This Sucks!
We leased a 2007 H3x that we loved. It got us through three dangerous situations and was the perfect vehicle for us. The residual value was $26,400 which we thought was high given that high trade-in was around $20,000 (37k miles). We tried to negotiate a better price with GMAC but no deal. They said they would send the truck to auction once I returned it.
The salesman that originally leased the truck to us and the salesman at the Chevy dealer that serviced it and my Corvette both said they could buy it from GMAC but only at the residual value.
So we decided to buy it off the lease anyway. After 2 1/2 hours at my credit union they find out that GMAC is no longer accepting 3rd party lease buy-outs (they called GMAC and got conflicting answers). The last GMAC lease buy out the credit union did was four months ago and they still haven't received the title. So the credit union and/or GMAC wouldn't do the buy out.
OK, so I returned the car to the Chevy dealer. The salesman said he would take the VIN and look for it at auction. We agreed to a price and I walked away from our beloved H3. The H3 sat at the dealer for over two weeks. Last Friday I called GMAC and they had just gotten around to processing it.
I checked with the Chevy salesman today and he just learned that the H3 was just picked up and is heading to a dealer in Texas! WTF? What happened to the auction? The Texas dealer (Sewell?) must have a line into GMAC or are willing to pay high retail for it. I hate GMAC.
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