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Discussion Starter · #1 ·
Hi Guys,

I'm in a 2 year 15K mi lease that will expire in Sep 2014. I love the car but the main reason I leased was to hold off my purchase for a couple more years as I expect the next 2-3 years to result in some pretty significant EV range gains and I need a bit more for my particular needs.

BTW my lease terms are as follows:

$362/mo including tax (not perfect credit) for a fully loaded 2012 with $0 down. My residual is north of $29K (can't remember the exact amount). The MSRP was $45,680.

Anyway, as Volt 2.0 may be out in late 2014, I may want to extend my (first) lease another year then buy Volt 2.0 and keep it until the wheels fall off. So I have a few question for those with lease experience:

1) If you have extended a lease were the terms, i.e. residual, payment, miles, etc. renegotiated, and did they improve?

2) How long can you lease, what is the max?

Purchase Terms:

3) Has anyone ever successfully renegotiated the residual in the downward trend then bought at the end of their lease?

Any and all feedback is greatly appreciated!:D
 

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You can absolutely extend a lease check with Ally to see how long. It is the same payment, same amount of miles prorated by month they always have a maximum duration usually no longer then six months.
 

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Discussion Starter · #3 · (Edited)
Thanks lawjds, 6 months would probably be perfect.

Funny I got notified via e-mail that someone else posted that I could not extend the lease so I went to the Ally site to get the info below from their FAQ, but when I came here the post it was gone? Did he delete it i wonder?

What about the residual, it would seem that since I'd be adding more miles and keeping the car longer, that it's residual value would have to be reduced to reflect the cars value 6 mo later right?

From the FAQ on the Ally site:

"Can I get an extension at the end of my lease?

Yes, you can extend your lease. You may be charged a fee for the extension, and there may be a limit on how many extensions you can request. Contact Us for information.'
 

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What about the residual, it would seem that since I'd be adding more miles and keeping the car longer, that it's residual value would have to be reduced to reflect the cars value 6 mo later right?
Theoretically that's right but you're the one asking and it's in their interest to simply extend the lease at the same rate. Guess how it works? LOL

The poster did delete his post BTW.
 

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Discussion Starter · #5 ·
That's what I,ve been doing, guessing, LOL!

Hopefully someone here has more experience with leasing than I and will chime in. However, I doubt many people actually extend, but who knows?
 

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You will pay more than if you went with a 3 year lease from the start. I did a three year that will end December 2014. Hopefully Volt 2.0 will be out by then; if not, a 6 month extension will probably be the cheapest way to bridge the time gap.
 

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Discussion Starter · #8 ·
You will pay more than if you went with a 3 year lease from the start. I did a three year that will end December 2014. Hopefully Volt 2.0 will be out be then; if not, a 6 month extension will probably be the cheapest way to bridge the time gap.
I would have taken the 3 yr. but the deal was much worse for some reason(payment over $400), so I took the two year. Now I'm hoping that I can find a way to bridge the time between the end of my lease and the release of Volt 2.0.
 

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I would have taken the 3 yr. but the deal was much worse for some reason(payment over $400), so I took the two year.
I was stumped by that when I first priced my volt - the 2 year payment was lower than the 3 year payment. Then I realized - the three year was actually somewhat cheaper per month if I included the up-front costs, which were the same on both. I assume the lease company tweaks the up-front charges to make the payments look better on the 2 year because they make more in fees from the shorter term.

So I got a 3 year, and that matches the end of the warranty so I wouldn't want to go any further under a lease. The residual on my contract is insanely too high, so I wouldn't be doing a buy-out unless there's a negotiation downward. Way downward. And heck, if the car turns out to really be worth that much at the end, then I'll be able to get a good lease on a new one.
 

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Discussion Starter · #10 ·
That makes perfect sense except in my case I paid $0 down, so it was just wacky??? My salesman could not explain it and we were in a hurry to get the deal done before the deadline passed for those great August lease deals, so I just went for it.
 
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