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Last Six Months



Now that the end of your lease is on the horizon, you're probably looking forward to getting behind the wheel of your next new vehicle. After all, the end of your current lease is really just the beginning.


With six months left on your lease, you may be starting to wonder about your next move. Should you be thinking about your options at maturity? What are your lease-related responsibilities at this point? Need some guidance? We have all the answers you need right here.


Terminating my lease early


It is possible to return your vehicle before the scheduled maturity date of your GMAC lease agreement. In other words, you can terminate your lease early.


You have several early termination options:

  • You can return your vehicle to your dealer and pay the total of the remaining payments and all early termination costs , such as administration fees, excess kilometre charges and excess wear charges and taxes.
  • You can try to sell your vehicle to your dealer.
    • If your vehicle's market value exceeds the current GMAC buyout, you may be entitled to the difference.
    • If the market value is below the current GMAC buyout, you pay the difference.
  • You can let somebody else take over your lease. (Check out Transferring my lease for more details.)
  • You can buy your leased vehicle for the current GMAC buyout detailed in your lease agreement plus any remaining payments.

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Knowing my lease-end options


The end of your lease is just around the corner. You're probably looking forward to getting behind the wheel of your next new vehicle. A wide range of GMAC financing choices awaits you.

  • Return your vehicle and lease a new vehicle at an attractive GMAC lease rate . One of the best aspects of leasing is the opportunity to drive a new vehicle every few years. (Check out Returning my vehicle for more details.)
  • Return your vehicle and buy a new vehicle. Should you prefer to own your next vehicle, there are many great purchase finance rates available from GMAC.
  • Return your vehicle and don't replace it. You may simply choose to return your vehicle to your dealer, hand over the keys and "walk away" with no further obligations.*
  • Buy your leased vehicle. You can purchase your vehicle for the "Option to Purchase" price (plus applicable taxes and fees, if any) detailed in your lease agreement.
  • Release your leased vehicle. GMAC has a variety of attractive used vehicle plans to suit your needs.

*Provided you have met all the obligations of your lease.


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Returning my vehicle


You're very close to the end of your lease. And, unless you plan to purchase or release the vehicle, you need to know how to return it. With GMAC, returning your leased vehicle is not as complicated as you may think. What's the procedure?

  • Make an appointment with your dealer to return your vehicle on (or before) your scheduled lease-end date.
  • When you return the vehicle, you and your dealer will complete a GMAC Lease Termination Report . Your dealer can provide you with a copy of the completed report for your records.
  • Your returned vehicle will be inspected by an independent company.
  • If we find any excess wear or excess kilometre usage , we'll inform you in writing of any extra charges, usually within 7-10 days.

If you have SmartWear by GMAC, you are already protected against many excess wear costs you might have to pay when you return your lease. Reference your GMAC SmartWear Addendum provided to you when you signed your GMAC lease agreement.


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Inspecting for excess wear


As you approach the end of your lease, how do you know if your vehicle is in good condition and ready for return? How do you know the difference between normal and excess wear?


Take a close look at your vehicle for signs of excess wear:

  • Damaged glass
  • Missing and/or broken parts or equipment
  • Dented or damaged body parts
  • Stained or torn interiors
  • Inoperable or malfunctioning systems or components
  • Poor repairs that might affect its resale value

GMAC recommends performing a vehicle checkup about one month prior to the date you intend to return it to your dealer. That way, if there's any damage that requires repairs, you can contact your dealer and arrange to have it fixed prior to returning the vehicle. If your vehicle is free of excess wear, it is likely ready for return.


