[MrChiltu]

I had leased Cruize in Dec 2015 and it ends on Dec 2017. I am based in EastCoast.

What are the best options remaining now as I would need another car beyond Dec 2017 (I use only one car)

a) Transfer -- How it works and what is the starting point to consider this.

b) Take another lease --- anyone can suggest with offers going on within GM or outside of GM.

c) Return the vehicle around Dec 2017.

If I return the vehicle, is there any benefit to me as I leased it for 24 months and paid monthly installments?

I have been getting calls from Dealer but want to visit after knowing all the facts.

Thanks for reading and please suggest.

 

[llninja]

Some dealerships will try to get you into a newer car by paying off your existing lease and hiding the costs somewhere. But the bottom line, you will pay one way or another. Leasing companies aren't in the business of not making money. They don't give you credit for your existing payments, per se, those are paying for finance charges and depreciation of the car.

My vote C), then pay cash for the next car. If you don't have a lot of cash, get something used for the time being with what you have, save more cash, then upgrade as you can.

 

[49er]

I had leased Cruize in Dec 2015 and it ends on Dec 2017. I am based in EastCoast.

What are the best options remaining now as I would need another car beyond Dec 2017 (I use only one car)

a) Transfer -- How it works and what is the starting point to consider this.

b) Take another lease --- anyone can suggest with offers going on within GM or outside of GM.

c) Return the vehicle around Dec 2017.

If I return the vehicle, is there any benefit to me as I leased it for 24 months and paid monthly installments?

I have been getting calls from Dealer but want to visit after knowing all the facts.

Thanks for reading and please suggest.

If the car is worth more than what the leasing company will sell it to you for (which is either the residual value or a lower amount if they are willing to sell it for less), then you *could* buy the car from them. You can then either keep it, sell it, etc.

You might be able to transfer it if you find a taker. Keep in mind that some leasing companies don't allow transfers. Others charge (Ally charges $600), so it might not make sense for 3 months.

You can also check for pull-ahead offers, which don't have to be from the same brand (Chevrolet in your case).

 

[TheBlueFlash]

Return Cruze at end of lease and buy a used gen 1 Volt MY2013-2015 and enjoy freedom from gas.

 

[emg77]

Yeah, I assume if you are in this forum, you are at least interested in a Volt. Look into a Certified Pre-Owned Gen 1 that is coming off a lease. They are typically 2014 models with around 33k-38k miles. They are a great value. With a CPO, you'll get 1 year/12k miles of bumper to bumper warranty, plus the balance of powertrain (5 years, 60,000 miles) and Voltec (8 years, 100,000 miles) warranties. Even with a 3 year old car, you're getting warranty coverage on most of the major (Voltec) stuff for 5 years and up to 100,000 miles, and the powertrain for 2 years and up to 60,000 miles. That's a lot of warranty on a 3 year old car. I lease our family hauler SUV every 3 years, because I've done the math and it's always worked out in my favor between a GM employee discount and the deals they have to lease in Michigan (I'd have to make 8-9 years of payments to buy at the same rate I lease, plus the extra costs for tires, maintenance, etc). But I like to buy my commuter car, usually used or CPO, and drive them until they are 9-10 years old.

 

[MrChiltu]

The residual value for 2016 Cruize (the one I leased) is around $14500 which I checked from the contract.
Car mileage now is 13,000 and I could have driven upto 20,000 miles.

1) Does the residual value look good?

2) I do have couple of dents on the car (one of which was an accident for which police report was done but it was not at my fault & the other car driver hit our car). Will this affect me if I return or keep the car? Anything goes on carfax etc?

3) Is it good to ask the free inspection person to complete his job or should I fix the dents first and then call for free inspection?

4) Suggest me on pull-ahead offers. This is new to me.

Thanks a lot for your inputs.

 

[llninja]

The residual value for 2016 Cruize (the one I leased) is around $14500 which I checked from the contract.
Car mileage now is 13,000 and I could have driven upto 20,000 miles.

1) Does the residual value look good?

2) I do have couple of dents on the car (one of which was an accident for which police report was done but it was not at my fault & the other car driver hit our car). Will this affect me if I return or keep the car? Anything goes on carfax etc?

