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Old 08-29-2008, 07:54 PM   #1
black2010ss
 
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GMAC no more leases

I just returned my 2004 gto last night to the dealership for the end of my smartbuy, as I wanted to start saving for my downpayment on the camaro when it comes out. I told the dealer I wanted to get another smartbuy for the camaro, and they told me GMAC is no longer doing leasing as of October 1 2008. No leases no smartbuys, only purchases as long as 72months. I said WTF! how are people supposed to come up with 30k or whatever the camaro is supposed to be? The dealer said they dont know and they agreed it is going to be tough to sell cars now because of that. Not good news. I need to save more now.

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Old 08-29-2008, 08:02 PM   #2
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You get a loan that's how. And leasing is not selling a car unless you pay the ballon payment. If they have to recoup against defaulted leasing it costs operational money so they want to get out of things that are not safe. Traditional bank loans put that on the bank and insurance.

I like to keep my cars a long time. And I think this Camaro is perfect for that kind of car that you keep many years after it's paid off.
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Old 08-29-2008, 08:19 PM   #3
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Right

I know you can go to the bank and get a loan. I just was suprised GMAC isnt doing leasing anymore as I know a lot of people on here were expecting to have one stop shopping at the dealer, its easier than going to a bank then dealer, at least for me.

As for me I plan on keeping my car a long time too as I got my 89Lx and 91 GTA new and still drive em. As for the GTO I couldnt fit a baby stroller in the trunk so it had to go. The camaro will be a keeper for me to give to my baby.
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Old 08-29-2008, 09:00 PM   #4
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Originally Posted by black2010ss View Post
I know you can go to the bank and get a loan. I just was suprised GMAC isnt doing leasing anymore as I know a lot of people on here were expecting to have one stop shopping at the dealer, its easier than going to a bank then dealer, at least for me.

As for me I plan on keeping my car a long time too as I got my 89Lx and 91 GTA new and still drive em. As for the GTO I couldnt fit a baby stroller in the trunk so it had to go. The camaro will be a keeper for me to give to my baby.


you can still have 1 stop shopping at the dealer,, just because they are not leasing anymore does not mean you cant get a loan right at the dealer, the dealers will still have financing available whether it is through gm or local banks, our finance dept checks several places to get the customer the best loan.

i never understood why someone would lease a vehicle anyways,, all those monthly payments and at the end of your lease you have nothing!
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Old 08-29-2008, 09:24 PM   #5
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leasing

I never said you cant get a loan from a dealership, I said they are no longer leasing or doing smartbuys. I wasnt going to lease myself, I was just asking about it for others benefit. I was going to do a smart buy again so I have smallerpayments then refinance the balloon payment. The dealership said they were no longer leasing or doing smartbuys. Thanks for the info.
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Old 08-29-2008, 09:35 PM   #6
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But you did say "how are people supposed to get 30k". So that's why we said go to the bank. That's good advice. Getting pre approved puts you in control and changes the dynamic of dealing with the dealer.

Smart buy is just another name for a lease. It's not very smart it's just a marketing slogan.
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Old 08-29-2008, 09:45 PM   #7
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Im a finance director in a very large auto group in colorado. Let me tell you i hated leases to begin with and smart buys are just plan stupid. Big differance between smart lease and smart buy. there is no ballon payment on a smart lease but there is on a smart buy. Heck in colorado we are not allowed to do smart buys( colorado does not allow them).
All of the big three are going away from leasing, even big banks like jp morgan chase bank no longer lease. Gmac does still lease but they just plan suck, just like there rates for purchase( way way higher than any other bank or credit union).
The problem with any type of lease is the residual amount. Why would you buy out a lease? The residuals were so highly incentivized that they are way higher that the market value projected. So if you buy it you pay to much and if you don't the leasing company looses thier shorts at auction. But you can still get a loan from many banks out there and the rates all depend on your personal credit term and loan to value.
Sorry about the long post, just my two cents.
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Old 08-29-2008, 10:02 PM   #8
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Also the vehicles they get back tend to be more beat up and trashed. This makes them sell lower in an already flooded market. It effects brand image. If your driving a leased ride you won't care about spilling coffee, eating, buring the clutch and brakes. Filling coolant with tap water, going a year without oil change etc.
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Old 08-29-2008, 10:15 PM   #9
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The problem with any type of lease is the residual amount. The leasing company loses their shorts at auction.
This is exactly what I read reported as the reason for the auto manufacturers not leasing any more. They get stuck with lots of overpriced used cars and trucks that nobody wants because the residual amount to purchase the vehicle at the end of the lease is a lot more than the actual market value of the used vehicle.
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Old 08-29-2008, 10:17 PM   #10
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I did say how are ""people" supposed to come up with 30k, Me personally, I have no problem getting the money, as I said It was for other peoples benefit to inform them GMAC isnt leasing or doing smart buys. For me at the time a smartbuy was the thing to do as I intended to purchase the goat at the end of the smartbuy but now the camaro is coming out and I want that more. As I titled the name of this thread as "GMAC no more leases" that is what I wanted to convey, not get beat up for my first post.
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Old 08-29-2008, 10:52 PM   #11
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Originally Posted by black2010ss View Post
I never said you cant get a loan from a dealership, I said they are no longer leasing or doing smartbuys. I wasnt going to lease myself, I was just asking about it for others benefit. I was going to do a smart buy again so I have smallerpayments then refinance the balloon payment. The dealership said they were no longer leasing or doing smartbuys. Thanks for the info.
WELCOME to the site.

