Turning in lease vehicle and then buying off lot...

[b50k]

I'm currently at the end of my lease with a car that's done well for me and I'd like to keep. It's an '07 Pontiac G6 Convertible and the bank wants $18,200 for it, while I can get the same spec car for about $3,000 less if I were to purchase it off of a dealer lot. The bank will not negotiate, and besides not being keen on overpaying by 20%, I'd have to pay that 20% out of pocket since the finance companies will only finance what the car is worth, rather than what the bank wants.

Does anyone know if it would be possible to return my car, then stalk it down and buy it back? How long after I turn in a car will it take for them to do whatever they do and put it back on the market? If I return it in South Florida, is it likely that they'd send it back to some factory or something for re-conditioning and then it would be a pain to find again?

Thanks!!

[Ray paulsen]

Quick Q " the bank will not negotiate ? " did you lease this vehicle through a bank ?

I assume you leased through GMAC and you will be returning vehicle at a GM dealership ?

[b50k]

"The bank" is indeed GMAC.

[Ray paulsen]

I worked with a GM store for about 15 years prior to my semi retirement, if the same procedure is still in place it went like this in my area.

If the dealership had interest in vehicle it could request a fair market value through GMAC and have first opportunity to buy vehicle, if vehicle was of no interest to us some other GM dealer within the territory on occasions would purchase the vehicle through the GMAC website and pick up vehicle.

When a vehicle was returned of no interest an inspector would arrive usually within 10 days to do a complete inspection, wear - tear - dings - tires ,,, and this it the area where people get dinged heavy with lease returns " sorry this is another area " guess I got carried away.

My point is if the dealer in South Florida where you return vehicle really want's to play fair ball with you at market price they will have opportunity to purchase vehicle prior to vehicle being entered at a GM auction lane.

But keep in mind, and I seen this happen, sometime GMAC wants to much, and when same vehicle goes through the lane at the auction it's sold for much less.