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Chevrolet Equinox: Lease Questions

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

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

    

Messages Page 2 of 22

#10 of 214 Re: rates, etc., help please [upndwn] by Car_man HOST

May 18, 2006 (5:08 am)

Replying to: upndwn (May 15, 2006 7:58 am)
Hi upndwn. GMAC's lease rates and residual values usually last for two to three months, but its cash incentives often including the cash that is available on leased vehicles usually changed about every month. If you were to lease a 2006 Chevrolet Equinox AWD through GMAC through July 5th for 36 months with 15,000 miles per year, its base lease rate and residual value should be 6.5% and 56%, respectively. This truck's 12,000 mile per year residual value for this term would be 3% higher.
 
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#11 of 214 2006 Chevrolet Equinox by fish8

Jun 23, 2006 (3:47 am)

I hope someone can help me. I am going car shopping with my Mother-in-law this afternoon and would like the monthly lease payment on the following car:
 
2006 Chevy Equinox LS
MSRP: $22,385
 
Selling price: $19,193.20
 
Term: 36 or 48 months.
 
Thanks!!!

#12 of 214 Re: 2006 Chevrolet Equinox [fish8] by Car_man HOST

Jul 02, 2006 (9:54 am)

Replying to: fish8 (Jun 23, 2006 3:47 am)
I'd be happy to help you out, fish8. You certainly don't want to give your mother-in-law bad advice . According to my calculations if you were to lease a 2006 Chevrolet Equinox LS 4WD with an MSRP of $22,385 and a selling price of $19,193.20 through GMAC right now for 36 months with 15,000 miles per year, its zero down, pre-tax monthly payment should be around $271. The payment for an otherwise identical 48 month lease should be around $253.
 
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#13 of 214 Equinox Lease by icedog97

Jul 07, 2006 (4:55 am)

Car Man...
 
Based on your last response, I think my lease deal is "in-line" with what it should be...just thought I'd throw this out there for your review:
 
Equinox LT FWD
Sticker: $23,114.37
Cost Reduction: $4,014.67
Red Cap Cost: $19,099.70
 
Zero down, 39 month lease at 10K miles per year
Montly payment: $256.36 (including tax)
Signed lease on July 4th.
 
I was told the rate was 7.25% (I thought this was high but I didn't run a credit check before, so I don't know what my current score is).
 
Thanks!

#14 of 214 Re: Equinox Lease [icedog97] by Car_man HOST

Jul 10, 2006 (3:18 am)

Replying to: icedog97 (Jul 07, 2006 4:55 am)
Hi icedog97. GMAC's current base lease rate for the 2006 Chevrolet Equinox is 6.5%. GMAC is very lenient in who it approves for its best interest rates, so unless your credit is in really rough shape you should be able to get this rate. Make sure to ask the dealer that you are working with about it.
 
In your post you mentioned this truck's sticker price and a "cost reduction". Is the "cost reduction" that you mentioned a dealer discount or is it a down payment that you are making? I ask because you need to make sure that you are getting a discount on this truck. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them.
 
Car_man
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#15 of 214 Re: Equinox Lease [Car_man] by icedog97

Jul 10, 2006 (4:59 am)

Replying to: Car_man (Jul 10, 2006 3:18 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)

Replying to: icedog97 (Jul 10, 2006 4:59 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 .
 
Car_man
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#17 of 214 Re: Equinox Lease [icedog97] by throcgr

Aug 09, 2006 (6:32 am)

Replying to: icedog97 (Jul 10, 2006 4:59 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.
Thanks!

#18 of 214 Re: Equinox Lease [throcgr] by rftech

Aug 11, 2006 (7:33 pm)

Replying to: throcgr (Aug 09, 2006 6:32 am)
throcgr,
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] by throcgr

Aug 22, 2006 (3:24 pm)

Replying to: rftech (Aug 11, 2006 7:33 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

Messages Page 2 of 22

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