Lease buy out!

After 3 loans and 2 leases with GMAC over 30 years, this last one (a lease) takes the cake. I called three months before lease end to discuss buy out and the fact the vehicle had lost its value do to the down turn in the economy. They said No Deal!

They made me a deal 5 years ago on another lease and were very professional and efficient. This time they said they do not negotiate lease end vehicle value. What a lie!

They did not care to save the cost of an auctioneer and wholesaler that would bid a low price. They did not care that they may have yet another used vehicle in their inventory. Maybe they think the government will give them a bailout for all the undervalued vehicles they get stuck with.

I finally opted for a buy out early to beat a state tax increase. They got my money in time but dragged their feet for two weeks and listed the sales date after they had all of their paper work done. They even charged me the last month lease payment when I sent them a payoff one month early. In addition to all of their inefficiencies they cost me an additional $200.00 for taxes because of the posted date. They did make a change to the date but wouldn't change it to an earlier date that would have saved me the extra taxes.

I would have to say that after this last go around, my displeasure with GMAC is I will not buy another GM product or use GMAC ever again. For all I care GM and GMAC can go belly up out of business. Like many business in America, Greed and inefficiencies are the norm.

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