Ask the Car People.SM


Chevrolet Equinox: Lease Questions

214 messages,  Last post on May 08, 2013 at 4:20 PM

You are in the Chevrolet Equinox Forum.

What is this discussion about? Chevrolet Equinox, Car Leasing, SUV

    

Messages Page 4 of 22

#31 of 214 How to get out of a Smartbuy? by gc1615

Jan 22, 2008 (6:32 pm)

I am entering the final year of a 4 yr smartbuy on an 05 Equinox LT(it helped me when I needed it) and was wondering what experiences people have had to get out of it? Any experiences on how "picky" dealers are normally on the interior when you give it back - as far as penalties? Mileage is going to be about 9k-10k per year so that shouldn't be a factor.
 
Thanks~!!

#32 of 214 GMAC SmartLease by sarasmiles

Jan 31, 2008 (10:20 pm)

I am wondering if someone can provide some insight to help me better understand the rational of the Smart Lease:
 
Background
My lease ends in March 2008 on my 2005 Chevy Equinox. Mileage allowance for the lease term is 36K and currently there are 34K. The agreed upon value of the vehicle was $24,169.50 and I put $3K down. The residual value is $15217.90 and in March I will have paid a total of $11,192.90 to drive the vehicle the last 3 years.
 
Currently
I am looking at either financing or leasing a new 2008 Equinox LTZ. My father (co-lessee) on my 2005 Equinox is very interested in purchasing it at the end of my lease to drive back and forth to work as he drives 82 miles round trip a day and lives in the mountains west of Denver and let's just say the AWD Equinox rocks in the snow!
 
Confusion
GMAC is saying that in March we can purchase the vehicle for $17,130.32. How is this possible? The blue book value of the car in excellent condition is $14,500 and if you look in the paper there are a number of 2005 Equinox's for sale with less miles than mine and they are priced anywhere between $13,500 - $14500,
 
Question
How is it that if I purchase it at the end of the lease it will cost $17,130? They won't sell it as a used car for that much. So what drop it off at a dealership and return it and then what turn around and tell the dealership that I want to buy it back, it seems to me that way would be cheaper than purchasing it at the price stated on my lease agreement.
 
Is the purchase price at the time of the lease negotiable?
 
Sorry if this is confusing my hopes are that the more information I provide the better someone will be able to help me understand what my options are at the end of my lease next month.
 
Thanks in advance-

#33 of 214 Re: What's a good lease deal in Jan 2008? [phil56] by Car_man HOST

Feb 19, 2008 (3:27 am)

Replying to: phil56 (Jan 18, 2008 3:49 pm)
Hey phil56. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 Chevrolet Equinox AWD with 12,000 miles per year are 6.1% and 52%, respectively. If you haven't leased your Equinox yet, you're in luck. General Motors just introduced a $1,000 President's Day bonus cash incentive on it that's good through the end of the month. You can use this cash to reduce the capitalized cost of your lease.
 
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

#34 of 214 Re: GMAC SmartLease [sarasmiles] by Car_man HOST

Feb 19, 2008 (3:36 am)

Replying to: sarasmiles (Jan 31, 2008 10:20 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
Host
Prices Paid: Buying & Leasing Experiences Forum

#35 of 214 Re: Chevrolet Equinox: Lease Questions [kyfdx] by soccer14

Jun 18, 2008 (5:48 am)

Replying to: kyfdx (Feb 26, 2006 10:54 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??

#36 of 214 Early Release: Eqinox by claufenb

Jul 05, 2008 (4:35 pm)

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?

#37 of 214 Re: Early Release: Eqinox [claufenb] by Car_man HOST

Jul 07, 2008 (2:46 am)

Replying to: claufenb (Jul 05, 2008 4:35 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
Host
Prices Paid: Buying & Leasing Experiences Forum

#38 of 214 2006 Chevy Equinox LT available for lease takeover by leesah71

Jul 07, 2008 (5:09 pm)

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.

#39 of 214 Lease Question - Need Advice by soccer14

Jul 08, 2008 (1:13 pm)

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??

#40 of 214 Re: Lease Question - Need Advice [soccer14] by Car_man HOST

Jul 22, 2008 (2:16 am)

Replying to: soccer14 (Jul 08, 2008 1:13 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
Host
Prices Paid: Buying & Leasing Experiences Forum

Messages Page 4 of 22

To POST a message, please Sign In.

Advertisement

Browse by Category

Browse by Vehicle
   View All Vehicles

Browse by Board
Browse by Topic
View All Topics

Edmunds Community

Advertisement