lionsfan54

Looking to get out of my GMAC lease early. Leased ends 5/27/08.

Car has about 10,000 miles left on it before then (1,600/month)

Current payment is $505 (in Illinois) and is high because of the stupid IL sales tax rule.

Car is in great shape with new tires/allignment/strut rub proble fixed. Well taken care of the whole time I've owned it since new.

Residual value will be $17.8k. So, in reality you're looking at buying this car for about $20,400.

 

lionsfan54

Bump, car still has about 10,000 miles left on the lease term since it's being garage stored at this time.

04BlkGto

Could you send pictures to cavalier_lova@hotmail.com

Where in illinois are you located. Also what is the term of the lease. More information please!

lionsfan54

Pics are on my current craigslist ad

http://chicago.craigslist.org/chc/car/480576299.html

I'm located on the north side of Chicago. Lease expires in May 2008 and there are 10,000 miles (approx) left on the lease. So, a nice amount of miles. There's a $595 lease transfer fee but other than that, no money down. And I pay $505/month. Your payment may change slightly depending on where you title the car (taxes).

04BlkGto

I live in Cape Girardeau, MO do you think it would be less?

lionsfan54

It depends how your state handles sales tax on leases. IL is about the worst one out there. I'd call your sec of state and check it out.

04BlkGto

So how does the transfer handle. Does one's credit matter. So I would pay around 505/mth till may then I would have to take a loan out for 18k correct? Do I have to title it as soon as I get it other than the 30 day grace period or when I actually purchase it. If so I would have to pay sales tax correct. Also who would I need to call to see exactly what I would have to pay per month on the lease? Sorry for my ignorance!

lionsfan54

No worries. Yes, you would apply for a lease just like a new car. So, having good credit is important.

Yes, you would pay approx $500/month (no money down) through May 2008 and then either walk away and drop the car off, or buy it for $17,800 (approx).

Yes, you'd pay sales tax just like buying a used car normally. I would assume you'd have to title it but I'd check with your bank on those rules.

04BlkGto

Where would you reapply for the lease at? Would I go through GMC for the lease and then if i decided to buy it, I would go through my bank? But I wouldn't have to pay sales tax till may until I actually bought it correct?

lionsfan54

You got it. Once you're serious you'd fill out a lease application just like you were leasing from the dealer. Then, when it comes time to end, you can take out a used car loan or just walk away from the car.