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Prices Paid: Buying & Leasing Experiences Chevrolet Malibu Lease Questions
112 messages, Last post on Apr 19, 2009 at 2:50 PM
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Replying to: jaxs1 (Dec 20, 2007 7:34 pm)
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Replying to: 40yearfan (Dec 20, 2007 10:00 pm) Seems like a 2 year lease would be a good way to experiment with purchasing the Malibu. You would be under the full bumper to bumper warranty even if you drive 15K miles a year and, if the actual resale value is not as high as they are speculating for this new model, the shortfall isn't your problem unless you try to turn it in early. If you really like it, you can buy a 2010 Malibu at the lease end and, if it was problematic and develops a bad reliability reputation, you can switch to something else at that time with no repair costs or resale woes.
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Replying to: jaxs1 (Dec 22, 2007 9:43 am) I almost forgot that I added $259.00 to the contract for tire and rim insurance through GMAC, so you need to deduct $259 from the $25,004.05 to get the true cost of the lease. The original agreement was $508 for the lease before I added the tire and rim insurance. Now you need to know that they financed the whole thing and I didn't put one penny down. MIleage overage is 15 cents a mile. I got it at Power Chevrolet in Peoria, AZ. from Saul Aguirre and negotiated the whole deal before I went to the dealer. This guy really knew what he was doing but he was willing to do some bargining to get to my number. I would highly recommend him to anyone in the Phoenix area wanting a Chevrolet. Within one and one half hours, he had done a pull ahead on my Rendezvous and had all the paper work ready for the finance department for the new Malibu. I spent a half hour in there and was done. I drove it home (some 35 miles away) and was truly impressed with how quiet this car is. With the 252 HP V6, hydraulic power steering, traction control and hugh 18 inch tires, it drove nicer than any BMW I've ever driven. The seats are comfortable, the dash is well laid out and the interior is as nice as the Acura Legend I used to own. I don't know how well this car will hold up, but GM has a real winner on their hands if first impressions mean anything.
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Replying to: jaxs1 (Dec 22, 2007 9:43 am) I almost forgot that I added $259.00 to the contract for tire and rim insurance through GMAC, so you need to deduct $259 from the $25,004.05 to get the true cost of the lease. The original agreement was $508 for the lease before I added the tire and rim insurance. Now you need to know that they financed the whole thing and I didn't put one penny down. MIleage overage is 15 cents a mile. I got it at Power Chevrolet in Peoria, AZ. from Saul Aguirre and negotiated the whole deal before I went to the dealer. This guy really knew what he was doing but he was willing to do some bargining to get to my number. I would highly recommend him to anyone in the Phoenix area wanting a Chevrolet. Within one and one half hours, he had done a pull ahead on my Rendezvous and had all the paper work ready for the finance department for the new Malibu. I spent a half hour in there and was done. I drove it home (some 35 miles away) and was truly impressed with how quiet this car is. With the 252 HP V6, hydraulic power steering, traction control and hugh 18 inch tires, it drove nicer than any BMW I've ever driven. The seats are comfortable, the dash is well laid out and the interior is as nice as the Acura Legend I used to own. I don't know how well this car will hold up, but GM has a real winner on their hands if first impressions mean anything. |
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Replying to: 40yearfan (Dec 22, 2007 6:51 pm) When they start producing and shipping them in volume, there will be better supply and good discounts off MSRP. Many dealers are still only getting a couple 2008 Malibus at a time, so supply is still tight. I would just get an Accord if close to MSRP was the best price I could find on a Malibu when I was ready to buy.
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Replying to: jaxs1 (Dec 22, 2007 7:07 pm) http://www.calculator.com/pantaserv/lease.calc and you put in MSRP with 2.3% interest rate and 63% residual (thanks Car_man) on a 24 month lease with no money down, you will come up to the $508 figure when you add in the doc and admin fees and license cost. A 2 year lease is going to be expensive on just about any auto you drive. BTW, I drove a late 90's Accord for about 6 months. Hated the car and got rid of it as soon as I could. Too small of an engine and very few of the gadgets I was used to in my other vehicles.
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Replying to: 40yearfan (Dec 22, 2007 8:32 pm) $450 is expensive for registration. California has expensive registration and it's probably about 1/2 that. Maybe $1000 below MSRP would have lowered the payments quite a bit, but you would probably have had to wait another 3 to 6 months for the dealers to have a good supply of cars.
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Replying to: jaxs1 (Dec 22, 2007 8:44 pm)
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Replying to: 40yearfan (Dec 23, 2007 6:18 am) The $369 doc fee is a dealer-specific fee that looks excessive. So, that means the dealer got a few hundred over MSRP in the deal when you add the sales price and doc fee together along with the tire and rim insurance that's probably almost all profit to them. That's why the payment looked high to me considering the Malibu has a good residual and low lease interest rate. In CA the doc fee is limited by law to about $50 to prevent the dealers from price gouging on fees like that. When there are only 24 payments to spread these costs out on, a few hundred extra dollars here and there will be quite noticeable in the payments. Since I know that the supply is still very low on the new Malibus while they try to clear out 2007s and slowly ramp up production, I don't know that anyone else could have gotten any better deal than that at that dealer (other than passing on tire and rim insurance) at that time. I will just wait and let others buy at MSRP and above in the meantime.
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Replying to: jaxs1 (Dec 23, 2007 8:07 am) 
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