Keeping a Leased Vehicle and Working with Creditors

[6ftladycop]

I just read some of the post concerning all the credit that is being canceled by the creditors and wondering what I should do about my lease that is up in a few months. I felt the best suggestion was to talk with the financing company only I was not sure how to approach it. Should I be calling General Motors which is where I make my car lease payments or should I be talking to the dealer where I bought the car or are all of them one and the same?

[soleprop]

i'd talk to who you make the payments to, they may direct you to someone else but at least you'll be on the moneytrail vs. getting jibberjabbered at by a dealership. i'm assuming you want to continue paying for the leased vehicle with the intentions of owning it outright? if that's not the case then ignore me and head to the dealership and see what, if anything, they have to offer. the auto industry may be so desperate that they are willing to extend credit/leases.

good luck

[BK2008]

GMAC night make a purchase loan to you for the residual amount after your lease is over.

However, I also think the finance director at the dealership you bought the car (assuming he/she is on the ball and isn't a total a**) can also point you to a loan.

How's your credit?? That will be a major factor in all of this. I hear GMAC might want 700 or higher to finance, while dealers have access to credit for people with less than stellar numbers.

Check them both ways. But DON'T let them pull your credit until you are truly ready. Just talk to them about your situation and see what they say.

[TEW]

GMAC night make a purchase loan to you for the residual amount after your lease is over.

However, I also think the finance director at the dealership you bought the car (assuming he/she is on the ball and isn't a total a**) can also point you to a loan.

How's your credit?? That will be a major factor in all of this. I hear GMAC might want 700 or higher to finance, while dealers have access to credit for people with less than stellar numbers.

Check them both ways. But DON'T let them pull your credit until you are truly ready. Just talk to them about your situation and see what they say.

Make sure they one pull it once.

[rockyroad]

My lease doesn't expire until March 09. Just went to the dealership yesterday to find out options about purchasing now. They told me they can't even give me a price until 120 days out from expiration. Of course, I can always pay residual but it's roughly $10k over what those cars are selling for right now.
I got the low lease payments with high residual deal with the intention of NOT purchasing the car. Now I know I have to purchase since my credit will be shot soon.