Ask the Car People.SM


Chevrolet Traverse Lease Questions

239 messages,  Last post on May 12, 2013 at 7:06 AM

You are in the Prices Paid - Buying & Leasing Experiences Forum.

What is this discussion about? Chevrolet Traverse, Car Buying, Car Leasing, SUV

    

Messages Page 3 of 24

#21 of 239 Re: Lease of LT1 question for car man [wnuk] by Car_man HOST

Oct 22, 2009 (2:42 am)

Replying to: wnuk (Oct 09, 2009 5:19 pm)
Yep, wnuk, the $1,900 cash incentive for leases of the 2010 Chevrolet Traverse through GMAC is still available.
 
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

#22 of 239 Re: Lease of LT1 question for car man [Car_man] by wnuk

Oct 23, 2009 (3:31 pm)

Replying to: Car_man (Oct 22, 2009 2:42 am)
Car man- Thank you for confirming those numbers for me. I worked up a payment using the following numbers and would like you to look it over, tell me if I'm doing it right.
 
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.

#23 of 239 Re: Traverse AWD LT2 Lease Numbers [Car_man] by cats13

Nov 01, 2009 (11:27 pm)

Replying to: Car_man (Oct 07, 2009 2:54 am)
Car Man: I'm in New York and looking to lease the 2010 Traverse FWD LT2 or LTZ. What can you tell me about the November rates from USBank (that's the one that does it in NY in GMAC's place, right?) for the interest rate and residuals on both the 39 months/12K miles/yr and 39 months/15K miles/yr? If possible, can you tell me if they differ b/t the FWD and AWD models?
 
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.

#24 of 239 Re: Lease of LT1 question for car man [wnuk] by djhalptert

Nov 02, 2009 (10:37 am)

Replying to: wnuk (Oct 23, 2009 3:31 pm)
Please tell me you did not do this. You are putting down $10,000+ on a lease!!! And your payment on a 4 year lease is still $386??? That is the worst deal I have ever heard of on this board. I hope you came to your senses or someone talked you off the roof after you signed the papers.

#25 of 239 Re: Lease of LT1 question for car man [djhalptert] by wnuk

Nov 02, 2009 (11:53 am)

Replying to: djhalptert (Nov 02, 2009 10:37 am)
Not sure where you came up with 10K down? If you look at the figures, I still owe $8100 on my trade so I put that back into the total depreciation figure. If indeed I did offer to put 10K down on a lease, I would need to see a shrink about that. LOL
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

#26 of 239 Re: Lease of LT1 question for car man [wnuk] by djhalptert

Nov 02, 2009 (4:36 pm)

Replying to: wnuk (Nov 02, 2009 11:53 am)
It would be simpler if next time you just said you were getting -$100 trade equity instead of saying Trade Value $8,000 then further down the jumbled list of numbers saying $8100 payoff. You could've just added to Cap Cost +$100. You listed total selling price (NET CAP) at $19930, how could we not assume you were putting down that $8000? Total selling price (Net Cap) is the sale price plus any fees and plus or minus rebates and trade-in. So if you were listing a selling price of invoice, $33005, and were adding acq fee and other fees and subtracting rebates and money down and adding $100, how could your total selling price be $19930? Should have been $29430. Next time just use the following:
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.

#27 of 239 2010 Traverse 2LT lease by djalbe

Nov 02, 2009 (5:06 pm)

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.

#28 of 239 Re: Lease of LT1 question for car man [djhalptert] by wnuk

Nov 02, 2009 (6:23 pm)

Replying to: djhalptert (Nov 02, 2009 4:36 pm)
Again, the devil is in the details. No matter how I listed the figures, the bottom number still comes out the same no matter if I use your formula or my own. I need to see it one way and you another. As for the down payment, $1375 of the $3175 is in rebates and GM card points, not actual cash (I did point this out in the illustration). Of the $1800 actual cash, $795 is for acquisition fee, $450 is security deposit (refundable at end of lease) and $400 is First month's payment. Only $150 was actual cap cost reduction. The above fees are due at the inception of any lease and are just unavoidable to my understanding.
 
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.

#29 of 239 Re: 2010 Traverse 2LT lease [djalbe] by wnuk

Nov 02, 2009 (6:28 pm)

Replying to: djalbe (Nov 02, 2009 5:06 pm)
GMC was offering $2300 on the Acadia in October compared to $1900 on a Traverse so the dealer you spoke to was incorrect. Residuals I was quoted were exactly the same between the Traverse and Acadia.
 
As for tiered credit, I had one dealer quote me 2.5% and 2 other dealers quote me 1.25% on their 48 month leases. None of them ran a credit check. I know Nissan does tiered but I'm not sure on GMAC.
 
I have a dealer supposedly e-mailing me tomorrow with updated numbers for November. If he does, I'll be sure to post back.

#30 of 239 Re: Lease of LT1 question for car man [wnuk] by djhalptert

Nov 02, 2009 (8:38 pm)

Replying to: wnuk (Nov 02, 2009 6:23 pm)
99% of people who lease pay only the first monthly payment at lease signing. Don't fall for their security deposit b.s. as they are total rip offs. If you look at any GMAC, Ford, etc end of lease guide it will show you a template of all the normal wear and tear that is allowable. Cigarette burns can only be so big, X number of dents per panel etc. You would have to be a complete moron to treat your leased car like that. Waive the security deposit. The acquisition fee should be included in your lease. I'm not sure why you would pay it up front. It doesn't matter if you are paying in GM card points or cash4gold, you are putting money down that you don't have to. Beware of their tricks. 1st monthly payment is all you ever HAVE to put down. (except some states require you to put plates and tax).
 
Do whatever you want, I am just offering my take on it as a guy who has leased 2 GM, 4 Fords, 1 Chrysler, and 2 Subarus. On my last lease the finance guy said we were all done and held his hand out and said thanks and I said, "didn't you forget about the odometer statement?' He replied, "oh, gosh. I did." I said I have done this ONCE OR TWICE OR NINE TIMES. (that was my second lease in under 6 months)

Messages Page 3 of 24

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