| Before any of you flame me or accuse me of being a troll please read
| through this entire post, if nothing else it might enlighten you.
| In Sept. '02 my parents leased a new '02 Impala through GMAC through
| a local Chevy dealer. On Oct. 28th my Mom went in the hospital for
| knee replacement surgery, 4 days ( Nov. 1st) later she died very
| suddenly from a blood clot that was a result of the surgery.
| Begining Nov. 10th, my father began trying to work with GM/GMAC to
| early terminate the lease as he is now in a position of having three
| vehicles (the Impala, a '00 Dakota (his former company truck), '02
| Dakota current company truck), no need for three vehicles, and an
| inability to afford all three vehicles. He has talked to 5 different
| GM dealers in our area, including the top rated Corvette dealer in
| this market, and a priority GM dealer. Flat out the dealers cannot
| help him their hands are tied by GMAC.
| Okay so he has tried talking to GMAC, direct quote from GMAC VP of
| Finance "We're sorry to hear of your situation, however, due to the
| terms of your lease their is nothing we can do to assist you with
| early termination. Please note that had you purchased the vehicle you
| would be in a similar situation, and we would be unable to assist you
| as well. However, we can make the following offer to you, if you wish
| to turn the vehicle in early, you may do so by paying off the
| remaining balance on the lease ($6,000 + plus fees + damage ) or by
| selling the vehicle yourself in order to payoff the purchase/lease
| agreement, or by finding someone to assume the lease, provided they
| qualify with GMAC. The minimum amount we will accept for settlement
| is $18,000."
| How the hell do they figure if they had purchased it would he be in
| the same situation, had they purchased it, he could sell it for what
| is owed on it. We have been trying to sell or release the car since
| Nov. 15th to no avail, he has been making payments on it, but.....
| Now comes the real rub, he contacted GMAC a week ago and told them he
| was turning the car in (voluntary repossession) and that they could do
| what they want with it. Today he recieved a notice from GMAC stating
| that if he voluntarily terminates the lease early, GMAC will hold him,
| his heirs (me), his property, his personal business (he owns his own
| business) financially responsible for any outstanding balance and
| legal fees due related to this vehicle and all prior telephone calls
| are recorded, and should he attempt to file bankruptcy to avoid
| payment of the balance due in the event of a lawsuit, GMAC will seek
| any and all legal means to have the bankruptcy forcibly discharged in
| order to obtain their money.
| Just a little something for all of you to keep in mind regarding
| this grand company.
| FWIW, I know that most of the manufacturers randomly view these
| newsgroups (BTDT in another auto newsgroup), so to GM/GMAC reps. I
| personally plan to bash your companies every chance I get, be it in
| public, private, local, national, international media. I plan to let
| as many people as possible know what a cold blooded, uncaring,
| heartless, screw-job corporation you are, this includes all
| subsudiaries of General Motors and General Motors Acceptance Corp.
| Don't like it, sue me!!!!!!!!!!
| Eric Powers
Part of the problem is that legally it's a used car once the car is titled to a
individual(s) and GM would be out the lost value (money). They couldn't sell
it for new any more...legally. I don't think any auto manufacturer would do
what you're asking. Although one could argue that for good will reasons, the
dollars lost would be more than made up over time if (and that is the
question...IF?) it resulted in 2-3 additional car sales. My guess is though
that these lease terms are on the contract...why would you expect the company
to do other than what the lease terms your father agreed to stipulate?
What I have seen done is to find someone willing to take over the lease
payments and transfer the lease (title, etc .also) to them. It will still cost
quite a bit for title transfer fees, sales taxes, etc. but may be the best bet
if that could be worked out. But it sounds like you've tried that to no avail.
The Impala is a nice car, I'm surprised you can't find someone that would take
Personally, I would cut the losses and turn it in and pay the cancellation fee.
The longer you wait, the more that fee will be (as the car continues to
depreciate at a faster rate than pay-down) as with any bad deal...it can be
very costly. I was in a similar situation of dumping a new car recently (paid
cash). Had I done it in the 1st month I would have been out $3,500. But since
I waited 9 months, I was out $6,600 instead. You could fight it, but I think
the judge would side to what ever the contract defines.