Can I get into a used car from a GM dealer after a GM Smart Buy without paying

  • Thread starter Thread starter Ackums J
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Ackums J

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the $300 "walk away" fee? I have a GM Smart Buy that is up in May. I want to buy a used car after this one. Can I get into a used car from a GM dealer or do I have to buy something new in order to not pay the "walk away" fee? Can I get out of this "lease" early (like February)?
 
GMAC may offer programs that allow you to terminate the lease early without any penalities if you purchase another GM car. Call them and ask.

You may also be able to sell your contract at swapalease.com and leasetrader.com.

But I am not too knowledgeable about GM Smart Buy... it is structured like a lease though... small monthly payments and then a large balloon payment at the end or simply walk away by paying the fee. According to GMAC, you can also sell your GM Smart Buy and keep the profits if you have any equity. But I doubt any GM car does in these times.... so you may be better off paying the $300 fee and walking away.
 
Whether you trade it in or not the dealer will decide or help you which way you come out better . trading or paying off lease. If you pay off lease then the bank that leased to you will charge you the 300.00 and is unavoidable. If it is trade and dealer buys it then you will not have to but most times especially with GM you will make out better paying off lease.
 
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