Purchase or lease a new vehicle

If you like to change vehicles every 3 to 5 years or your vehicle requirements have changed, you may want to acquire a new vehicle. In this case we need to evaluate your lease to determine if you have:

1. equity in your current lease (market value exceeds the buyout amount); or
2. a deficiency in your current lease due to outstanding payments, excess wear and tear or excess kiometres.

General Motors often has lease loyalty programs that can help your transition into a new vehicle by providing incentives if you acquire a new GM vehicle.

Lakewood will assist you by identifying your lease equity or obligations.  If you purchase a new vehicle from Lakewood we guarantee  that you will not get any surprises with respect to lease obligations after you have returned your vehicle.

At this point,  you can focus on selecting the right vehicle for the future.

Purchase your existing leased vehicle.

If you plan to continue using your current leased vehicle we can help you in several ways:

1. We may be able to save you money on the lease buyout price;
2. We can also help you refinance the balance on the lease;
3. If you are going to keep your vehicle for a few more years, you should protect yourself with an extended warranty.

Your sales person and our New vehicle managers can help you purchase your leased vehicle and our Business Managers can help with the financing and the extended warranty.

Return your existing leased vehicle.

If you no longer require a vehicle or if you have acquired one somewhere else you can return your vehicle to us. Remember that you may have significant contractual obligations with respect to your vehicle lease. You need to:

1. Obtain paperwork or a receipt showing that you returned the vehicle;
2. Inspect the condition of your vehicle so that you understand the possible charges for excess wear and tear;
3. You should complete any repairs required for excess wear and tear if possible (we can do this for you)
4. You need to determine your odometer reading relative to the kilometre allowance in your lease so you can determine penalties due.

Make sure that you understand these obligations, they can be significant. We can help you minimize these obligations.

How can Lakewood Chevrolet help you?

1. We can help you find a new vehicle that fits your current requirements.
2. We can identify your current lease obligations or your lease equity.
3. We can provide you with an estimate to complete any repairs required prior to returning your vehicle.
4. We can determine the price that you can acquire your vehicle for.

Call us or contact us by clicking below.

Contact Us - You leased your vehicle from Lakewood.

Contact Us - You leased your vehicle from another GM dealer.

EXCESS KILOMETRES

Any kilometres exceeding the allowed kilometres as outlined in the lease agreement. Most SMARTLEASE™ agreements allow you to drive 24,000 kilometres per year.

EXCESS KILOMETRE CHARGE:

EXCESS WEAR AND TEAR

Excess wear and tear is evaluated at lease end. Broken or missing parts on the inside and out, poor quality repairs, mechanical and electrical damage, and alterations to the car's appearance all constitute wear and tear. Please know that normal wear and tear is okay. It includes such minor items as small door dings and scratches that don't penetrate the paint finish.