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Chevrolet Traverse, Car Buying, Car Leasing, SUV
#27 of 286 2010 Traverse 2LT lease
Nov 02, 2009 (4:06 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 286 Re: Lease of LT1 question for car man [djhalptert]
Nov 02, 2009 (5:23 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 286 Re: 2010 Traverse 2LT lease [djalbe]
Nov 02, 2009 (5:28 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 286 Re: Lease of LT1 question for car man [wnuk]
Nov 02, 2009 (7:38 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)
#31 of 286 Re: Lease of LT1 question for car man [djhalptert]
Nov 02, 2009 (11:06 pm)
what's an odometer statement? Good lord, the more I learn about this leasing business, the less I know. Good thing I'm giving myself like 24 hrs to do my first lease. Sorry for the stupid question about to roll off my tongue, but is there anything else I should be worried about?
#32 of 286 Re: Lease of LT1 question for car man [cats13]
Nov 03, 2009 (4:51 am)
An odometer statement is a declaration by the dealership stating the exact mileage on the vehicle you are leasing at the time of delivery. You then have your alloted lease mileage from that point, not from a "zero" reading on the odometer.
#33 of 286 Re: Lease of LT1 question for car man [wnuk]
Nov 03, 2009 (10:21 am)
gracias. Any info out there yet about the November lease programs available in NY through USBank (money factor, residuals, incentives, etc)? Looking at the 2010 Traverse FWD in either 2LT or LTZ with either 12k miles or 15k/yr.
#34 of 286 Re: Lease of LT1 question for car man [wnuk]
Nov 04, 2009 (8:54 pm)
Guys, here's another thing I don't understand: if the adjusted cap cost is the number from which all other numbers flow, and I'm paying the first month's pymt out of pocket (ie, not rolling it in), shouldn' the adjusted cap cost be reduced by that first month's pymt amount? Otherwise, I'm paying it twice, no? Once out of my pocket and then again on the all-in adjusted cap cost. What am I missing here?
#35 of 286 Re: Lease of LT1 question for car man [cats13]
by kyfdx@Edmunds HOST
Nov 05, 2009 (4:28 am)
36 payments to pay down your lease from the CAP cost (amount borrowed) to the residual (end of term balance) during the term of the lease... Your first payment isn't included in your net CAP cost...
#36 of 286 Re: Traverse AWD LT2 Lease Numbers [cats13]
Nov 10, 2009 (3:25 am)
Hi cats13. The GMAC base lease rate and residual value for a 39 month lease of a 2010 Chevrolet Traverse FWD LT2 with 15,000 miles per year are 1.0% and 38%, respectively. I haven't seen the US Bank program for this truck recently, but I wouldn't be surprised iff it was very similar to the GMAC program.
The residual value for an otherwise identical lease of an AWD model would be 2% higher. I believe that dropping from 15,000 to 12,000 miles per year increases the residual value by 2% as well.
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