GMAC Auto Financing (also known as Ally Bank) calls its vehicle lease program a "SmartLease." The same lease restrictions and termination options apply to this type of lease despite its different name. GMAC often offers lessees an opportunity to terminate their leases without penalty in the event the buyer leases or finances another vehicle through GMAC. You might also have other options.
GMAC's Pull-Ahead Program
GMAC offers a pull-ahead program, which may allow you to get out of your SmartLease up to one year early. To find out if your vehicle qualifies, call GMAC to inquire. Incentives and offers change monthly. If you have received notice from GMAC offering the opportunity to end your lease without penalty, the offer may change at the start of the next month. If your vehicle does qualify for the pull-ahead program, check the offer's expiration date. Pursue another lease or finance using GMAC again to end your lease without having to pay termination fees; over-mileage and wear-and-tear fees may still apply.
Lease Termination Option
Terminating your SmartLease is an option. Read your contract to review fees or call GMAC for cost details. Expect to pay all remaining monthly payments in addition to your termination fee. You will also lose any money you paid upfront. If you initiated a SmartLease Plus, in which you pay all lease payments at once, you can end your lease but you won't receive a refund. If you purchased extra mileage for your lease, your money will not be returned.
Dealer Trade
Even though you don't own your leased vehicle, you can trade your SmartLease vehicle to a dealership toward another purchase. GM dealers may offer special incentives for customer loyalty, meaning you can receive additional price discounts for remaining a GM customer. Your dealer will call GMAC to obtain the car's purchase price and appraise your vehicle. If you owe more than the vehicle is worth, you can shop for a car with rebates to cover negative equity or provide a down payment. Call other make dealers, as well. Some offer incentives for new customers who trade in a different brand.
SmartLease Transfer
You can transfer your lease to someone else. To do so, your account payments must be current. GMAC charges a lease transfer fee, which you can pay for yourself or transfer to your buyer. You can advertise your lease transfer in any classified advertisements or list the remainder of your lease on SwapaLease.com or the LeaseTrader website. Both websites advertise to a market of potential lessees. Be sure to check with GMAC to ensure your lease is eligible for transfer.
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