GMAC excess wear table
  normal wear excess wear
exterior:
Dents or dings
  • Panel dents or dings less than 5 cm in diameter that have not penetrated or cracked the paint surface
  • Panel dents or dings 5 cm in diameter or greater, or that have penetrated or cracked the paint surface
  • Hail damage that reduces re-marketability or impairs vehicle appearance
    • Scratches
  • Panel scratches less than 10 cm in length that have not penetrated or cracked the paint surface.
  • Any scratch that penetrates or breaks the paint surface
    • Poor prior repair  
  • Any visible sand/grinding marks, rough texture, excessive over-spray or bad colour matches
    • interior:
    Interior burn holes
  • Interior burn holes less than 3 mm in diameter
  • Interior burn holes equal to or greater than 3 mm in diameter
    • Interior cuts, tears or singes
  • Interior cuts, tears or singes less than 1.5 cm in length
    		•
  • Interior cuts, tears or singes equal to or greater than 1.5 cm in length
    • Stains
  • Any removable stain
  • Stains that cannot be removed and that require replacement of upholstery or carpeting
    • tires and wheels:
    Tires
  • Tread depth greater than 3 mm at the shallowest point (including spare tire)
  • Tires must match manufacturer's recommended guidelines
  • All four tires match in size
  • The two tires on each axle match in type and brand name *Winter tires are acceptable but must meet the above-mentioned requirements.
  • Tread depth equal to or less than 3 mm at the shallowest point (including spare tire)
  • Tires do not meet manufacturer's recommended guidelines
  • All four tires do not match in size
  • The two tires on each axle do not match in type and brand name
  • Tires have gouges, cuts, or sidewall plugs
  • Studded tires
    • Wheels
  • Scuffs or minor nicks to wheels or wheel covers
  • Original wheel/wheel covers
  • Wheel/wheel covers that are not original equipment but are of equal quality and design
  • Badly scratched, broken, bent or missing wheels or wheel covers
  • Wheel/wheel covers that are not original equipment and are not of equal quality and design
    • glass and lenses:
    Windshield
  • Chips (including legs) less than 2 cm in diameter anywhere on the windshield (Maximum of three chips allowed)
  • Chips (including legs) equal to or greater than 2 cm in diameter anywhere on the windshield
  • Windshield contains four or more chips, regardless of size
  • Windshield is cracked or broken
    • Lights, turn signals and lamps
  • Lights, turn signals, lamps and fog lamp dents, chips, stars, cracks or scratches less than 5 cm in diameter
  • All lights functional
  • Lights, turn signals, lamps and fog lamp dents, chips, stars, cracks or scratches equal to or greater than 5 cm in diameter
  • Any malfunctioning or non-operational lights
    • mechanical/electrical and maintenance:
    Mechanical/Electrical  
  • Any malfunctioning or non-operational equipment
    • Vehicle maintenance  
  • Failure of vehicle systems that result from not adhering to manufacturer's maintenance requirements
    • missing and broken parts:
    Missing equipment or broken parts
  • Any replacement part that meets manufacturer's specifications of equal quality and design
  • Any missing equipment (including keyless entry remote) or broken parts
  • Any replacement part that does not meet manufacturer's specifications of equal quality and design
    • alteratio
    Alterations  
  • Any modification including but not limited to: suspension modifications, changing vehicle colour or factory paint schemes, lettering or graphics, holes in frame, post-delivery customizing, engine adaptations, fuel system adaptations, tinted or engraved glass

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    Getting back my security deposit


    If you provided GMAC with a security deposit a few years ago when you first took delivery of your vehicle, you may be wondering when you will get it back.


    Once you've returned your vehicle, it will be inspected for any excess kilometre usage or excess wear . If none exist, and there are no other charges outstanding on your account, you can expect to receive a full refund of your security deposit in the mail from GMAC.


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    Getting back my refund on extra kilometres purchased


    If you purchased extra kilometres during the course of your lease and have not used them by the time you return your vehicle to the dealership, you may be entitled to a refund, subject to restrictions. Please contact your dealer for more details.


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    Transferring my lease


    During the course of your lease, your circumstances may change, requiring you to find somebody to take over your lease. What should you do?

    • Your first step is to find someone who would like to take over your lease. They will then need to visit a GMAC affiliated dealer to complete a GMAC credit application.
    • Upon GMAC approval, the lease will be transferred from your name to the name of the new lessee .
    • Once you've transferred your lease and GMAC has completed all the paperwork, you're no longer responsible for the vehicle.
    • You should discuss the refund of any security deposit with the new lessee, as the security deposit refund is issued at the end of the lease.*
    • Please be advised that GMAC charges a transfer fee , which covers all costs related to lien registration, credit analysis, document preparation, life/disability cancellations, internal record modifications, mailings and insurance verification.

    * Provided that the new lessee has met all obligations on the lease.


    If you don't have someone to take over your lease, Leasebusters website can help you in your quest. Contact your dealership to find out if they are a participating GMAC/LeaseBusters affiliate. They are equipped with the knowledge and expertise to aid you in the process, and can offer you very competitive price packages.


    If your dealership is not a GMAC/LeaseBusters affiliate, contact LeaseBusters directly. As a GMAC customer you will receive a discount off of the normal posting prices.


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    Changing my payment date


    Need to change your payment due date? At GMAC, we try to be as flexible as possible to meet our customer's needs. We will do our best to accommodate you.

    • E-mail us or call the Customer Service Centre at 1 800 616-4622 a minimum of two business days prior to your due date.
    • You can change your payment due date for up to 29 days.
    • Please keep in mind that you can change your payment due date a maximum of three times during the course of your lease and that a fee may apply for this service.
    • If you earn your income on an irregular basis, our Custom Payment Plan* may be for you. GMAC can schedule your payments in varying amounts throughout the term of your contract. Contact GMAC or consult FAQ for more information.

    * Unavailable in Quebec.


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    Deferring a payment


    Sometimes, life circumstances make it necessary to defer a payment to the end of the loan. Whatever the reason* - family emergency, job loss, health problems - we will do what we can to help. Customers who have made at least six payments on their GMAC loan are eligible to defer a payment.

    • E-mail us or call our Customer Service Centre at 1 800 616-4622 and let us know why you need to defer a payment.
    • Upon receipt of all required documents, your monthly payment will be added to the end of your loan. In other words, the term of your loan will be extended.
    • Please note that certain conditions apply and a fee may be charged for this arrangement.
    *Subject to GMAC approval

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