Return Any GM Vehicle Lease At Videon Chevrolet

If you’ve leased your new or certified pre-owned GM vehicle (Chevrolet, Buick, GMC, and Cadillac), you’re probably wondering what the lease return process involves.

In the following guide, our finance center experts will explore what the three end-of-lease options are: return your lease to the bank, trade in your lease for a new or used vehicle, or you can purchase your lease for the residual stated in your original lease contract. If you have any additional questions, we’re always a phone call away at (610) 933-7707. Here is how the options work:

Return

Returning your lease is quick and easy. When you bring your vehicle to the dealership, all you have to do is bring your keys. We will then get the exact mileage off the odometer. Then, you will electrically sign a return-receipt that will state your name, the year/make/model of the vehicle, the vin and the mileage. That return-receipt will be automatically emailed to you before you leave the dealership. Then you’re done! It takes less than 5 minutes. Once the vehicle is returned, the leasing bank will come out and inspect the vehicle. The customer will be responsible for any excess damage and/or mileage.  And remember, you can return ANY GM Financial leased vehicle at the dealership. That means any Chevrolet, Cadillac, Buick, or GMC.

Trade/Sell

There are times when a leased vehicle is worth more than the payoff/residual. For instance, if your payoff/residual is $10,000 and your car is worth $12,000, then there is $2,000 of equity in your lease. If you return your lease back to the bank, you lose out on that equity. In cases like this, the customer can trade the lease in on a new or pre-owned vehicle. The equity in the lease serves as a down payment for the new purchase. Or, if a customer is looking to get rid of the lease and not buy a new or used vehicle, we will give the customer a check for the equity. Again, we can do this with any Chevrolet, Cadillac, Buick, or GMC lease through GM Finacial.

Buy

Buying out your lease is incredibly easy. When you originally signed your lease agreement, there was a line on the contract stating what the end residual (value) of your lease would be. That is the price for which you will be buying out your lease. The only thing the dealership needs is a safety inspection on the vehicle. This is mandated by the state since the dealership is technically transferring the title from GM Financial to the customer. And again, you can buy out any GM Financial lease (Cadillac, Buick, GMC, and Chevrolet) here at Videon Chevrolet. 

You can do any of these three options at any time during your lease. You do not have to wait until the end to Return/Trade/Sell/Buy your lease. Please fill out the form above or call us if you have any questions!