Last post on Dec 02, 2013 at 12:39 PM
You are in the Prices Paid - Buying & Leasing Experiences
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Cadillac CTS, Cadillac CTS-V, Car Leasing, Sedan
#422 of 976 Re: Cadillac CTS [tylerdurden1x]
Aug 02, 2010 (1:54 am)
Hi tylerdurden1x. GMAC's current base lease rate for a 24 month lease of a 2010 Cadillac CTS with 12,000 miles per year is 0.25%. This car's residual values vary by trim level. You never described the exact car that you're interested in getting. GMAC's current 24 month, 12,000 mile per year resid for a 'base 10 CTS 3.0 RWD is 53%. Let me know if you want a different model.
General Motors is definitely providing a whopping $6,425 cash incentive on leases of this car through GMAC right now. I'm not sure why this cash does not appear in the incentives section of Edmunds.com, but it definitely exists. I am not affiliated with that section of the site.
There is an additional $1,000 conquest cash on top of the cash incentive on leases, but only in certain areas. If you tell me where you live, I can tell you whether you are eligible for it.
If I was in the market for a 2010 CTS right now, I personally would shoot for a selling price of $500 or so over dealer invoice minus all of the available cash incentives.
Prices Paid: Buying & Leasing Experiences Forum
#423 of 976 Re: August Lease - 2010 CTS Wagon [bokonon]
Aug 02, 2010 (2:01 am)
Hi bokonon. I believe that GM's July incentives on the 2010 CTS are scheduled to run through September 7th. The lease program and cash incentives that you have seen mentioned for this car in July should still be available in August.
GMAC's current base lease rate for a 27 month lease of a 2010 CTS Wagon is 0.25%. The 27 month, 10,000 mile per year resid for a '10 CTS Wagon 3.0L Performance RWD is 52%.
The lease rate for an otherwise identical lease of a 'CTS Wagon 3.0L Premium is the same, but its residual value is 51%.
Prices Paid: Buying & Leasing Experiences Forum
#424 of 976 Re: August Lease - 2010 CTS Wagon [Car_man]
Aug 02, 2010 (4:45 am)
Thanks, Car_man. Do the residuals change for an AWD model?
#425 of 976 CTS-V lease numbers?
Aug 03, 2010 (3:22 pm)
Do you have any info on 2010 or 2011 CTS-v lease numbers? There are a bunch of '10s here in LA around the $68k sticker price. Ideally, I'm looking for a 3yr/36k miles lease but could go down to 27 months/27k miles.
Thanks for your time!
#426 of 976 CTS - Cash incentive?
Aug 03, 2010 (6:26 pm)
Hi Car man,
I've leased many vehicles but the $6425 cash incentive is throwing me off base. If I were to lease a 2010 CTS AWD Luxury, are you saying that once I know invoice, then I can take off an additional $6425 below invoice and then do my dealing? I have this feeling like they are going to look at me and say, "where did you get that figure?". So would you please elaborate on that so I know what I am talking about? Thanks a million.
Interested in lease rates for 36 month/12,000 mile on that model. Current GMAC lessee now.....any extra incentives on turn in to lease again? Thanks!
#429 of 976 Re: August Lease - 2010 CTS Wagon [paperboyccc]
Aug 05, 2010 (5:03 am)
"I got a quote from the dealer today and the lease worksheet doesn't agree with my lease calculator. Any idea why?"
Yup. First, let's summarize the dealer's lease worksheet...
Sell Price (S)........................................... 45,390.00 (Sell Price = MSRP- not good)
GMAC Acquisition Fee (A)....................... 795.00
Gross Capitalized Cost (G)................... 46,185.00 (S + A)
Cap Reduction (D)............................... 7,442.36 (17.36 + 7,425.00)
Adjusted Capitalized Cost (C)............... 38,742.64 (G - D)
GMAC Lease Rate............................. 0.25%
Term (N)........................................... 24
Residual Factor................................ 51%
Residual Value................................ 23,148.90 (Res Factor x MSRP)
Base Monthly Payment................... 656.32
CA Tax 8.750%.......................... 57.43
Monthly Lease Payment w/tax........ 713.75
I calculated the same GMAC base payment of 656.32. The dealer's worksheet is 100% correct.
