ok this might seem like retarded question... but after my wreck, i really dont want the cavalier anymore. nooo.. not because its a cavalier, so dont get defensive, but because its just not right anymore, even after they "fixed" it. The problem is, I had to lease the car. Ya see, i had a 99 Z24 originally, and somebody hit me and totalled that car (i have bad luck with people hitting my cavaliers, lol), that car was financed, but unfortunatly I didnt have gap insurance on that, so I owed over $3,000 on it after blue book on the accident. My dad had too many cars to be granted another loan (or so he was convinced... he had to sign because i couldnt for credit reasons, being young, although I pay for it, so it was ultimatly his call) and the $3,000 had to get tacked on to another car... so rather than tacking on $3,000 to a nice fairly new used cavalier and end up paying 15 grand or more on a used cavalier, my dad decided to lease the car because they were offering a $3,000 rebate for leasing and all sorts of stuff at the time. So i ended up with a brand new leased cavalier. I modded the hell out of the car despite the lease because i planned on buying it out at the end of the lease anyways, so it didnt really matter. But now because of the accident, its almost back to stock again from parting it out, and I dont want it anymore. But i still have another year to go on the lease. Some people have told me to just stick it out another year and give it back stock, which i might have to do... but I'm hoping theres a quicker option. I know very little about leases seeing that I just give money to my dad and he pays the payments with it. So before I go calling the lease office I wanted to get some feedback from people here who understand leasing better than I do. Thanks!
best would be to talk with the lease comany and see what the terms are for the lease
ill steal it and park it on the trian tracks for you.
-Borsty
If you really do not want the car any more, what you are going to have to do is go to the dealership that you purchased the car form and ask them to get a BUY OUT figure from whichever lending company that the loan is through. Since you only have about a year left on your lease, you shouldn't take that big of a hit as far as depreciation. BUY OUT of the vehicle means that is how much you still owe on the loan, What will happen is that you will have to have the car appraised, and then get an actual cash value on the vehicle. if the value of the value of the car is greater than the buy out, then your are in a good situation. If the value of the car is less than the buy out of the car, then you will have negative equity, or being UPSIDE down. That balance will then go onto your new vehicle weather it be anouther lease vehicle or if you are just going to finance the next vehicle. Depending on what incevtives and rebates are offered on new cars, I think that is going to be the best way to get rid of any negative equity that you may have. Either that, or pay off the remaining balance that you still owe on the car. Wehn you go to the dealer though, make sure that you can turn the vehicle in to that dealer, and that the car is close to factory as possible. Also a consideration to think about is how many miles that you have left on your lease, if you are under the mileage when you turn it in or if you are over the mileage when you turn it in. If under you are ok, but if over, you will have to pay overage charges, as well as an early termination fee, for getting out of your lease a year early. I am a used car sales consultant and deal with theses situations on a frequent basis. I may be wrong in an area or two, but that is basically whart you are going to have to do to get of that car. Hope that helps you a little.
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Most leases i have seen if you end early you have to pay the difference in what is owed unless the can give you a break and that is rare because you signed saying you will make payments for 3-4 years. You may just have to ride it out for another year
2004 Grand Prix GTP (Competition Group)
SOLD-->1999 Z24 5M-#30 to register on JBO
"You can please some of the people some of the time but you can't please all the people'
all the time
Juicez99cav wrote:If you really do not want the car any more, what you are going to have to do is go to the dealership that you purchased the car form and ask them to get a BUY OUT figure from whichever lending company that the loan is through. Since you only have about a year left on your lease, you shouldn't take that big of a hit as far as depreciation. BUY OUT of the vehicle means that is how much you still owe on the loan, What will happen is that you will have to have the car appraised, and then get an actual cash value on the vehicle. if the value of the value of the car is greater than the buy out, then your are in a good situation. If the value of the car is less than the buy out of the car, then you will have negative equity, or being UPSIDE down. That balance will then go onto your new vehicle weather it be anouther lease vehicle or if you are just going to finance the next vehicle. Depending on what incevtives and rebates are offered on new cars, I think that is going to be the best way to get rid of any negative equity that you may have. Either that, or pay off the remaining balance that you still owe on the car. Wehn you go to the dealer though, make sure that you can turn the vehicle in to that dealer, and that the car is close to factory as possible. Also a consideration to think about is how many miles that you have left on your lease, if you are under the mileage when you turn it in or if you are over the mileage when you turn it in. If under you are ok, but if over, you will have to pay overage charges, as well as an early termination fee, for getting out of your lease a year early. I am a used car sales consultant and deal with theses situations on a frequent basis. I may be wrong in an area or two, but that is basically whart you are going to have to do to get of that car. Hope that helps you a little.
this actually helps a lot. ill see what the dealer says. millage shouldnt be an issue because the car is way under. its almost 4 years old and has just over 30,000 on it. im already in the process of returning it to stock condition. thanks a bunch for the info!
I got out of my lease on my 02 cavalier for the same reason, I didn't want it anymore, I hated that car.. I went to the Saturn dealer and asked what they could do for me.. I still had 8 months to go on my lease. The dealer bought out the lease on my car, cost them 400$ or so, and got me into a new 05 Ion-3 coupe. They said they'd make the $400 selling the car (I hardly doubt it), so they didn't even tack it on..
I think that would only work if you plan on buying another GM vehicle though..
Red 2005 Saturn Ion-3 Coupe
lone_wolf wrote:I got out of my lease on my 02 cavalier for the same reason, I didn't want it anymore, I hated that car.. I went to the Saturn dealer and asked what they could do for me.. I still had 8 months to go on my lease. The dealer bought out the lease on my car, cost them 400$ or so, and got me into a new 05 Ion-3 coupe. They said they'd make the $400 selling the car (I hardly doubt it), so they didn't even tack it on.. I think that would only work if you plan on buying another GM vehicle though..
well id consider an SS cobalt if it meant getting rid of the cavalier with ease. i wasnt going to stick with GM, but thats the one GM car id consider if it meant getting out of my lease on the cavalier. i think ill call the dealer and see what they say.
Go for an Ion Redline..
Red 2005 Saturn Ion-3 Coupe