3) Is it good to ask the free inspection person to complete his job or should I fix the dents first and then call for free inspection?

4) Suggest me on pull-ahead offers. This is new to me.

Thanks a lot for your inputs.

#1. Take your payments that you will have made, add it to the residual, then ask yourself whether that was worth it. You didn't tell us the MSRP or sale price of the car, the monthly payments, etc. so there's no way for us to know whether it is a good deal or not. Similarly, look at KBB.com for used prices of similarly equipped Cruzes. But it is very likely that you will end up paying more to lease and buyout than you would have if you bought it new. That's how they make a profit.

#2 hard to tell without pics. Door dings might pass the turn-in inspection, but a real dent will cost you.

#3 if you take the car to a body shop to get this fixed, it might show up on a Carfax and cause them to charge you at lease turn in.

#4. All they do on a pull ahead is try to get you to lease a new car before your current one is completed. But they are trying to move cars quickly, make your payment the same, and reset the clock so you keep paying. They still have to payoff the old lease and find creative ways of hiding those payments in your new payment. There is no free lunch. The real question is, do you want to have a car payment forever? If you are a multimillionaire, then this would be a tiny fraction of your net worth, and you can afford to pay a bit to avoid the hassle of buying and selling cars - just lease and turn in and keep re-leasing. But most people aren't millionaires, subjecting yourself to perpetual car payments is a good way to stay broke.

 

[emg77]

Your leasing company should have a "turn in kit" that will tell you what damage they accept. GM for example calls any dings or scratches that fit under a credit card, normal wear and tear, and doesn't charge for them. It also shouldn't matter if the car has been in an accident if it was repaired. They don't typically ding you for reduced value of the car because it was in an accident, as long as it's been repaired. I usually use a body shop affiliated with a GM dealership for a GM car, but I don't have to.

Overall, leasing isn't typically a very good value, although there are some really good deals out there sometimes, so I never discount it. I once leased a car for $140 a month for 3 years including taxes and no down payment, so I couldn't pass that up, but generally, I think it's better to buy a used 3 year old car and drive it for 5-7 years. I lease my wife's car because I can typically get a $40,000 SUV for around $300-325 a month with nothing down for 3 years. For me $12,000 is worth it for 3 years with no maintenance or repair costs for a car that I would still pay $20-25,000 for used and probably only get 6-7 years out of, while buying at least tires and a couple thousand dollars for repairs and maintenance. But it's because I choose to have an SUV to haul the 5 of us and our stuff around, as well as be able to tow our small camper.

If you are looking at a car instead of an SUV, cars are so cheap on the used market right now because nobody wants cars. I'd be researching and finding something dependable that is low cost on the used market to replace your Cruze. I'm sure you can even get a used Cruze for much less than they buyout offer on the one you are leasing. Buying your car that you leased is only usually worth it if you are going to own a bunch for excess miles or you have excess damage. And usually, those problems should be avoided in the first place.

 

[Upper5Percent]

The residual value for 2016 Cruize (the one I leased) is around $14500 which I checked from the contract.
Car mileage now is 13,000 and I could have driven upto 20,000 miles.

1) Does the residual value look good?

2) I do have couple of dents on the car (one of which was an accident for which police report was done but it was not at my fault & the other car driver hit our car). Will this affect me if I return or keep the car? Anything goes on carfax etc?

3) Is it good to ask the free inspection person to complete his job or should I fix the dents first and then call for free inspection?

4) Suggest me on pull-ahead offers. This is new to me.

Thanks a lot for your inputs.

Time for a road trip to Alaska...

As far as dents, to the leasing company ALL damage is your responsibility, why didn't you get the dents fixed on the other car's insurance?

 

[MrChiltu]

Time for a road trip to Alaska...

As far as dents, to the leasing company ALL damage is your responsibility, why didn't you get the dents fixed on the other car's insurance?
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
I wish I could drive to Alaska......

I did get the dents fixed at other insurance but it was done at a GM dealer workshop and think it may be on carfax but accident was not at my fault.