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Chevrolet Traverse Lease Questions

kyfdxkyfdx Posts: 29,134
Ask your Traverse lease questions here!

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Prices Paid, Lease Questions, SUVs

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  • What are the current numbers for a Traverse LT FWD, 36 month, 10,000 miles per year?
  • Hi indianajohns. General Motors is not currently providing lease support on the Traverse, or any Chevrolet model for that matter. The only incentives that are available on the Traverse right now are 6.9% financing for up to 5 years and some owner loyalty cash...$1,000 to current lessees of any vehicle and an additional $1,000 to current owners of select GM vehicles.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Kirstie_HKirstie_H Posts: 10,890
    A reporter is interested in talking with owners of a 2009 Chevy Traverse. If you are interested in commenting on your experience, please reply to jwahl@edmunds.com no later than Monday, November 3, 2008 and include your city and state of residence, the model year of your vehicle and the age of your child/ren.

    MODERATOR
    Need help navigating? kirstie_h@edmunds.com - or send a private message by clicking on my name.
    Share your vehicle reviews

  • nargnarg Posts: 113
    I find it funny the $2000 incentive that GM is offering on Traverse buyers, IF they have another GM car under current lease agreement.
  • I assume GM is doing this because they are reducing the number of leases that give (none through GMAC) and they want to keep the cost (and monthly amount) down for people who are finishing up their leases and then get monthly payment shock!
  • I have been emailing local dealerships for a 3 year lease $0 down, 12k miles per year on a 2009 Traverse LS ($29,065 msrp) in the Los Angeles area. I have been getting quotes in the $450-$600 dollar range. These quotes seem extremely high to me.
    I for some reason thought I would be receiving rock bottom prices in the $300's range.
    Am I wrong to expect this?

    Something I found on AOL autos....
    http://autos.aol.com/cars-best-deal-hub/make-Chevrolet/model-Traverse/offer-Leas- e/sort-price

    Thanks
  • I just picked up my LTZ with every possible option. 39 months, 15K per year. Payment is just over $600.00 with USBank. 5750.00 in incentives.

    GM and Leasing were mutually exclusive terms for most of the latter part of 2008. USBank and Chase are offering leases for GM vehicles. These are not the attractive leases that we all got used to. It's back to a sensible approach where a 3 year lease payment roughly equals a 5 year loan payment. I doubt we ever go back because GM no longer has a finance arm of the business that can absorb risky deals. GMAC took a bath on the Suburban I just turned in. It's on the lot listed for 10,000 less than the residual on my contract.

    I love the car... The ride is quiet and smooth. I would put the interior finish just short of the luxury class.
  • bvdj84bvdj84 Posts: 1,721
    I though GM was not leasing anymore?
  • I though GM was not leasing anymore?

    He said he leased through US Bank. GM still isn't leasing trucks and SUV's through GMAC.
  • bvdj84bvdj84 Posts: 1,721
    Thank you so much :)
  • murphy4murphy4 Posts: 92
    MSRP $38,955
    Discounts $7,500

    TOTAL $31,455

    I think this is a good deal. Anyone seen or heard better? The next hurdle is financing. Of course GM won't let you take 0% and all the discounts according to my dealer. Is that true?
  • swinn1swinn1 Posts: 2
    Hi
    Where did you get this discount ?
    I am looking for LT1 AWD..
    Thx :surprise:
  • jarradejarrade Posts: 3
    Hello all….obviously the future of this question is up in the air, but can anyone share recent pricing experiences on lease/purchases?

    I know this starts a new month of incentives as well (if that even happens with the filing), but any new info is appreciated. Looking at 2LT ans LTZ models if that helps.

    Thanks…
  • Car_man,

    I saw an ad (not a dealer ad) for a traverse lease - fwd ls. Now that GM is leasing again, can you provide the lease numbers for a 2009&2010 AWD LT2. Lease would be for 36 months with 15000 miles per year. If there's any cash or rebates that can be applied, let me know. Thanks for your help
  • Hey dolphin5. Here's the information that you're looking for. GMAC's current base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Traverse LT2 AWD with 15,000 miles per year are 0.75% and 44%, respectively. The General is currently providing a $1,900 cash incentive on leases of this truck through GMAC.

    GM is not currently providing lease support on the 2009 version of this truck.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • What could I expect to pay per month on fully loaded 36 mth lease with 0 down, 12k per year? Is there a link which will walk me thru this calc. Thanks, haven't used the site in few yrs.
  • Hi joefebeets. I would be happy to work up a sample lease payment on the truck that you are interested in if you provide me with its full MSRP and approximate selling price...or at least the MSRP and invoice price. That data is available right here in the New Vehicle Pricing section of this site.

    If you want to calculate this truck's payment on your own, you can use the formula that is outlined in the following article: Calculate Your Own Lease Payment.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Karen_CMKaren_CM Posts: 5,018
    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.

    Community Manager If you have any questions or concerns about the Forums, send me an email, karen@edmunds.com, or click on my screen name to send a personal message.

  • wnukwnuk Posts: 40
    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.
  • 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
  • wnukwnuk Posts: 40
    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.
  • cats13cats13 Posts: 12
    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.
  • 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.
  • wnukwnuk Posts: 40
    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
  • 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.
  • 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.
  • wnukwnuk Posts: 40
    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.
  • wnukwnuk Posts: 40
    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.
  • 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)
  • cats13cats13 Posts: 12
    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?
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