- #34 of 56
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Re: GMAC SmartLease [sarasmiles]
by Car_man HOST
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Feb 19, 2008 (2:36 am)
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Replying to: sarasmiles (Jan 31, 2008 9:20 pm)
Hi sarasmiles. Vehicles' lease payments are made up of two main parts, the interest portion and the depreciation portion. When you signed the lease on your Equinox, GMAC used an estimate called a residual value to calculate how much depreciation you would have to pay for over the lift of your lease. The remainder of your vehicle's value that is not added to the depreciation portion of your lease payment is its end of term purchase option price. As you have seen, vehicles' lease-end purchase option prices are often higher than what vehicles are worth in the real world. This is actually a good think because it means that you paid for less depreciation over the life of your lease than your vehicle actually experienced, saving you money. The problem is, unless GMAC is willing to lower your vehicle's end-of-term purchase option price, it doesn't make sense to buy your truck. Place a call directly to GMAC a month or two prior to the scheduled end of your lease and see if they will be willing to negotiate your Equinox's purchase price. If you don't have any luck with your initial contact, try working your way up the ladder to a manager. If GMAC is willing to lower your truck's price to around what it is worth in the real world right now, you may want to consider buying it. If not, just walk away.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
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- #35 of 56
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Re: Chevrolet Equinox: Lease Questions [kyfdx]
by soccer14
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Jun 18, 2008 (4:48 am)
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Replying to: kyfdx (Feb 26, 2006 9:54 am)
I'm in Syracuse, NY. My lease is up in September. I just got a call for early release out of my lease. I have a 2006 Equinox LS 12,300 miles AWD. The purchase price to buy this case is 16624.69 (according the GMAC) - the dealership is telling me they will sell it to me for 14980.00 and my payments would be 259 a month. I'm not sure I understand all this. Is this a good deal for me??
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- #36 of 56
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Early Release: Eqinox
by claufenb
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Jul 05, 2008 (3:35 pm)
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My lease comes up in March 2009. I was wondering if there will be an early out offered to me? I have leased the last 3 of my vehicles and have always been offered an early release on my contract. Will GMAC still be offering this?
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- #37 of 56
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Re: Early Release: Eqinox [claufenb]
by Car_man HOST
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Jul 07, 2008 (1:46 am)
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Replying to: claufenb (Jul 05, 2008 3:35 pm)
Hi claufenb. General Motors usually offers some sort of early lease termination program, but it rarely lets lessees out of their vehicles more than three months prior to their scheduled end dates. You're still nine months out, so I have a feeling that you are going to have to wait until you are closer to your scheduled end date to get something new.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
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- #38 of 56
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2006 Chevy Equinox LT available for lease takeover
by leesah71
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Jul 07, 2008 (4:09 pm)
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You can take over my existing lease. I love the car but with our move to Hawaii cannot afford the payments any longer. Lease is with GMAC and terms are $450.90 per month and expires 12/2009. I used to drive a lot for the company I used to work for so I purchased extra miles. It allows 18,000 miles per year but since moving to Hawaii a year ago, only have 33,000 miles on it now. It's been an awesome car and I love it and hate to have to give it up. If interest, let me know. We can arrange shipping.
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- #39 of 56
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Lease Question - Need Advice
by soccer14
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Jul 08, 2008 (12:13 pm)
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I'm in Syracuse, NY. My lease is up in September. I just got a call for early release out of my lease. I have a 2006 Equinox LS 12,300 miles AWD. The purchase price to buy this case is 16624.69 (according the GMAC) - the dealership is telling me they will sell it to me for 14980.00 and my payments would be 259 a month. I'm not sure I understand all this. Is this a good deal for me??
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- #40 of 56
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Re: Lease Question - Need Advice [soccer14]
by Car_man HOST
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Jul 22, 2008 (1:16 am)
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Replying to: soccer14 (Jul 08, 2008 12:13 pm)
Hi soccer14. In order to determine whether it would be a good idea to purchase your leased Equinox, you need to compare the price that you were quoted for it to what it is currently worth on the open market. There's no reason to pay more for your truck than someone off the street would have to pay for a similar one. You should be able to get an idea of how much this truck is worth right now by visiting the Edmunds.com Used Car Appraiser.
If you determine that this is an attractive selling price, then turn your attention to how you will pay for it. If you want to finance, pay attention to the interest rate that you are being charged, not the monthly payment. The lower the interest rate is, the lower your payment will be. It's usually a good idea to get pre-approved to finance any vehicle that you want to purchase prior to discussing financing with dealers. Doing so serves two purposes. It gives you an idea of what sort of interest rate you qualify for and it often motivates dealers to try to beat the rate that you are pre-approved at.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
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- #41 of 56
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2010 leases?
by lablover2
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Jul 28, 2009 (3:15 am)
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anyone out there lease a new equinox yet? wondering about buying versus leasing one since it is the new model.
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- #42 of 56
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Re: 2010 leases? [lablover2]
by timmboj
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Jul 28, 2009 (3:40 am)
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Replying to: lablover2 (Jul 28, 2009 3:15 am)
I'm interested in leasing too, but I've not seen much talk about it. CarMan or Kyfdx, is GMAC still offering any lease incentives, especially for the Equinox?
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- #43 of 56
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Re: 2010 leases? [timmboj]
by wallyuwl
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Aug 02, 2009 (11:19 pm)
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Replying to: timmboj (Jul 28, 2009 3:40 am)
If there are are special lease rates (an "incentive" rate) it will be listed on Edmunds. I just bought a new 2010, and as of the July incentives there were no special lease rates. There was just the Conquest Cash, military cash, and GMAC financing (a horrible 6.9%, but it is a new model - I got 5% locally). The August incentives will be out soon, but I doubt there will be anything for special lease offers.
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