 60 month or so you choose payments end. so you would refinance this chunk at the end..

you wonder why they are all doing this as at the end of your lease the vehicles are paper weights and not worth the monies left owing on them

I jumped all over the 0% 72 month and even got a big discount on the purchase price

[jeremy]

here is the deal, from a gm dealer, it is true, GMAC, not GM, GMAC has suspended leasing. as well as Chrysler credit and I am sure more to follow.

The company that owns 51% of GMAC, (GM owns the other 49%) is also the same company that owns Chrysler Credit. What is the worse brand for depreciation, Chrysler products. take that, add in higher fuel prices, what happens to your used market, it drops. so you set a residual, which affects the payments, the guy returns it, the finance company sends it to auction and they loose their shirt. Combine this with GMAC's involvement in real estate lending down south, and offering a alternative form of financing where you take back the vehicle for a sweet wild ass guess of what it is going to be worth a few years later equals losing $$$$.

What GM and Gmac have done is offer so much 0% and rebates, and lease loyalty, and cash backs, that it is almost cheaper to finance to own, then to lease. I have been playing around with these new incentives, and it is retarded how much money you save financing at 0% due to no interest charges, and how low the payment.

There is a side effect, used values are in the tank. why buy a used when you can buy a new for less payment with warranty up until 160,000, you know where it has been since day one, etc.

[shiznitt100]

what kind of a discount did you get? i got 3% over cost (so they say) then with all the tax and bs was almost back to retail. but i guess i did save 7000 ish. i bought 2500 extended cab duramax, so far milage is lower then i expected..
i am roughly getting 20 mpg @100-110km/hr high way, city i see 12-17 depends on stop lights and traffic conditions. on average it stays at 17mpg. towing 4000lbs boat i am getting a horrible 12.5-13 mpg at 100kmph no hills.
i have been told it will improve slightly, also use additives to get better milage as there is not enough sulfur in our suplies here.

hope this helps some one looking for info as i was before the purchase

but on the plus side you dont know you are towing it has so much power and feels empty yet. i like it

[northstar23]

I got the 3% over cost so they say deal as well ....how can you trust a car sales men...any way happy with what I got.

[JoHNI_T]

Originally Posted by northstar23

I got the 3% over cost so they say deal as well ....how can you trust a car sales men...any way happy with what I got.

trust a car salesman? hmmmmmm.... Jeremy we getting beat down here,
better question can ya trust my Service Department?
the cost of every vehicle is easy to find on the net, ask Jeremy the cost? I could have also helped ya out Shiznitt but ya didnt call... Saturn Saab = GM I can build the cost of any product on the market less some high end units with our software its all there, 3% is a fair price IMO, but we have a guy up North we send and buy all our full size trucks from and he gives us $500 dead cost...

dont worry be happy ya done good.

[jeremy]

you know what the worst part is, the buyers are the lyers!!!!!

We dealers have to disclose everything, and customers not so much.

as far as the 3% over cost, there is lots of different programs where that could be a good deal or a bad deal, and the programs and incentives change all the time, so it depends when you bought it.

you could send me the info and i could check it out for wou.

p.s
do not tell a dealership that you can buy it at the nest place for x amount unless you can, we all talk, we all have access to everyones inventory, and same goes for your trade. don't worry about the values of the price or the trade, worry about the difference, that is the only number that matters!!

and another thing, do not compare a brand new 08 canadian truck, with 0%, full warranty, and able to register in canada, and already here, with a USED truck that is in the states that needs shipping etc etc etc, and teh other thing is, a used us vehicle is worth less then a canadian one when it comes to a trade in. (the vehiles history is almost impossible to track= katrina cars, write offs, etc etc) have one in for out of province as it is US, no warranty as GM found out it was written off due to flood damage, why should they replace a bcm when it has been submerged??

sorry for the rant!

[shiznitt100]

oh yes i agree 100% with both you salesmen lol, yes i think i get a fair deal on the truck very happy with the dealership and the salesman (was not the first buying experience with him) very fair, friendly and such. i know how all the dealership stuff works i am a grunt in the back, yes service can and will screw a guy too.
you can not expect stuff for free everyone has to eat, boat and sled lol or they should try.