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2013 and earlier Cadillac CTS Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi sandbox. It is difficult for me to say exactly how much over invoice this car's selling price is, but making an educated guess I'd say that you are at around $1,000 over invoice or so once the $1,800 lease cash that GM is providing on this car right now is taken into account. If you are in an area where there is a decent level of competition for your business, you may be able to beat this price by a few hundred dollars.

    Let's use GM's current lease program to estimate what this car's lease payment should be. According to my calculations, if you were to lease a 2006 Cadillac CTS 2.8 with an MSRP of $31,190 and a selling price of $28,500 through GMAC right now for 36 months with 10,000 miles per year, your zero down, pre-tax monthly payment should be around $360 or so. The payment that you were quoted looks a little high to me. Make sure that the dealer you are working with is taking the $1,800 lease cash into account and is using GMAC's current base lease rate of 3.95% to calculate your car's lease payment.

    Car_man
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  • yank_fanyank_fan Posts: 2
    I am working on the following lease deal
    2006 CTS, 3.6L, White Diamond, Sunroof

    MSRP - $36,085
    Invoice - $$34,052
    Supplier Price $33,952
    Rebate - $2,000
    My Price - $31,952
    I am looking at putting $3,000 down / Payments $386 per month plus tax. Car Man or any out there, what is your take on this deal? Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi yank_fan. The fact that you are able to get this car through GM's Supplier Purchase Program means that you are getting a good deal on its selling price. The only thing that I would change about this deal is the down payment that you are considering making. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your CTS would be exactly the same, regardless of whether you had put $3,000 down, or had made absolutely no down payment at all.

    For a point of reference, I'll work up a zero down lease payment on this car for you. According to my calculations, if you were to lease a 2006 Cadillac CTS 3.6L with an MSRP of $36,085 and a selling price of $34,052 through GMAC right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $484.

    Car_man
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  • yank_fanyank_fan Posts: 2
    Car_man - Thanks for the advice. yank_fan
  • waltkanwaltkan Posts: 6
    Car_man(or anyone),
    I would really appreciate your input on the following:
    I'm working on a lease deal for a 2006 CTS.
    Here are the 2 options they are giving me.

    MSRP:33,890
    Selling: 30,846 (including $2k rebate)
    39 Mo 12k miles Resid: 53%
    48 Mo 12k miles Resid: 45%
    APR: 4.95%
    Local Tax: 7%

    39mo=$491
    48mo=$474

    I see from previous posts that 3.95% is the GMAC rate. I asked the dealers finance guy about this and he claimed "they get a point" on lease deals. These monthly payments look a little higher than I expected after using the GMAC calculator on their site.

    Another question regarding these offers, would I better off going with the 39 or 48? Does it depend on if I plan on purchasing the car at the end of the lease period?

    Thanks!
  • jedjrcpajedjrcpa Posts: 1
    Don't know if you have pulled the trigger on this deal yet, however, I do agree with Car Man as far as the down payment. To put it another way, the rule of thumb is for every 1K you put down you will be reducing your lease payment by approximately $30. Based on what Car Man recalculated, your payment would go up $90. What I have done on my last few leases, is put the down payment amount in my checking account and draw against it each month for my car payment.
  • mgromgro Posts: 2
    Hello:

    does anyone know if the 3.95% rate and 51% residual offer is still valid in May and if so when it is scheduled to expire. Also, is there any lease cash available on the 2.8L CTS. Thanks
  • mywavemywave Posts: 5
    Car_man et, all does anyone know the residuals and M.F.s for an 06 CTS-V? I would like to do a two year lease.

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    No problem, yank_fan.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi waltkan. The only thing that dealers "get" is what you let them get. GM dealers are allowed to mark cars' lease rates up, but smart shoppers who know what the base lease rate should be for the car that you want can avoid this. Make sure that your lease is calculated using the 3.95%. GM dealers need all the business that they can get, so this dealer will probably back down if given the choice between using the base rate and losing the sale. GMAC's lease rate is the same for both 36 and 48 month leases, so it doesn't really matter which term you choose. Generally speaking, longer leases tend to have lower monthly payments than short ones, but you are locked into your car for a longer period of time.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello mgro. The lease money factor and residual value that you posted are still available in May. They are currently scheduled to run all the way through July 5th. General Motors is currently providing $1,800 lease cash on CTS 2.8L models.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi mywave. If you were to lease a 2006 Cadillac CTS-V through GMAC right now for 24 months with 15,000 miles per year, its base lease rate and residual value should be 3.95% and 63%, respectively. When negotiating your lease on this car, make sure to take the $1,600 lease cash that General Motors is currently providing on it into account. It will help you to negotiate an attractive capitalized cost.

