Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!





2013 and earlier Cadillac CTS Lease Questions

1141517192049

Comments

  • rackermanrackerman Posts: 8
    that seem like a great lease deal...:-) can you disclose which dealership is offering that deal...i am in the market for lease a '09 CTS...i live in Miami and my local dealership is offering $439/mnth, plus sales tax and $1998 down for a new CTS(basic model).
  • hoss411hoss411 Posts: 1
    I'm considering leasing a CTS through US Bank. Edmunds currently lists 5 different rebates and I'm trying to figure out which ones I'm eligible for. I've asked a couple of dealers and I think they are either misleading me or they are absolutely clueless...

    I currently lease an Infiniti and must turn it in on 9/20. I qualify for GMS employee pricing.

    I know I get the $7000 rebate. I also believe I qualify for the additional $2000 rebate since I'm currently in a lease that ends before 10/31. Two dealers have told me "NO" to that - I only get up to $7000 total rebate. My gut tells me this is bogus, but I really don't know...

    As for the other three rebates... I know I don't qualify for the $1000 owner loyalty rebate, but there is still a $1000 GM Bonus Cash and $1500 Customer Cash rebate. Perhaps these are only for a purchase though??

    Any help is appreciated!
  • rackermanrackerman Posts: 8
    I agree with you....very confusing...I tried to nego a lease on a CTS over the weekend (Miami, Florida) and they told me I am "only" eligible for the $7k rebate. I am currently leasing a CTS and it expired on May 19, 2009...on a month-to month lease.
  • rackermanrackerman Posts: 8
    I agree with you....very confusing...I tried to nego a lease on a CTS over the weekend (Miami, Florida) and they told me I am "only" eligible for the $7k rebate. I am currently leasing a CTS and it expired on May 19, 2009...on a month-to month lease.
  • mixenmixen Posts: 11
    Atlantic Cadillac in Bayshore, NY (Long Island).
  • mixenmixen Posts: 11
    As a follow-up to my e-mail, I finally pulled the trigger and leased a 2009 CTS AWD with the base engine, no added options. The deal is 60 months at $339 per month plus $2995 down plus bank fee plus tax plus DMV. It came out to about $7250 down, but I had $3000 GM points and had received a letter from GM saying that I could exceeed the normal $1000 point threshhold for the CTS until the end of June. So, I wound up getting the CTS for about $4250 down. I hate putting money down, but all things considered, I thought this was a good deal for the AWD.
  • sam_ksam_k Posts: 113
    No offense mixen but putting money down on a lease is a risk. If your car is stolen or totalled, then you lose all that money. Gap insurance does not cover you. The insurance company writes the check to the owner of the car (i.e. the leasing company), not you, so any money that you put down is lost. That's why Edmunds recommends that you don't put money down on a lease.

    Leasing for 60 months is also a risk considering that the basic warranty on the CTS is only 4 years/50K miles. That means that for the last year of your lease (or anytime after you hit 50K miles) you'll be responsible for paying anything that breaks that's not covered by the drivetrain warranty which is 5 years/100K miles.

    http://www.edmunds.com/new/2009/cadillac/cts/101001122/standardwarranties.html
  • wvgasguywvgasguy Posts: 1,405
    That's a long lease. I would have thought that with 0% you could have done as well purchasing?
  • billmvbillmv Posts: 145
    Sam....please clear up something for me. You say "If your leased car is stolen... the insurance company writes the check to the owner of the car (i.e. the leasing company), not you."

    Let's say the value of the car at the time of the loss is $30,000. Let's also say that the "balance" left on the lease is $35,000.

    I presume the insurance company pays whoever the "owner" is the value of the car, and that they are not concerned with any outstanding financing balances, either conventional or lease. Correct?

    So if the lessor (leasing company) gets $30,000 from the insurance company, but is owed $35,000, what do they do about the $5,000 shortfall? Go after the lessee? Using this example, the person leasing the car has come out ahead by not putting any money into a down payment, assuming the leasing company does not come after them.

