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Old 01-26-2004, 09:15 AM   #1
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Default A Little Something To Think About When Buying Your GM!

Here'* a little post I found on the alt.autos.gm newsgroup.

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
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Old 01-26-2004, 09:49 AM   #2
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Leasing is bad mmmkay?
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Old 01-26-2004, 09:58 AM   #3
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That is a pretty cruel thing to do....
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Old 01-26-2004, 02:39 PM   #4
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I did a lease on my work truck for the fact that I can charge who ever im working for my lease payment. I know there is a thing with large loans, and morgages that they are pay'd in full if there is loss of life by person who pays the bills*. Doesnt he have the option to just leave it at the dealership, and walk away? I would try to privatly sell it, and state in the ad "option to take over monthly payments of X at X% intrest"


*I think thats how it is.
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Old 01-26-2004, 02:44 PM   #5
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If you plan on KEEPING the vehicle long-term, a lease can be a good option, as the lease fees only total 2% on average. You pay very little interest during the term of the lease, then finance the residual at the end of the term. I did this with my 98 Z71.

Bankruptcy will tie GMAC'* hands. That may be the only way to protect yourself in a situation like this. Or sell the car and make payments on the overage. They won't take costly legal action unless the trickle of money stops altogether.
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Old 01-26-2004, 02:49 PM   #6
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I bet the vehicle lease was in his father'* name.

What would GM do if the vehicle lease was in her name, or if the father passed away?
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Old 01-26-2004, 03:16 PM   #7
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more than likely they would go to the estate of the deceased and try to make a settlement. That is pretty coldhearted to do that!
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Old 01-26-2004, 09:04 PM   #8
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But any car company would do that, not just GM. Its buissness. Plus that could be some lame story to back out of the car, not saying it is but think of it from GM'* point of view. How many calls you think GMAC gets daily with people trying to back out...
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Old 01-26-2004, 10:26 PM   #9
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Quote:
Originally Posted by kaps
But any car company would do that, not just GM. Its buissness. Plus that could be some lame story to back out of the car, not saying it is but think of it from GM'* point of view. How many calls you think GMAC gets daily with people trying to back out...
I'm afraid this story is REAL LIFE though! I've seen it happen. GM will persue all means at it'* disposal to get what GM feels it is deserved! Even in backruptacy, GM will sue!
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