You said: "people on here were expecting to have one stop shopping at the dealer, its easier than going to a bank then dealer, at least for me. "
They said : you can still get financing at the dealer= one stop shopping...

I do not think anyone is tryin to beat you up on your first post, I am not seeing that...

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Also the vehicles they get back tend to be more beat up and trashed. This makes them sell lower in an already flooded market. It effects brand image. If your driving a leased ride you won't care about spilling coffee, eating, buring the clutch and brakes. Filling coolant with tap water, going a year without oil change etc.
The people who have leases and smartbuys have to take good care of their vehicles and keep the miles low.... because the dealer WILL make you pay penalties and or charges for damages or poor condition of the vehicle.

The reason GMAC wants out of 'leases' etc: They 'sold' full size trucks and SUVs THAT HAD A TRADITIONALLY HIGH RESALE PRICE..... now the vehicles sold in 2005 are coming back, and the residual value that was calculated at the time of the 'purchase' is no longer accurate, and dealers are stuck with BIG trucks with BIG 'trade-in' residual 'value', and the market has changed leaving the high priced smartbuy returns on the lots or cutting deeply into dealer profits.
If you 'smartbuy own' a 2005 truck and have checked the trade in price... and you happen to want to buy a Camaro??? you would be glad that you had chosen the smartbuy= you are 'guaranteed' a trade in price that you would not have a chance getting with the current market. It will help a few customers, but it will hurt dealers.
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Old 08-29-2008, 11:30 PM   #12
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Thanks nice to be here!

As for getting beat up
vash said "Smart buy is just another name for a lease. It's not very smart it's just a marketing slogan" In response to my saying I got a smartbuy, seems to insinuate Im not smart. (not that I am anyway)
and gss9909 said "..and smart buys are just plan stupid." also after my saying I got a smartbuy. Kind of seems like being beat up to me as Im the guy who had the smartbuy. Seems like I had to keep explaining myself when I didnt want to. Maybe I am wrong. Just happy Im getting a camaro next year.
But my point of this post was leases and smartbuys are over from GMAC. So someone going in thinking to get a camaro for less out of pocket expense from the dealer (cheaper monthly payments ie. leasing and smartbuy as opposed to financing the whole kit and kaboodle ) are going to be out of luck. Im sure there are other options out there but GMAC is no longer going to lease or do Smartbuys. As my $310 month smartbuy for the goat was a lot cheaper than what I will pay for a camaro if I finance the whole thing with no money down for 72months. Probably be it the 5 or 6 hundreds.
Anyway, this seems like a nice site, nice people and a lot of good information available. Im happy I found it.
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Old 08-30-2008, 12:01 AM   #13
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Originally Posted by black2010ss View Post
As for getting beat up
vash said "Smart buy is just another name for a lease. It's not very smart it's just a marketing slogan" In response to my saying I got a smartbuy, seems to insinuate Im not smart. (not that I am anyway)
and gss9909 said "..and smart buys are just plan stupid." also after my saying I got a smartbuy. Kind of seems like being beat up to me as Im the guy who had the smartbuy. Seems like I had to keep explaining myself when I didnt want to. Maybe I am wrong. Just happy Im getting a camaro next year.
But my point of this post was leases and smartbuys are over from GMAC. So someone going in thinking to get a camaro for less out of pocket expense from the dealer (cheaper monthly payments ie. leasing and smartbuy as opposed to financing the whole kit and kaboodle ) are going to be out of luck. Im sure there are other options out there but GMAC is no longer going to lease or do Smartbuys. As my $310 month smartbuy for the goat was a lot cheaper than what I will pay for a camaro if I finance the whole thing with no money down for 72months. Probably be it the 5 or 6 hundreds.
Anyway, this seems like a nice site, nice people and a lot of good information available. Im happy I found it.
Smartbuys and leases; some people hate 'em... and express it, it is not like YOU invented the idea, so I was taking it like they beat up the idea of leasing.... 'we' usually do not beat up the newest people on the site, until after their 5th post.....
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Old 08-30-2008, 06:54 AM   #14
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now do i get beat up

I thought you knew I invented leasing. Now do i get beat up? 6th post
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Old 08-30-2008, 10:11 AM   #15
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WELCOME to the site.

.

