Complaint Review: GMAC SmartLease - Internet
- GMAC SmartLease Internet United States of America
- Phone: 800-200-4622
- Web: www.gmacfs.com
- Category: Auto manufactures
GMAC SmartLease GMAC SmartLease is taking advantage of innocent prople Internet
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GMAC SmartLease is taking advantage of innocent people
Much to my surprise Ive recently discovered that GMAC SmartLease has changed the way they treat their lease customers. Someone ought to hire a lawyer; this may even qualify for class action status. I can hardly wait to reveal their indiscretions but first let me explain why I feel that I am qualified to discuss this issue.
Someone ought to hire a lawyer; this may even qualify for Class Action status.
I have been involved in some capacity in the retail automobile business since 1964. I retired in 2007, so I can safely say that I have 43 years exposure to the car business. I have always been involved in the General Motors business. I have been a Salesperson, a Sales Manager, a Finance Manager, a General Sales Manager, a General Manager, and a Dealer/Owner. I feel that I have some idea of what I am talking about.
Now the Story
Since the 70s I have arranged retail leases using GMAC as the leasing company. I have even leased several for my personal use. In each of my personal leases I have sold or traded my vehicle prior to the end of the lease. It was simple, I would call GMAC SmartLease and they would tell me the payoff. If the vehicle was worth more than I owed, I would sell it to a dealership (often my own) and they would pay me for my equity. Suddenly GMAC SmartLease has changed their program. What has changed is how GMAC SmartLease has decided to interpret the early termination language of their contract.
If it was worth more than I owed, I would sell it to a dealer and they would pay me for my equity.
Currently I am leasing a 2007 GMC Acadia. There are only a few payments remaining and the lease will be complete. When I called GMAC SmartLease to inquire as to the payoff, they gave me a figure that appears to be correct. (Residual value plus remaining unpaid payments less unearned interest.) The new change that GMAC SmartLease has incorporated into their business plan is that if anyone other than me were to pay this lease off, GMAC SmartLease wants them to pay approximately $5000.00 more than my payoff. This means that if I were to drive into a GM dealership (or any dealership GM or Non-GM) and work out a new lease or purchase, using my
There would be a $5000 penalty for trading early
I wonder if GMAC SmartLease realizes that they are compromising future business. Why would anyone want to ever do business with a company that evokes arbitrary practices designed to take advantage of the public. I like GM vehicles; I did have Cadillac at the top of my list of new cars to consider. However, now I wonder if I can ever force myself to drive a GM vehicle again.
Is this a good long term business practice? Will GM survive with their financial arm attempting to take unfair advantage of customers? A very smart man who coached and trained me in the early years of my career taught me the following:
1) Is it the TRUTH?
2) Is it FAIR to all concerned?
3) Will it build GOODWILL and BETTER FRIENDSHIPS?
4) Will it be BENEFICIAL to all concerned?
I think not.
If you want to know more about this issue feel free to e-mail
This report was posted on Ripoff Report on 12/06/2009 02:33 PM and is a permanent record located here: https://www.ripoffreport.com/reports/gmac-smartlease/internet/gmac-smartlease-gmac-smartlease-is-taking-advantage-of-innocent-prople-internet-534820. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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