    Conversely, I can see where putting a big chunk of money down might put the balance below the value, and in that case the lessor comes out ahead. I'm presuming the leasing company will not turn around and give the lessee any funds they may have received from the insurance company which exceed the balance due. Correct?

    How is any disparity between the value and the balance due handled?

    Thanks.
  • sam_ksam_k Posts: 113
    billmv, there's a very simple answer to your first question. When you lease, the lease should include something called "gap insurance". As the name implies it covers the difference between what your insurance company will pay the finance company and what's owed to them. In your example, if the leasing company is owed $35K and the insurance company will only pay $30K, gap insurance will cover the $5K difference. Here's a link to an edmunds.com article that explains gap insurance.

    http://www.edmunds.com/advice/finance/articles/105266/article.html

    I've never heard of any leases that don't include gap insurance. You shouldn't have to pay extra for it but you should just confirm that it's included in the cost of the lease.

    And to answer your second question, you are correct. If you have equity built in the car from making lease payments, the leasing company will not turn around and pay the lessee any funds they may have received from the insurance company which exceeds the balance due.

    And for those who don't believe what I said in my previous post that any money you put down on a lease is lost if the car is stolen or totaled, edmunds.com mentions it in the following article on how to spot a good lease.

    http://www.edmunds.com/advice/leasing/articles/102826/article.html
  • rbirns1rbirns1 Posts: 204
    GM announced they will resume offering leases on CTS and SRX through an affiliation with U.S. Bank. Anyone have any details on these lease offers?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings rbirns1. What you read is correct, General Motors did finally reintroduce leasing on a select number of models. It actually is running two different special lease programs this month, one through its traditional captive finance company GMAC in most regions and one through US Bank in a select number of states.

    GMAC's current base lease rate for a 36 to 39 month lease of a 2009 Cadillac CTS is a very attractive 0.40%. Its special lease rate through US Bank is slightly higher at 0.96%. If you tell me what state you are in, I will gladly tell you which program is available in your area.

    When negotiating your lease on the CTS that you are interested in, make sure to take advantage of the $3,000 lease cash that is available on deals through GMAC ($2,750 on US Bank leases).

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • smithsongasmithsonga Posts: 123
    I have interest in this. I am in GA.

    What is the MF and residual in GA? and available lease cash?

    thx
  • borisgborisg Posts: 1
    This sounds like a great offer with the $3K offering.

    I am in MA, what are new August lease quotes and other incentives?
  • rbirns1rbirns1 Posts: 204
    I'm in NY. What about residuals? Critical for figuring out the bottom line. Thanks in advance.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi smithsonga. The GMAC lease program is available in Georgia. This program features a special lease rate of 0.4% for 36 or 39 months. This is a lease rate, not a money factor. To convert it to a money factor you just have to divide it by 2400. So, its equivalent to a money factor of around 0.00016.

    On top of this special interest rate of practically zero percent, General Motors is providing a $3,000 cash incentive on leases of this car through GMAC.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi rbirns1. The US Bank lease program, 0.96% lease rate and $2,750 lease cash, is available in New York. I have not seen US Bank's residual values for this car. I'll have to make some calls and see what I can find out.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • smithsongasmithsonga Posts: 123
    Thanks CarMan. But what are the GMAC 36 and 39 month residuals?? and is this for any trim level (basically the engines). Not including the CTS-V
  • claweaveclaweave Posts: 25
    I just read there is $6000 lease cash available...
  • claweaveclaweave Posts: 25
    So in Indiana is it GMAC? What are the lease residual %'s for 36/15 lease? I just read and confirmed via cadillac's online ask an expert that there is $6000 lease cash available. can this be combined with GMAC? also, I am able to buy at supplier pricing. can I use all these specials with it as well?
This discussion has been closed.