- #130 of 169
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Re: Yukon Lease Questions [xogrady]
by Car_man HOST
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Apr 11, 2008 (2:15 am)
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Replying to: xogrady (Feb 22, 2008 7:46 am)
Here's the info that you're looking for, xogrady. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 GMC Yukon with 10,000 miles per year are 7.2% and 65%, respectively. General Motors is currently providing a $1,000 cash incentive on leases of this truck to current owners and lessees of GM vehicles. If you are eligible for it, make sure to take this cash into account when negotiating your truck's selling price.
Car_man
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- #131 of 169
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Re: 08 Yukon Denali [aonic]
by Car_man HOST
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Apr 11, 2008 (2:25 am)
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Replying to: aonic (Feb 25, 2008 11:11 am)
Hi aonic. I see that you are considering making a $3,000 down payment on the truck that you want to lease. I always advise community members against making large down payments on leases. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be higher, you would be better off going with a zero down lease.
GMAC's current base lease rate for the 2008 GMC Yukon Denali is 7.2%. You may be required to make a security deposit on your lease to get this rate though. Make sure that the dealer uses the 7.2% rate instead of the 8.2% rate that you were quoted. Seven percent interest is bad enough compared to the average interest rate on car loans today, there's no need to pay an even higher rate than that.
In your post you mentioned this truck's dealer invoice price. What was its selling price? The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Try to negotiate a selling price that is as close to invoice as possible. If you are in an area that has a decent level of competition, you shouldn't have much trouble finding a dealer that is willing to lease you this truck for less than $1,000 over invoice, given the slow market that we are in right now and the high price of gas.
Car_man
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- #132 of 169
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Re: Did the 7.2% Rate go UP? [utbandit]
by Car_man HOST
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Apr 11, 2008 (2:29 am)
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Replying to: utbandit (Mar 02, 2008 7:21 pm)
Hey utbandit. You definitely need to fight for the 7.2% lease rate. Nine percent interest is nuts, given the current level of interest rates. The dealer is likely trying to make additional back-end money on your deal by marking your rate up. You can always shop around if this dealer isn't willing to work with you.
Car_man
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- #133 of 169
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Re: Any Update to Info you Provided in February? [penn2]
by Car_man HOST
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Apr 11, 2008 (2:32 am)
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Replying to: penn2 (Mar 26, 2008 8:07 am)
Hey penn2. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 GMC Yukon Denali with 12,000 miles per year are 7.2% and 63%, respectively. If you are a current owner or lessee of a GM product, make sure to take the new $1,000 loyalty.cash incentive that is available on leases of this truck into account when negotiating your deal.
Car_man
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- #134 of 169
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Re: Any Update to Info you Provided in February? [franco16]
by Car_man HOST
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Apr 11, 2008 (2:34 am)
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Replying to: franco16 (Mar 28, 2008 4:33 am)
You're right, franco16. General Motors' lease program on the GMC Yukon is not very good. If I was in the market for one, I personally would take advantage of the special financing offers that are available on it instead of the lease program. In March, GM was offering 0% financing for up to 5 years on this truck and in April is has 2.9% for up to 6 years.
Car_man
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- #135 of 169
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Re: leasing comany [steveeb1]
by Car_man HOST
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Apr 11, 2008 (2:41 am)
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Replying to: steveeb1 (Apr 08, 2008 2:26 pm)
Hello Steve. In my experience, brokers like the one that you mentioned really don't bring anything to the table that a savvy consumer who some some comparison shopping could do on their own, other than another party that has to profit from your deal. There's nothing wrong with using a broker if you don't have the time to shop around on your own or if you are inclined to pay someone to shop for you, but using one is unlikely to get you a better deal than you could get on your own.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
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- #136 of 169
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Yukon Denali lease numbers
by psywzrd
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Apr 11, 2008 (8:56 am)
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just came from my GMC dealer and got the following #'s and want to know what you guys think.
MSRP: 56315
Cap Cost: 51936 (GMS pricing)
Cap Cost Reduction (GM loyalty discount): 1000
Interest Rate: 7.2
Sales Tax: 7%
I calculated the following prices for a 12,000 miles/year lease with no money down (just paying first payment, bank fees, motor vehicle fees, etc. up front - probably just under $2000):
36 months (63% residual): $736.87
30 months (64% residual): $810.46
24 months (68% residual): $850.09
For 10,000 miles/year it looks like this:
36 months (65% residual): $706.99
30 months (66% residual): $773.91
24 months (70% residual): $803.47
What do you guys think of this? Should I try beating them up to get pricing even lower than GMS or is that about as low as I'm going to realistically get?
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- #137 of 169
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Re: Yukon Denali lease numbers [psywzrd]
by titleman
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Apr 11, 2008 (10:44 am)
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Replying to: psywzrd (Apr 11, 2008 8:56 am)
That deal seems pretty good to me I have been looking around in Northern NJ and haven't been able to get that good of a deal. I have been quoted $745 with $3200 down for teh 36 month lease. Can I ask what dealer youa re going through?
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- #138 of 169
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Re: Yukon Denali lease numbers [titleman]
by psywzrd
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Apr 11, 2008 (11:03 am)
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Replying to: titleman (Apr 11, 2008 10:44 am)
I'd rather not say in public (you can pm me or email me if you want) but it has nothing to do with the dealer (I'm in Central NJ though). Do you have a GM Friends and Family certificate? If not, get one because that's what I'm using. Once you have that, there's really no negotiating necessary unless you want to try to get them to go even lower on the selling price of the car. Almost all dealers accept them and the selling price is predetermined by GM. I don't even know if they will go lower than the supplier pricing that the certificate gets you but I may give it a shot to save myself a few extra bucks.
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- #139 of 169
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Higher Owner Loyalty Cash?
by penn2
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Apr 14, 2008 (9:03 am)
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Replying to: Car_man (Apr 11, 2008 2:32 am)
Thank you Car_man for providing updated information...
On other question - as I priced the vehicle through Edmunds and looked into available incentives on the pricing page, it indicates that the cash is $2K, not 1K for loyalty cash incentive
Has something changed? Meaning, the $2K is out of date or is that the latest and greatest?
Thanks!
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