The reason GMAC wants out of 'leases' etc: They 'sold' full size trucks and SUVs THAT HAD A TRADITIONALLY HIGH RESALE PRICE..... now the vehicles sold in 2005 are coming back, and the residual value that was calculated at the time of the 'purchase' is no longer accurate, and dealers are stuck with BIG trucks with BIG 'trade-in' residual 'value', and the market has changed leaving the high priced smartbuy returns on the lots or cutting deeply into dealer profits.
If you 'smartbuy own' a 2005 truck and have checked the trade in price... and you happen to want to buy a Camaro??? you would be glad that you had chosen the smartbuy= you are 'guaranteed' a trade in price that you would not have a chance getting with the current market. It will help a few customers, but it will hurt dealers.
Not really it has nothing to do with dealers. Dealers have nothing to do with residuals or thier profit. Smart leases and smart buys go back to the leasing company not the dealer. The dealer does not have to sell those cars, the bank does. The dealer could care less what the residuals are. i take in lease returs on a daily basis, I take the keys fill out the form anf fax it to gmac or who every the leasing company is, park the car out back and wait for them to pick it up.
And since you brought up dealer profit.....I answer that by saying " what Profit". New car profit is extremely low if any, since mark up % is the lowest of any retail item sold in the U.S. and as far as used cars is a double edged sword. Dealers can not find or get used cars cheap enough to sell them for much of a profit as banks are cutting back loan to values of loans, useing black book and or auction data (which much much lower) insted of NADA or kelley blue book to come up with the vehicle wholesale value.

Wow ok I'm done venting... Oh and by the way my store Burt Chevrolet in Parker colorado will be selling the camaro at msrp not over. Lets all hope that the Camaro and the market take off and soar.
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Old 08-30-2008, 10:37 AM   #16
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a 30k car over 72 months=416.66 approx per month. pretty cheap guys.
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Old 08-30-2008, 12:15 PM   #17
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a 30k car over 72 months=416.66 approx per month. pretty cheap guys.
actaully with no money down at an average rate of 9% payment would be closer to 600 with $500 down for 72 months using taxes of 8.4%
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Old 08-30-2008, 12:33 PM   #18
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Leasing wasn't great for a lot of people anyway. How many of our site members were going to give back their Camaros after 3 years?
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Old 08-30-2008, 01:43 PM   #19
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Also the vehicles they get back tend to be more beat up and trashed. This makes them sell lower in an already flooded market. It effects brand image. If your driving a leased ride you won't care about spilling coffee, eating, buring the clutch and brakes. Filling coolant with tap water, going a year without oil change etc.
I disagree Vash, most people who lease take good care of the cars, actually they put more thought into the care of the car than people who own, it is one reason I have never leased. I didnt want a dealer picking it apart and charging me fees.
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Old 08-30-2008, 02:00 PM   #20
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Why do you think single owner is advertised by sellers and people run carfax reports? It effects the overall cost and resale value.

http://www.iht.com/articles/ap/2008/...ian-Leases.php

Quote:
news, which was conveyed to dealers Monday, follows Chrysler LLC's announcement that its financial arm will get out of the U.S. automotive leasing business by the end of the month. The Auburn Hills, Mich.-based automaker also cited the decline in used truck and SUV values, which means the lender loses money when it resells the vehicle at the end of the lease.
Wholesale prices of used pickup trucks dropped 11.2 percent during the second quarter, while wholesale SUV prices fell 9.6 percent, according to National Automobile Dealers Association AuctionNet data released by the NADA's Used Car Guide.
The decline in values also makes it harder for finance companies to package auto leases as securities and sell them to investors. That means there's less money available to fund leases at attractive rates,
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Old 08-30-2008, 04:06 PM   #21
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well like i did with my current camaro i leased it at first, because it was easier to get into with a payment i could afford. and then after a few years i flip the lease to a own plan.
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Old 08-30-2008, 04:51 PM   #22
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still, 600 bucks a month for a 422 horsepower car? I would be happy with it.
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Old 08-30-2008, 05:09 PM   #23
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I've always seen leasing as pissing money away. I know some people say buying a car is not financially smart because it's a depreciating asset, and those people tend to lease, but I think most have come to live with the fact.

I HATE the idea of leasing a car, because then it's not really yours and there's all these restrictions you have to comply with or else you're billed excessively at the end of your lease. I want to get in my car and go, without having to think about mileage or any of the other restrictions associated with leasing.
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Old 08-30-2008, 06:01 PM   #24
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I've always seen leasing as pissing money away. I know some people say buying a car is not financially smart because it's a depreciating asset, and those people tend to lease, but I think most have come to live with the fact.

I HATE the idea of leasing a car, because then it's not really yours and there's all these restrictions you have to comply with or else you're billed excessively at the end of your lease. I want to get in my car and go, without having to think about mileage or any of the other restrictions associated with leasing.
If you do not do all the same stuff (take care or your stuff)... you will lose out when it is time to sell anyway.

There are many people who change cars / trucks every few years.. always keep something new... always have a full warranty etc... the smartbuy gives (gave) them the freedom to not have to worry about trade-in price OR selling a big 4x4 truck in a market seeking civics etc... simple: walk in drop off the keys... and if they have a new Camaro in the right color with the right engine.... you buy it, or you leave and shop somewhere else.

For those who keep vehicles longer, they should not miss leasing / smartbuys as much. It was nice (maybe not wise???) to have the option.
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Old 08-30-2008, 06:03 PM   #25
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^I don't know. I'm just fine keeping a car for 7 to 8 years., but that's me.
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