How to End a GMAC Lease

GMAC is a lending institution that offers individuals who want to lease a vehicle the necessary financing to do so. The lease term may vary, but at the end of the designated lease period, you will have to make some important decisions about how you want to end your lease. In addition, you should be aware of the condition the car is in before you return it, or you may end up paying additional charges.

Instructions

1

Determine your excess mileage charges. Your lease agreement will state the number of miles you can drive over the course of the lease without getting charged. The agreement will also state a charge rate for every mile that goes over that. For example, if your lease stated that you could travel 10,000 miles over the course of the three-year lease, but you traveled 12,050 miles, you would have to pay for the extra 2,050 miles when you return the vehicle. If the charge rate was 25 cents for each mile, you are looking at paying a fee of $512.50.

2

Review the Excess Wear Table in your lease agreement to determine if the car you leased has suffered more than a normal amount of wear. If it has, you will be required to pay the excess wear charges. You can have the car repaired yourself before you turn it in at the end of your lease. This option may be cheaper than allowing GM to create its own excess wear invoice.

3

Make an appointment with your GM dealer/retailer to complete the end of your lease and turn in the vehicle. Gather together your SmartLease agreement, documents you were issued at the lease's inspection, car keys, keyless remotes and all other equipment that came with the car when you leased it. You will need to bring these to your appointment.

4

Complete an Odometer Statement when you get to the dealership. This will record the mileage on the car when you leased it, and the mileage on the vehicle when you pulled in the parking lot to return it. You can then sign any final documents the retailer has for you to complete the end of your lease.

5

Arrange for GMAC financing with the retailer if you wish to purchase the car you leased. If you purchase the vehicle, you will not be held responsible for any excess wear and tear and additional mileage charges.