It appears that you have an AT&T iphone LeasePro App. There are several glaring disparities between this App and the dealer's worksheet...
(1) The selling price in the App (37,947.64) differs from the dealer's selling price (45,390.00) which is also the MSRP.
(2) The cap reductions are different. The App shows 2,800.00 while the wroksheet shows 7,442.36. Looks like you're using the amount due at lease signing ($2,800) as a cap reduction which is incorrect.
(3) The App shows 1,483 of cap additions (amounts financed) while the dealer worksheet shows the 795 acquisition fee as the only amount financed. I have no idea where you're getting 1,483.
(4) The App is using your inputs to compute a payment of 617.66. This payment in incorrect. Given YOUR inputs, the payment should be 567.91 given that the rate is 0.25% (an interest rate). If I convert the interest rate to the approximate money factor (i.e., 0.25/2400) and use the money factor formula, I get a payment of 567.97 which is a difference of only $0.06. So, I have no clue how this flawed App is getting 617.66. I would delete this App if I were you.
My take on commercially prepared lease software is that you use them at your own risk. Several years ago, a software provider (it may have been LeasePro) asked me how GMAC payments are calculated. I refused to tell them as they're software providers and should understand the mathematics of how GMAC computes lease payments. They also wanted something for nothing. My impression was that they were no more than capitalists with little interest in academics and that pissed me off because I'm the exact opposite.
One other thing, you need to get an itemization of the $2,800 due at lease signing. I'm sure it includes 1st payment (713.75), DMV fee (635.00), Tire fee (8.75), plus applicable taxes. But, something is missing that's not reflected in the worksheet.
I hope this helps.
Questions? Please let me know.
#430 of 976 Re: August Lease - 2010 CTS Wagon [delta737h]
Aug 05, 2010 (7:31 am)
Thanks you for your help. I made a few mistakes entering the info into my app. I considered the Cadillac discount as price reduction rather than cap reduction (which is taxable). I put the DMV fees both as cap reduction and cap addition (which confuses taxes). And I put the first month's payment as cap reduction.
You can see that if I put the raw numbers in and turn off taxes, it gets basically the same numbers:
You said: "The App is using your inputs to compute a payment of 617.66. This payment in incorrect. Given YOUR inputs, the payment should be 567.91"
It's because of the 8.75% sales tax. $567.91 x 0.875 = $49.69 + 567.91 = $617.60.
The basic issue is that none of the $2800 downpayment is going towards cap reduction. My guess is something like this:
$713.75 - 1st month's payment
$651.21 - 8.75% tax on cap reduction
$625.00 - DMV Fee
$8.75 - Tire Fee
$59 - Dealer Doc Fee
$742.29 who knows??
Can't they use the $7442.36 in such a way that it doesn't result in that $651 in extra taxes?
#431 of 976 Re: August Lease - 2010 CTS Wagon [paperboyccc]
Aug 05, 2010 (7:54 am)
Apparently, you showed only the summary page as I didn't see any input for sales tax (i.e., 8.75%) and, accordingly, never considered taxes.
"$742.29 who knows??"
That's why you need to get an itemization from the dealer.
"Can't they use the $7442.36 in such a way that it doesn't result in that $651 in extra taxes? "
Nope. Whether they use the amount to reduce the capcost or use it to cover the upfront fees, you're going to pay tax.
Also, I do not advise making a down payment (i.e., cap reduction). A car is a depreciating asset purchased for consumption; and so, it's an expense and not an investment. No savvy investor would ever invest in stock that they know will depreciate or lose value over time. Also, if the vehicle is totalled or stolen, and never recovered, you risk losing part or all of your down payment.
I suggest that you use the rebate, if possible, to offset the upfront lease charges and take the balance in cash. My guess is that they won't let you do this and so, the balance will likely have to be applied toward reducing the gross cap. Oh well.