Can I get a lease payment quote? To receive a quote on a specific car, you can call the credit union and speak to a loan officer or a representative in the MAAP department. You can also ask for a lease payment quote at participating dealers around Cincinnati. Your quote will be based on the sale price and residual value (expected value of the car at the end of the lease term). The residual value is the key to determining what your monthly payments will be. The higher the residual is, the lower your monthly payments will be. To receive a quote you will need to provide the following information: the make and model year of the vehicle, the mileage, and the purchase price.
In which states can I lease an auto from GECU?
GECU only leases vehicles to members who reside in Ohio, Kentucky, Indiana, and
Florida. A vehicle leased through GECU is not permitted to be used outside of
the state where registered for more than thirty days without GECU's written
consent.
How do I apply for my GECU lease? You have two options when you are ready to apply for your GECU lease. You can apply at your credit union office or you can apply directly at participating dealerships in the Greater Cincinnati area.
Is there an acquisition fee and security deposit at the start of the lease agreement? An acquisition fee is charged
up front. This fee is built into your lease payment. A security deposit is
optional, and is charged at the time of lease inception. It equals the first monthly payment rounded up to the next $25 increment.
If the security deposit is not used during the lease or at lease end, it will be
refunded after the lease is completed.
Can I trade my current vehicle in and reduce my monthly lease payment? Yes! When you negotiate your purchase price with the dealer, a trade-in will help reduce your purchase price. The lower your purchase price, the lower your monthly lease payment.
What are the mileage limitations? Can I decrease the mileage allotment and get a smaller lease payment? The standard mileage is 15,000 miles per year. You can also opt for a low mileage program at 12,000 miles per year and receive a lower monthly lease payment. If you exceed your mileage allotment, you will be charged for the excess mileage. The charges range from $.08 to $.14 per mile according to the value of the vehicle.
Am I responsible for vehicle license plates and registration? Yes. You assume the responsibility and the costs associated with the annual registration and licensing of your vehicle. License plates for your vehicle cannot be transferred from a previous vehicle nor can they be transferred to a new vehicle at the end of your lease.
What are my vehicle insurance responsibilities? You are required to provide and maintain both liability and physical damage insurance in accordance with the minimum limits indicated in your lease agreement. Your policy must name GECU as an additional insured and loss payee.
What are my responsibilities for maintenance and repairs of my leased vehicle? You are responsible for keeping your leased vehicle in good working order, making needed repairs, and performing regularly scheduled maintenance and service as set forth in the owner's manual. Service work may be covered by your manufacturer's vehicle warranty or a specific maintenance agreement. You must make your regular monthly payment even if your vehicle is disabled due to repairs.
Can I terminate my lease early? Yes. However, to end your lease before the end of the lease term, you will be charged an early termination fee in addition to the unpaid balance of the lease.
What happens at the end of my lease term? You'll be reminded of your lease termination date and lease-end options approximately 90 days before your lease expires. When your lease ends, you can purchase the vehicle outright,
trade the vehicle towards the purchase or lease of a new vehicle, or simply turn it back in. If you choose to return your vehicle, you'll drop off the
vehicle at the Credit Union or at a convenient inspection center. Your vehicle is examined
by the inspection center to determine if the mileage limitation was exceeded or if the vehicle's condition indicates any excess wear and tear.
You will then be sent a statement itemizing any excess mileage charges,
estimated costs to repair all excess wear and tear, and the disposition fee that
you are required to pay. You also have the option to buy the car outright or
trade the vehicle in for a new vehicle. Because GECU's leases are closed-end, you can buy
or trade the car for the pre-determined residual value.
What is excess wear and tear? "Normal" wear and tear includes: minor dings, minor dents, small scratches, small chips in the paint finish, and reduced tread on tires. "Excess" wear and tear includes: broken or missing parts; dented or damaged body panels or trim; cuts, tears, burns or permanent stains in fabric; cracked or broken glass; poor quality repairs; alterations that detract from the vehicle's appearance or void the manufacturer's warranty; tire/wheel damage or less than 1/8 inch of tread remaining; and mechanical and electrical malfunctions. If your vehicle is considered damaged, you can have the damage repaired before lease end or return the vehicle as is and pay for the damage.
