Last post on May 08, 2013 at 4:20 PM
You are in the Chevrolet Equinox
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Chevrolet Equinox, Car Leasing, SUV
#15 of 214 Re: Equinox Lease [Car_man]
Jul 10, 2006 (4:59 am)
Thanks for getting back to me...
We did not make a down payment, so what is listed as "cost reduction" was comming from the dealer.
I specifically asked the finance guy about the 7.25 and he responded that he can't control the number (rate) that GMAC is offering. I know that as of last year (because we took out a home equity loan), my score was around 700. There was no mention of the rate when we signed the agreement...it was only after I looked it over the next day and called the dealer, did he say the rate wat 7.25. I know, I should have asked at the time we signed...but I also should have found a sitter for my kids!!!
The other interesting factor (although I don't know how this affects the rate, if at all) was that I had a trade, which we owed nothing on, and they gave us $10K for it (check). I didn't use this as a down payment, I wanted the cash because we planned on leasing from the start.
Shouldn't having enough "cash on hand" to pay for the entire lease, at the time of the agreement, help me in the rate I qualify for?
I guess it's all moot now, right?
Thanks for your help.
#16 of 214 Re: Equinox Lease [icedog97]
by Car_man HOST
Aug 01, 2006 (2:23 am)
You're welcome, icedog97. The salesperson who told you that they have no control over the 7.25% rate that they quoted you was lying. GMAC's base lease rate for the 2006 Chevrolet Equinox is currently only 6.50%. GMAC is pretty lenient in who it approves for leases, so your credit would have to be pretty messed up to not qualify for this rate. You were smart to have the dealer cut you a check for your trade rather than use the proceeds from it as a capitalized cost for your lease. It is in your best interest in a consumer not to make any down payment when leasing. The fact that you didn't put any money down had no impact upon your vehicle's lease rate. Either way, it's a moot point now so just enjoy your new truck .
Prices Paid Forum
#17 of 214 Re: Equinox Lease [icedog97]
Aug 09, 2006 (6:32 am)
My question is how did you negotiate $4,000 off? We are looking at the LS & LT and wondering how we can get the LT down to a reasonable price. The $2000 incentive offer does not apply to leases at this time.
#18 of 214 Re: Equinox Lease [throcgr]
Aug 11, 2006 (7:33 pm)
I just got home from the dealer with my '06 2LT AWD. The MSRP was $27510. They were actually trying to get $24,500. for it when I talked about straight financing. Then through much discussion I found out that the GMAC SmartBuy has different incentives than Leasing or just buying. The total incentives to use SmartBuy were $4650! Now SmartBuy is not a very attractive program the way they intend for you to use it, but I picked up on one thing: there is no penalty for early payoff. As soon as I get the first payment of SmartBuy I'm paying it off in full from my local bank. I still have that little part of me that wonders how easy this will be to pull off, but I made it quite clear to the dealer what I intended to do and they agreed that I can do it. Also I found the places on the document that said about no penalty before I signed. I'll write back after everything clears next month.
#19 of 214 Re: Equinox Lease [rftech]
Aug 22, 2006 (3:24 pm)
Thanks rftech. Unfortunately we are really not looking to purchase - really want a lease. Have now switched to looking at the Mazda Tribute as we have the employee discount but that still is not getting us very far. Really can't stand this car buying business
#20 of 214 Lease on an '07
Sep 12, 2006 (3:16 pm)
Hi, I'm new to this site and could really use some help.
I would like to lease an '07 Equinox LT with the following equipment added to the standard items: sunroof, am/fm 6 cd in-dash changer, Pioneer premium 7 speaker system, and a remote starter. When I build that car with those items added, I get a MSRP of $25,115 and an invoice price of $23,281. My question is: approximately what would my lease payments be if I put no money down and rolled the tax and other charges (not DMV, of course) in as well. I don't want any out-of-pocket expense except the first month and the DMV charges.
I was in a Chevy dealership today and they gave me a rough quote of over $400 which seems ridiculously high to me. The salesman said I could have gotten an '06 LAST month for around $275 -$300, which is about what I'd like to pay. However he says since the '07's just came out, there are no attractive lease options.
Is this true? And if so, how long is it usually before the new attractive lease options will come out? He said to try back (or he would contact me) in a month or two, but my GMAC lease is up in October. I don't know if I should extend my present lease for a month or two, or go get a Ford Escape which I should be able to get out around $300 - $330. I do like the Equinox better.
#21 of 214 Re: Lease on an '07 [magooley]
by Car_man HOST
Sep 19, 2006 (2:50 am)
Welcome Magooley. This truck's lease payment will depend upon its selling price, how long you lease it for, and its mileage allowance. General Motors is currently providing $500 lease cash on the 2007 Chevrolet Equinox, so for the sake of calculating a lease payment on the truck you want that using this car you are able to negotiate a capitalized cost that is right at dealer invoice. I'll also assume that you want a 36 month lease with 15,000 miles per year. Let me know if you want something different. According to my calculations, if you were to lease a 2007 Equinox AWD with an MSRP of $25,115 and a capitalized cost of $23,281 through GMAC right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $402. With this lease you would have to pay your truck's first month's payment, a security deposit equivalent to your monthly payment rounded up to the nearest $25 increment, GMAC's $595 acquisition fee, and any required state taxes or fees at lease signing. As you can see, this payment isn't that great. If you are really set on getting an Equinox, perhaps you can try to extend your current lease for a couple of months and see if GM's lease program for this truck is any better then.
Prices Paid Forum
#22 of 214 2007 Equinox LT1 AWD Residual and Money Factor
Aug 08, 2007 (10:05 am)
Can you please tell me what the current residual and money factor is on a 2007 Equinox LT1 AWD - also is there any lease assistance from Chevy?
#23 of 214 Re: 2007 Equinox LT1 AWD Residual and Money Factor [quinto]
by Car_man HOST
Aug 27, 2007 (3:13 am)
Here's the information that you're looking for, quinto. GMAC's lease program for the Equinox varies by term and mileage allowance. For now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Its current base lease rate and residual value for a 36 month lease of an '07 Chevrolet Equinox AWD with 15,000 miles per year are 6.5% and 49%, respectively. When negotiating your lease on this truck, make sure to take advantage of the $1,400 lease cash that GM is currently providing on it.
Prices Paid: Buying & Leasing Experiences Forum
#24 of 214 Re: 2007 Equinox LT1 AWD Residual and Money Factor [Car_man]
Aug 27, 2007 (9:08 pm)
Hi Car_man and thanks for the info. I was thinking about leasing the 2008 Equinox Sport, but with a residual of only 49% after 3 years, it would be cost prohibitive.