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Chevrolet Traverse Lease Questions

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  • Carman, nice to meet you. My first time posting here and bascially my first second day reading this forum. You seem to be very helpful here and therefore I have registered to ask you a question.

    I just left the Chevy dealer in my town (New Jersey) and the wife and I are very interested in the 2011 2LT AWD. (Please note I am not sure if its a 1LT or 2LT)They offered us a 48th month lease at $459 a month. I did not take the deal btw.

    Compared with the numbers you are talking about in this forum do I have sucker written on my face? lol.

    Many thanks in advance for your input.
  • I should mention the sticker price is a little higher than $35K. Thanks.
  • evans23evans23 Posts: 14
    Do you have the GMAC's August base lease rate and residual value for a 39 month lease of a 2011 Chevrolet Traverse 1LT AWD with 12,000 miles per year and the 48 month lease numbers
  • Hi Car_Man

    I have been offered $435 before tax on a 2010 LS FWD Travserse 36 mnths 12,000 miles (zero down, zero due at signing). Appears to be offering $29,909 as the cap cost and 1.5% "Money Factor" and 52% on residual. They made no mention of current offers. I have asked for the spec sheet and MSRP, but I feel the number should be the other side of $400 per mnth.

    Can you help me?

    Thanks

    DataMiner
  • Is the $1500 customer cash currently offered on the 2011 Traverse available if you lease as opposed to finance? Also, are 2010's still available. I am in the Northeast.
  • zollerzoller Posts: 1
    Two questions,

    1) Where is the rear view camera? Is it in the rear view mirror or in the dashboard. We are looking at leasing an 1LT.

    2) We went to the dealer today (in NJ), he offered us a 1LT, All-Wheel-Drive, with a rear view camera option, at $459/month on a 36 month lease. We want to may under $400. What is a reasonable 36-month lease, "sign and drive" with absolutely ZERO down (except paying the first month at signing)???

    Thank you
  • Welcome scottfish99. Sorry for the delay in my response. I took some time off for vacation.

    You definitely should check out the following informative articles on the subject that are available here at Edmunds.com: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    In short, the easiest way to get a good deal on a leased vehicle is to shop around for the lowest possible selling price and then have the dealer that you decide to go with calculate your vehicle's monthly payment using its buy rate lease money factor.

    It is difficult to evaluate the deal that you posted because you never mentioned this truck's selling price or MSRP. Let us know what these numbers are and I'm sure that either myself or another knowledgeable community member will gladly let you know what they think.

    Car_man
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  • Here you go, evans23.

    Through September 7th, GMAC's base lease rate and residual value for a 39 month lease of a 2011 Chevrolet Traverse 1LT AWD with 12,000 miles per year are 2.15% and 49%, respectively.

    The numbers for an otherwise identical 48 month lease are 3.7% and 45%.

    Car_man
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  • Hello DataMiner.

    It's fantastic that you know this vehicle's capitalized cost. That is the most important number to find out when negotiating a lease. However, it is much easier to evaluate if one knows the vehicle's MSRP as well. This enables one to see how large a dealer discount is being given. Do you know the MSRP?

    It sounds as though the dealer that you are working with is running your lease through US Bank instead of through GMAC. US Bank's base lease rate for a 36 month lease of a 2010 Traverse is 1.08%.

    Car_man
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  • Hey goblue89. The $2,000 customer cash that General Motors is providing on the 2010 Chevrolet Traverse is not available on leases through GMAC...HOWEVER an even better $3,100 cash incentive is.

    Keep in mind that GM's programs are only scheduled to run through 9/7. It will introduce new September programs on the 8th.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Hi zoller. I am not familiar with the specific rear-view camera system that is used in the Traverse, but every vehicle that I have seen that has a rear-view camera sends the video to a screen in the dashboard, not the mirror.

    As far as the deal that you were offered goes, the selling prices of leased vehicles are negotiable...just as if you were paying cash for or financing them. The best way to tell if you are getting a good deal is to look at the selling price of the vehicle that you want in relation to its MSRP. The larger the discount you negotiate, the better. Let us know what the selling price and MSRP are for this Traverse and I'm sure that either myself or another knowledgeable community member will gladly tell you what they think.

