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Prices Paid: Buying & Leasing Experiences Chevrolet Tahoe Lease Questions
246 messages, Last post on Jul 22, 2008 at 2:22 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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I was just offered the following lease from a dealership in the Boston area. I think it's a fair offer but any feedback would be appreciated. Also, if I can wait a few months is there any benefit to ordering a 2008 instead? 2WD 3LT MSRP = $45,605 Selling Price = $41,700 MA Sales Tax = 5% 48 mo. lease, 12k miles/yr 55% residual and 6.9% With no cap cost reduction and all fees paid out-of-pocket, roughly $1,400, they are asking for $576/mo. Good deal??
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Replying to: Car_man (May 01, 2007 4:05 am)
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Car Man Ive been in the market for an 07 Tahoe for some time now and the quotes Im getting seem really high. Heres my situation: Im trading in a 2004 Acura MDX, most dealers say the'll give me $20k for my car. My payoff is $22,000. So im $2k upside to start. The Tahoe I want invoices for $40,000, plus $4000 in dealer upgrades, for 20" wheels, chrome packge, ect. (they wont negotiate the upgrades, its $4k). So my the selling price would be right at $44,000. I wanted to lease for 39 or 48 months, with 12k miles a year. I am willing to put down $2500+. The dealers tell me there using 6.9% rate & residuals around 60-62%. The payments im shown are $670 to over $700(this is with Floridas 7% sales tax included). Is this right??? Could you show the math as best you can so I have something ot go off, I dont know how to calculate/amortize a lease and feel the dealers arent being straight. Thanks a lot! Ryan
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Hi All, I am a new member tothis forum, however I have read the posts for general advice for quite a while. This is a great forum and I appreciate the help. I am currently looking at a 2007 Tahoe LTZ LOADED!!! I am pretty sure I have a really good grasp on how to figure out the best lease price using the lease formula. The part that has me shook is the salesman telling me that the inception fees will be roughly $3500 on this truck. I told the dealer I do not want to put any money down and he said the $3500 was just inception fees. I feel like this is really high. I was under the impression that inception fees are typically tax, title and tags. Is that correct? If so does $3500 for inception fees seem really high? Thanks in advance. |
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Replying to: volcom182 (May 16, 2007 6:00 pm) I think I can help you figure out if this is a good deal. You are missing a critical piece of info which is the MSRP of the vehicle. You also mentioned the invoice is 40k. Are they selling you the car for dealer invoice? Lets assume the MSRP is roughly 48k. The residual at 60% would be $28800. With the price you said you'd be paying of 44k that makes the depreciation $15200 over 48 months = $316.66. Now we add the residual value of 28800 + the cap cost of 44000 which = 72800. We take the 72800 and multiply it by .002875 (which is the money factor for 6.9%)which = $209.30. Add $316.66 and $209.30 = $525.96 X 7% tax = $562.77. Plus, if you are putting $2500 down toward cap cost reduction that should get you at least $50 off per month giving you a monthly payment of $512.77. The $670 to $700 per month payment you were offered based on the figures you provided are HORRIBLE deals. I am baffled as to where they came up with those payments based on the info you provided.
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Replying to: scoot84 (May 19, 2007 3:49 pm) ____________________________________________________________ If you have a state sales tax where you live and the MSRP of the loaded LTZ is $50K then the sales tax alone would be $3500 if your tax rate was 7%....However if you don't have a sales tax then $3500 is way high for title and tags.
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Replying to: rockman59 (May 19, 2007 6:54 pm) Thanks for the quick reply. I guess I am confused because on so many other cars I have been receiving quotes for in the same MSRP price range for a lease the inceptions only cost was about $1750 out of pocket. New Jersey does have a 7% sales tax, but I guess I thought that was factored in to the monthly payment rather than an upfront cost. Could it be that they are trying to get me to pay the taxes up front to keep the payment down a bit? Do you pay the 7% sales tax on the Cap Cost when you lease a car?
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Replying to: scoot84 (May 20, 2007 7:53 am) ____________________________________________________________ I think in most states the sales tax is added on to the monthly lease payment so you pay the tax as you go. I think they are trying to hi-ball you on the upfront. If you are getting much lower quotes from other dealers on vehicles costng approximately the same then you know something is wrong. Your upfront should only be for registration, title, and plates. Anything else is just dealer profit. At least that's the way I see it. |
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Replying to: scoot84 (May 19, 2007 4:10 pm) Thanks very much. They are leasing me the car at invoice, but how there coming up with the payments is unknown. I figured there numbers had to be way off. Thanks for the math tips. Some of these car dealers think there the only game in town, its a freaking chevy not a ferrari. In my area there are at least 5 other dealships within 20 miles. Needless to say Im wont go back to the one that made me this offer. Thanks again. |
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Hi Carman: I have a current offer for a 2007 Tahoe Lease, 12k, 36 months with $3k total at signing. MSRP is $53,015 and selling price is $48,643. Dealer is saying $634.56 for 36 months and $619.00 a month for 39 months, same mileage. This includes tax at 5.5%. Tier 1 credit. Is this a good deal?
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