    Car_man
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  • waltkanwaltkan Posts: 6
    Thanks for the info re: base rates. I'm glad I waited to hear from you before signing anything.
  • I'm currently looking at a base 2.8L at $31,190. We qualify for GM employing pricing that is 4% below invoice. This brings the car down to about $28,290.

    We have the $1800 GM rebate and another $1000 for GM employee certificate.

    The negative side is negative equity from our current car of $6000.

    With 12,000 miles for 39months, the payment would be $446 before taxes with $3000 down. 4.95%. 53% Residual.

    The current lease offer is $299/mo for 39mo with $3400 down.

    I believe that the $446 with $3000 down is higher that it should be even with the negative equity. It seems that with the GM discount, we should be able to do $299/mo with $500 down (-$2900). Then in regards to the $6000 negative equity, that would be $5000 with the certificate. As I understand it, about every $1000 adds about $30 per month to the payment, therefore, should we be at about $450/mo. with $500 down?

    Thanks!
  • cladencladen Posts: 2
    Car Man,

    I am considering leasing a 2006 CTS and wanted to know, if the $2000 lease cash is in lieu of or on top of the $3000 Manufacturer to Dealer Incentive (Marketing Support) that is utilized to determine the TMV on Edmunds.com? Also, could you please indicate what the current lease rates and residuals are for the CTS 3.6L for both 36 and 39 month at both 15,000 and 18,000 miles. Thanks in advance for your help.
  • waltkanwaltkan Posts: 6
    Not sure if this helps but the dealer I'm working with told me the 3k is only available on purchases. The 2k cap reduction is what is available on leases. Now whether or not they are telling me the truth maybe Car Man can verify.

    Walter
  • cladencladen Posts: 2
    Walter - Thanks for the input, that is what the dealer told me as well, but as you I was skeptical as whether that was an accurate statement.

    Since my last post, here is the deal I currently have in works for a CTS 3.6L automatic with Luxury Package, Sunroof, and 17 inch Sport Package:

    MSRP: 38,280
    Sale Price: 35,500
    Lease Cash: 2,000
    Add'l Rebate: 1,000 (some sort of employee certificate)
    Term: 39 mths
    Miles: 15,000 per year
    Residual: 50% (pushing for 51% waiting for CarMan to verify)
    Lease Rate: 3.95%
    Based on my calculations: $495.52 mth including TTL.
    I have a trade-in worth $6,500 which based on Car Man's advice I am going to put in a money market account and draw on for my payments.
    Total payment 316.06 mth including TTL,after $179.46 per mth payment from trade-in account.

    How do these numbers look? Does anyone, including Car Man, think I can a better deal or should I take this? Thanks in advance for any input.

    Christian
  • rtimmrtimm Posts: 3
    Qutoing Car_man

    Let's use GM's current lease program to estimate what this car's lease payment should be. According to my calculations, if you were to lease a 2006 Cadillac CTS 2.8 with an MSRP of $31,190 and a selling price of $28,500 through GMAC right now for 36 months with 10,000 miles per year, your zero down, pre-tax monthly payment should be around $360 or so. The payment that you were quoted looks a little high to me. Make sure that the dealer you are working with is taking the $1,800 lease cash into account and is using GMAC's current base lease rate of 3.95% to calculate your car's lease payment.

    Car_man
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    Can anyone tell me if this quote above includes GM discount? I qualify for GMS and retiree certificate can someone give me a 12,000 mile 36 or 39 month lease quote with 0 down (Just the retiree certificate and any incentives)

    My Goal which may not be possible is to walk into a dealership with 0 cash in hand and leave with a CTS for <350 p/month

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, waltkan.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    That is a very good question, claden. I do not believe that the $3,000 dealer cash is compatible with GMAC's lease program for this car, but I am not positive. As far as its current lease program goes, if you were to lease a 2006 Cadillac CTS 3.6L through GMAC right now for 36 months with 15,000 miles per year, its base lease rate and residual value should be 3.95% and 51%, respectively. 15,000 miles per year is the highest mileage allowance that GMAC publishes residual values for. If you need to drive more than this, you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until the end of your lease and have to pay an excess mileage penalty.

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This discussion has been closed.