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Prices Paid: Buying & Leasing Experiences Hummer H3 Lease Questions
404 messages, Last post on Jun 30, 2008 at 2:10 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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I am now enjoying the heck out of my new H3. I will provide the specs and experience below. Thanks to all on this site particularly Marblez. In December I received my GMID number and began seriously shopping closest to home, which is Putnam Chevrolet Hummer in Burlingame CA. My H3 Deal: Lux pkg. Adventure Pkg. Chrome pkg. Chrome tubular steps Brush guard Pwr. Sunroof Roof rack crossbars(brushed aluminum) DVD promotion (stated as $299) Color: Superior Blue/ebony MSRP: $39355. Invoice: $36611.68 GMID price: $35824.07 Payment out the door: $804.29 (first month & DMV reg. fees) Monthly total: 501. 54 ($463 + tax $38.22) I first called and confirmed they would accept the GMID and no problem. The DVD package and roof crossbars I negotiated to be added at no cost. They will be installed next week. As a last attempt to negotiate the price, I showed them a GMS price which was about five hundred less. They were not interested in reducing the cost anymore and said they could not offer the GMS price. To their credit they were very forthright in sharing the computer screen details and printouts of their finance data to show I had the true GMID pricing and all was above board. We even looked at invoice prices and GMID pricing across the country with similar H3s. Still, I need to feel I am getting the best deal I can and I stated that I knew they were not losing money on the GMID deal as they are rebated from GM for it. The finance guy looked up my invoice at a GM corporate internet site in front of me and discovered I was correct in asking for a reduction as the manufacturer had for some reason lowered the invoice by $78 (not the GMS level, but something). That reduced my payment a couple of bucks and we had a good rapport and talked about a bit about common interests and then the DVD pkg.. I then closed that we had a deal if he would include the DVD package. He attempted to show me that it was a $1400 item and their cost was $1200. I stated he was going to receive a reimbursement ($1000) from the manufacturer anyway so they weren't doing badly. He agreed to include the DVD and the cross bars which I had brought up to my salesman a day before. After cross referencing figures I believe I got the best deal that I could. I would have liked to have the $463 payment include taxes, but I could not get them there. Your feedback or questions are welcome and I hope this helps in your experience. All the Best, Zoomer6
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Can the admins or anyone comment if I am getting a fair deal on this base H3. I know how to calculate a lease myself and these number seems to work out. Here's their deal: MSRP $34,080 Neg Price $31,692 (+acq fee $695 + $924 tax) Acquisition $695 Interest %5.75 Term 39mos Residual 65% Monthly $421 10k miles/yr My questions are: 1)I am a current GMAC lessee, does the acq fee still apply?I thought it should be waived 2)Is including the tax in cap cost correct? I thought you calc the tax after monthly payment. 3)Can you guys confirm if I have to pay $299 for DVD? 4)any one know of any GM Loyalty rebate. thanks
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Replying to: cgmmny (Jan 13, 2006 6:02 pm) As far as making a down payment to achieve a target monthly payment goes, I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Hummer would be exactly the same, regardless of whether you had put several thousand dollars down, or had made absolutely no down payment at all. You can always use the money that you would have used as a down payment to supplement your monthly payment or make a few of them for you if you want. Let's see what the lease payment is like on this truck. According to my calculations, if you were to lease a 2006 Hummer H3 with an MSRP of $36,295 and a selling price of $33,264.94 through GMAC right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $433. Look at that, this is such a good deal that you don't even need to make a down payment to get the lease payment that you were looking for. With this deal, at lease signing you would have to pay your truck's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $50 increment, and GMAC's acquisition fee of $595. Car_man Host Smart Shopper / Prices Paid Forums |
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Replying to: jorgedbernal (Jan 17, 2006 3:02 pm) Besides the selling price, which you should have all taken care of if you buy through the supplier program, the other main factor that impacts your vehicle's lease payment that dealers have control over is the lease rate. While many dealers mark-up vehicles' lease money factors or interest rates to add additional back-end profit to deals, I haven't seen many GM dealers do so. GMAC's current base lease rate for a 35 month lease of a 2006 Hummer H3 is currently 5.75%. I believe that GMAC uses a pass / fail system to decide who is eligible for this special fate, rather than having different rates for different credit tiers like some other banks do. GMAC is probably fairly lenient as to who it will allow to lease though this program. Whether you will be able to depends upon how dinged up your credit is. Using the prices that you mentioned in your post and GM's actual lease program, I estimate that your 36 month, 15,000 mile per year, zero down, pre-tax monthly payment for this truck should currently be around $420. Car_man Host Smart Shopper / Prices Paid Forums |
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Replying to: ken12345 (Jan 18, 2006 6:12 pm) Car_man Host Smart Shopper / Prices Paid Forums |
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Replying to: imjj4short (Jan 23, 2006 11:27 pm) Car_man Host Smart Shopper / Prices Paid Forums
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Replying to: zoomer6 (Jan 24, 2006 1:42 pm) Car_man Host Smart Shopper / Prices Paid Forums |
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Replying to: anjony123 (Jan 24, 2006 4:52 pm) I am not familiar with how sales tax is calculated on leased vehicles in your state, but you may be able to find out more informaiton on this subject by visiting the following sites: New Jersey Motor Vehicle Commission or NJ Taxation. GM is currently providing dealers with a $1,200 dealer cash allowance so that they can provide consumers with a free DVD system in any H3 that is sold. This covers the entire dealer cost of this option, so you should be able to get the dealer that you are working with to throw it in for free. General Motors is not currently providing any sort of owner loyalty cash on this model. Car_man Host Smart Shopper / Prices Paid Forums |
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Replying to: Car_man (Jan 25, 2006 4:43 am) After seeing your numbers and reading some other recent posts, I think I see what the dealer is doing. The monthly payment quote I am getting from the dealer is about $100 more than the $387 you arrived at. However, they are supposedly paying all the up front costs so I am giving them absolutely no cash to drive away. I think they must be actually rolling that back into the lease to arrive at my $495 a month lease payment (including tax). The whole point of my paying nothing down was to allow me to pay the last 4 payments of my leased van. I really wanted them to take the van over so that I wouldn’t have to worry about it anymore but they didn’t want to. Is it dumb to let the first month’s payment, security deposit and acquisition fee be wrapped into the lease? Should I keep trying to negotiate or wait until the van is closer to being turned in? Reading the posts, $495 seems pretty steep per month for the H3. It seems possible to get the payments around $460 (including tax) but then I have to pay the up front money (first month's payment, security deposit, and GMAC's acquisition fee of $595). Thanks for all your help!!
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Hi, I am interested in leasing a 2006 H3. I have done a lot of reading and feel that I am informed on the leasing process; however, I do not understand what a GMID is and how you go about obtaining one. Is there any way that I can get this? If not, do I need this to get the best possible deal on leasing an H3? Thanks in advance for your help!
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