During the term of a GMAC lease, the repayment terms may become difficult to manage. Usually, this is the result of the lessee's changing financial situation. Either that, or the lessee simply overestimated his ability to pay. GMAC designs its lease agreements to run full term. Anything less is an inconvenience to the company. While it may be difficult, and even costly, to terminate your GMAC lease early, it can be done.
Review your GMAC lease agreement, particularly the section on early termination. Note any fees or penalties the company will assess for ending the lease prematurely.
Write a request letter. Even if you are going directly to the dealership, it is good to have the request in writing. Include your name, address and the GMAC dealership along with the make, model and vehicle identification number of the car. Include your reasons for terminating the lease early (e.g. financial hardship).
Return your GMAC vehicle to the dealership. The dealer will inspect the vehicle for damage and check the mileage. You must pay for any repairs or mile overages incurred to this point.
Sign a lease termination agreement provided to you by the dealer. The agreement states that you are relinquishing your rights to the vehicle and that you agree to pay any fees associated with the termination.
Pay the fees to the dealer. The dealer may waive some or all of the fees depending on your circumstances. However, you should always be prepared to pay the full amount as detailed in your original GMAC lease.
Carl Carabelli has been writing in various capacities for more than 15 years. He has utilized his creative writing skills to enhance his other ventures such as financial analysis, copywriting and contributing various articles and opinion pieces. Carabelli earned a bachelor's degree in communications from Seton Hall and has worked in banking, notably commercial lending, since 2001.