Need some advice...kind of long

**TJs97** · 04-24-2008

I'll try to keep this as short and simple as possible.

Back in 03' I did a "smart lease" on an 04' GTP. I had the car for 2 1/2 years and it gave me nothing but problems. Amongst a million little things...At 32k miles the trans blew. At 45k..it was on its way out again.it was out of warranty and the dealer refused to fix the tranny because the 10k mile warranty they offer after repairs had passed by 2k..I was done. I traded the 04 in early on my 06 but unfortunatly had to roll $$ into the 06.

Now..my 06 has been great. I love the car but I have run into a slight dilemma. My living situation changed about a year and half ago and now I have a 70 mile round trip to work everyday. I am allowed 60k and am at 51K with pretty much 2 years to go. I have tried dealing w/GMAC to see if I can buy more mileage but they are no help. I did buy my 97 GTP to be my DD..but it hasn't been running. (I should have it done w/in 2 weeks..I can't wait)

My husband and I have been debating on getting rid of the 06 for a used car that gets good mileage and takes regular. Neither one of us are comfotable w/the idea of trading the lease in early. But at the same time..don't want to pay full coverage and a payment on a car we can't drive. I dunno..

What would you guys suggest? TIA

**TJs97** · 04-24-2008

And if anyone knows exactly what you are responsible for when trading in a lease that would be helpful too.

Am I responsible for the remainder of the payments? Or is it payments+buy out?

**IndeedSS** · 04-24-2008

That is a tough call. Back in 96 we did a smart buy on a honda, and although we paid it off eventually, it really wasn't that smart of a buy. Unless you are going to purchase the car you definitely don't want to go over the miles. If you look around, sometimes the rebates are big enough to help you recoupe being upside down on the loan, due to rolling over from a prior "not so good of a deal". US car makers are more likely to do the higher dollar rebates.

**Deezul_AwT** · 04-24-2008

You're going to have to make up the difference on what is still elft on the car. That's what I had to do even with only 4 months left on a lease. And I really should have waited until the lease was up. Not to be an a$$, but my lease expired after 9/11/01, and car dealers after then were giving crazy deals on cars - that's when the 0% financing started in earnest. Do a bit of research about "trading" a lease, or selling it to someone else. You wont' hear from dealers about this, but it IS possible. Heck, all GMAC wants is their money. If you can make a deal with the person taking over the lease, either some payments or agree to help pay to fix the tranny, he or she might take you up on it. I wish I had discovered those places when I had a change in job situation, and went from working at home to having to put 100 miles a day, 7 days a week, on a lease. I ended up buying the truck in the end, and luckily my car note payment was more or less the same as the lease payment.

**mlambert** · 04-25-2008

Okay, I confess:

"At 32k miles the trans blew."

That's where my eyeballs popped out of my head. My tranny has 188K and still lives, so I'm kinda' like WTH?

That said,

Short of having to pay out the yin-yang at the end of the lease for the mileage, what is the possibility of getting another car aka beater for the daily commute? I know around the best deals on those are often mechanics liens, believe it or not.

**archemedes** · 04-26-2008

everyone I have ever spoken to that leased a car like that ended up screwed (that is the purpose of the leasing for the credit companies is to make more money from you) there are companies that buy your lease from you though may want to check into that

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