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Prices Paid: Buying & Leasing Experiences Chevrolet Traverse Lease Questions
39 messages, Last post on Dec 02, 2009 at 5:26 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
A reporter is looking to speak to consumers who recently leased a GM or Chrysler vehicle in the past two months . Please send your daytime phone number to ctalati edmunds.com by Thursday, October 8, 2009.
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Car Man In your above post, you indicated: The General is currently providing a $1,900 cash incentive on leases of this truck through GMAC. Is this still the case today? I am interested in leasing a 2010 LT1 with 7 passenger seating with an MSRP of $34,715. The dealer quoted me $425/month (taxes included) with $3,125 down, 48 months, 12K per year. He also quoted me an interest rate of 2.5% and a residual of $13,191 (38%). He told me of the $1000 rebate on the vehicle through GM but nothing of the $1,900 through GMAC that you mentioned. Is this still in effect? Also, when I ran the numbers through the lease calculator here on edmunds, (Invoice minus rebate plus down payment) I came up with $387/month. Any idea on a reason for the descrepency? Do I have the correct numbers (money factor and residual)? Thank you for any info you can provide.
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Replying to: wnuk (Oct 09, 2009 4:19 pm) GMAC's current base lease rate and residual value for a 48 month lease of a 2010 Traverse LT1 AWD with 12,000 miles per year are 1.25% and 38%, respectively. I would be happy to work up a payment on this truck for you if you tell me what number you are using as a selling price. Car_man Host Prices Paid: Buying & Leasing Experiences Forum
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Replying to: Car_man (Oct 22, 2009 1:42 am) Known Values: MSRP: $34715 Residual: $13191 (38% of MSRP) Money Factor: .1.25% or .0005 (Dealer quoted me 2.5%) Dealer fees: $1400 ($795 incept, $450 sec. dep. $155 tags) Negotiated Selling Price of Vehicle: Dealer Invoice: $33005 (Price paying for vehicle) Trade Value: $8000 (Price for trade) Dealer Incentive: $1900 (GM Rebate for lease of 2010 1LT AWD) Down Payment: $3175 (GM Card rebate $875 + $500 Fall Care Promo plus $1800 cash) Total Selling Price: $19930 Use Value (depreciation): Invoice Price (plus) Trade Payoff (plus) Dealer fees (minus) Residual $19930 + $8100 + 1400 - $13191 = $16239 Depreciation Payment of Lease: Depreciation value divided by length of lease $16239 / 48 months = $338.31 per month Interest Payment Calculations: Invoice Price (plus) Residual (multiplied by) Money Factor $19930 + $13191 multiplied by .0005 = $16.56 per month Base Lease Payment Calculations: Depreciation Payment + Interest Payment $338.31 + $16.56 $354.87 per month Sales Tax Payment Calculations: Base Lease Payment (multiplied by) PA Sales Tax Rate $354.87 multiplied by .09 (6 % sales tax + 3% lease tax) = $31.93 per month Total Lease Payment Calculations: Depreciation Payment (plus) Interest Payment (plus) Sales Tax = $338.31 + $16.56 + $31.93 = $386.80 per month Can you let me know if I did my calcs right or if I missed something? Thanks for all your help. You are a true asset to these forums.
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Replying to: Car_man (Oct 07, 2009 1:54 am) Since it seems that NY is different from other states, would also love to get info on what sort of fees USBank charges in NY and what incentives are available. Much appreciated in advance.
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Replying to: wnuk (Oct 23, 2009 2:31 pm)
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Replying to: djhalptert (Nov 02, 2009 9:37 am) Sorry you misunderstood. I did forgo this deal anyhow as I think leasing for 48 months is just a bit too long. I'll be shopping for a 36 month deal once the November numbers on leases start showing up. Car-Man, any new changes coming for GMAC leases on a Traverse LT1 in November? Or might they stay the same as October? I live in PA> Thanks
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Replying to: wnuk (Nov 02, 2009 10:53 am) MSRP: Sale Price: (negotiated price minus rebates) Down Payment: (trade and/or cash) Fees: (acquistion fee is the only fee I would pay but your state may require plates and/or sales tax here) Residual: Money Factor: Term: Even if you weren't putting down the $8000 trade it was still one of the worst lease deals I have seen. I would never lease for 48 months. I wouldn't even lease for 39 months. You would be responsible for any repairs out of the 3 year, 36,000 mile warranty. I also wouldn't put down $3175. If your lease is totalled driving home from the dealership you WOULD NOT be reimbursed for the money you put down. (You just lost $3175.) Stick to the sign and drive 36 month leases. Use your down payment money to pay your slightly higher lease payments.
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FWIW, thought I'd post what a local Boston dealer offered me on a Traverse 2LT AWD lease. Sticker was $41k and inc a few items; leather, PCP pkg, red jewel paint... 39/12k with start-ups of about $1700 ran $575/mo. 48 mo ran $525/mo Spoke to them about the GMC and Buick siblings and they told me that Chevy has the best lease program amongst the 3; higher residuals, better MF. Seems like that 2LT model is equipped just right, despite not having stnd leather, my preference. But with Bose, back up cam, power tailgate... can't get those in the other two at this price point (don't think so). Hoping November yields better lease programs from both GM and Honda's Pilot; nothing since June/July. Need to get into something like 36-39mo/ 12k/ start-ups only for under $450/mo. Another Chevy dealer faxing me November lease payment for Traverse once they become available. When any of you get word of NEW program data, (ie. MF and residuals) kindly post. I'll do my best also. PS. Does anyone know how GMAC handles credit scores on their Chevy approvals ? Do they offer tiered rates as some leasing co's do, or if you "qualify", you qualify; same rate. I've seen that recently from a few manufacturers, usually on their lease specials.
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Replying to: djhalptert (Nov 02, 2009 3:36 pm) Thanks for your opinion though. Regardless of your conclusion about the deal ("it was still one of the worst lease deals I have seen") I view it quite differently.
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