    Car_man
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  • Can someone help me with the Residual # and the APR or money factor for 2011 Traverse 1LT, 36 month lease, 12kmiles a year. Chevy dealer mentioned that the lease rate changed as of yesterday. Also I heard that GM will be introducing new incentives September 8th. I would appreciate if someone has any incites into potenital traverse rebates etc.

    Thank you,

    Al
  • If the Traverse is equipped with a Navigation system, the back up camera will visualize on that screen. If it is not equipped, it will visualize in the inside rear view mirror.
  • Cool info, tbone. Thanks for sharing.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Hi Al. General Motors' August lease program is scheduled to run through today, September 8th. It will introduce its new September program some time tomorrow. I can provide you with the details of the current program now, but you'll have to check back with me for the new one.

    Through September 8th, Ally's base lease rate and residual value for a 36 month lease of a 2011 Traverse 1LT AWD with 12,000 miles per year are 2.15% and 51%, respectively.

    When negotiating your lease on this truck, make sure to take advantage of the $1,300 cash incentive that is currently available on leases of it through Ally.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Why do people lease automobiles??? Is it because they can't get a loan, or what??? I really don't see any benefit to it. You make payments just like you're paying a bank, but then at the end you have nothing except the option to purchase at some ridiculous number.

    Isn't that how it goes ... or am I missing something???
  • I think it's because people want to drive a new car every 2 years. I am trying to purchase a Traverse but GM's incentives suck. I have read they will only get worse. Apparently after they paid back their bailout funds, and sold IPOs. They think they don't need to sell any more cars.

    GM I can wait, can you? Or is it you want another bail out? GM sales down 25% in August...hmmmmmm. And $2000 off, really please.
  • colt_herocolt_hero Posts: 104
    edited September 2010
    The rebates aren't really there to help you buy a vehicle. They are what they are based on inventories. There must be a TON of Impalas out there right now on dealer lots because the rebate is at an all-time high of $4000 (never seen an Impala rebate that high)!! In 2008, the Equinoxes must've been piling up because the rebate went to $4250 on those !! These are pretty nice rebates for what are fairly moderately-priced vehicles (~$23,000 on the MSRP for a well-equipped unit). But they're based on inventories.

    So a $2000 rebate on a 2010 Traverse (~$33,500 for a decently-equippped LT1) tells me there aren't a lot of them left out there. Another indicator is the $1500 rebate currently being offered on the 2011 Traverse! So a dealer has a leftover 2010 sitting beside a brand new 2011. The rebate difference is only $500. The 2010 can be had for much less than the $500 difference, but the buyer has to be able to negotiate that savings - maybe not easy since this depends on the time of month, time of year, size of dealer, philosophy of the dealership, rapport with the salesperson, etc. For most people, they'll just buy the 2011 and be done with it - which might be better for them anyway since the vehicle really IS new, has never been driven by anyone, and has not been sitting around for potentially several months time.

    Getting back to leasing - I still say it's dumb. To me, it was just another dealer racket started 25 years ago to help get people into cars they really couldn't afford. Somehow it has managed to live on to this day (most likely through crooked sales techniques, preying on lesser-informed and/or fearful people).
  • colt,

    "Getting back to leasing - I still say it's dumb. To me, it was just another dealer racket started 25 years ago to help get people into cars they really couldn't afford. Somehow it has managed to live on to this day (most likely through crooked sales techniques, preying on lesser-informed and/or fearful people)."

    Leasing is dumb? Crooked sales techniques? Preying on the less informed? You're a walking billboard for someone that doesn't understand the principles of leasing or how to perform an incremental cost analysis of the lease v. buy decision. Those that do understand these principles, aren't going to get scammed. It's all about mathematics.

    John
  • colt_herocolt_hero Posts: 104
    edited September 2010
    OK, let's hear your "incremental cost analysis" that justifies leasing. Surely you could give at least ONE hypothetical scenario???? And don't start with, "... a buyer has a terminal illness ...".

    Are there leasing arrangements that COULD make sense for certain individuals? Probably. Like you said - "It's all about mathematics". There's always one in a million, I guess ...
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