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Cadillac SRX Lease Questions

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  • hamomhamom Posts: 13
    here are the numbers I have...
    39 mo. lease, 15K miles a year. Luxury Premium Collection, AWD, utility package, 18 inch wheel package.

    $622.38 a month

    due at signing
    622.38-first months payment
    $125 doc. fee
    $7.50 tire fee
    $180 luxury tax (required in NJ on cars over $45k?)
    total: 934.50

    Thoughts?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey tcw1965. According to the latest information that I have seen, GMAC's current base lease rate and residual value for a 36 month lease of a 2008 Cadillac SRX with 12,000 miles per year are 4.0% and 55%, respectively. I believe that GM is only providing $950 lease cash on this model right now, but it did introduce an additional $500 owner loyalty cash on leases of it this month.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey sheepdog1. You must have liked your last SRX if you are in the market for a new one. One of my relatives has one and they really like it. GMAC's current base lease rate and residual value for a 24 month lease of a 2008 Cadillac SRX V6 with 12,000 miles per year are 4.0% and 64%, respectively. The numbers for an otherwise identical 39 month lease are 4.0% and 54%. If you were to lease with only 10,000 miles per year, this vehicle's residual values would be 2% higher. When negotiating your lease on it, make sure to take the $950 lease cash and $500 owner loyalty cash that you obviously qualify for into account. They will help you to negotiate an attractive capitalized cost for your lease.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello hamom. This vehicle's lease payment will vary depending upon what its MSRP and selling price are. You never mentioned either of these numbers in your post, so I will have to make some assumptions to work up a sample lease payment for you. For now I will assume that you want to lease a 2008 Cadillac SRX V6 with the Luxury Package that has an MSRP of $42,265 and a selling price of $39,212 ($1,000 over invoice minus the $950 lease cash). If you are able to negotiate a lower selling price than this, your truck's monthly payment will be lower and vice versa. According to my calculations, if you were to lease a truck that has these prices through GMAC right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $581. The payment for an otherwise identical 39 month lease would drop to around $555. I definitely would go with the 39 month term if I was in the market for this truck.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi hamom. Please see my previous post. IF you provide me with this truck's full MSRP and selling price I can give you a detailed analysis of the specific deal that you were quoted.

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  • tomy3tomy3 Posts: 20
    Edmunds indicates a $2000 "cash to dealer" incentive as well as a $900 "cash to dealer" for SRX's sold with the V6 Luxury Collection. Both indicate "no restriction."
    On leasing a new SRX can I start with Invoice subtract both of these incentives and tack on $500 for dealer profit and consider this a fair deal? Please Car_man or anyone with knowledge on the SRX pricing/leasing please help me to come up with an offer that most dealers would accept.

    Thanks.
  • tomy3tomy3 Posts: 20
    I am finding some Cadillac dealers who say that GMAC does not charge any acquisition fees in connection with a lease, others want to charge me $595. Which is more typical??
  • mmenacemmenace Posts: 1
    Leased a diamond white 2008 v6 AWD SRX Luxury, utility and theater packages.

    approximates:

    MSRP 51,000
    Selling 47,000
    Something like $4000 worth of GM incentives
    term 24 months
    mileage 10,000 miles per year
    downpayment + first month's payment $5024
    monthly payments $473 at 23 months
    residual approx 66%
    payments included tax, title, license and dealer fees

    most discounts came with GM's cash to dealer, the good-better-best program; the more options on your SRX, the greater the discount. Ultimately it came to something like $3000 under invoice. Must be because it was end of month, the SUV market being bad, and GM offer major incentives to move the SUV stocks.

    I had a GM supplier number ready to go, but the above offer was better than GM supplier + all discounts. Didn't use the GM supplier discount.

    Location: Renton, Washington
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi tomy3. GMAC charges an acquisition fee of at least $595 on every vehicle that it leases (it actually charges more than this in some states). Any dealer that tells you otherwise is probably just rolling the charge into your truck's capitalized cost to make it part of your monthly payment.

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  • thedrakethedrake Posts: 13
    I just picked up my 08 V6 SRX AWD last night. It's Crystal Red with V6 Luxury collection and Utility package.

    MSRP: $46,400
    Term: 24 Months
    Milage: 10,000/yr
    23 Monthly payments @ $279
    Total Cash Due at signing: $5,563 (which included $2,995 cap cost red, TTL, bank charge,and misc BS)
    Less $2,000 GM Card points left me with the super fine, bottom line, out the door deal of:

    $3,563 cash due at signing and $279/mo
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Congratulations on getting your new SRX, thedrake. One of my relatives has one and he really likes it. Thanks for taking he time to stop in and share the details of your lease with everyone. Make sure to hop on over to the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with others. Enjoy your new ride :shades: .

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  • jwoodiejwoodie Posts: 16
    I am looking to purchase above vehicle within next 6 weeks. What should I expect re discounts and rebates? MSRP is $50,000 (with Ultra savings), invoice $47,000. Any effect on whether I purchase or lease? What are current lease rates? Thanks for any info.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi jwoodie. General Motors is currently providing $2,000 customer cash or 0% to 4.9% special financing on the 2008 Cadillac SRX. If you choose to lease this model, the cash incentive that is available on it drops to $950 and its lease rate is 6.0%.

    As far as what sort of selling price to shoot for goes, if I was personally in the market for a new SRX right now I would shoot for a couple hundred dollars over dealer invoice minus any available cash incentives.

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  • Thanks for info. I decided to go for a loaded v8 awd sport model 11k cert $32k. wow!
  • You're very welcome, jwoodie. Enjoy your new ride and if you're interested, you can hop on over to the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience.

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  • rbirns1rbirns1 Posts: 219
    GM announced new lease programs for the upcoming SRX. Anyone have details of the current offers?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi rbirns1. General Motors finally reintroduced leasing on select models. It is actually running two special lease programs right now, one through its traditional captive finance company GMAC and one through US Bank. It is directing all Cadillac SRX leases through the latter.

    Its current special lease rate for the 2010 SRX is 4.8% for either 36 or 39 months. It is not providing lease support on the '09 model.

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  • rbirns1rbirns1 Posts: 219
    What about residuals? Rebates? Looking for help figuring out the bottom line. Thanks in advance.
  • So 4.8% means a money factor of .002?

    thanks
    bigliljen
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey rbirns1. I haven't seen GMAC's residual values lately. I'll have to make some calls and see what I can find out.

    General Motors is not currently providing any cash incentives on leases of the 2010 Cadillac SRX.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're absolutely correct, bigliljen. To convert a lease rate to a money factor, one needs to divide it by 2400, so a lease rate of 4.8% would indeed be equivalent to a money factor of around .00200.

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  • My wife drove an SRX yesterday and really loves it. The lease on her vehicle isn't up until December of this year, so I am not in a great big hurry to get another vehicle unless I can get a great deal. I am also considering buying my next vehicle instead of leasing it.

    I'm just wondering if anyone else agrees with me that the SRX might have some incentives before the end of the year and waiting to get one in November or December might get me a better price.
  • I just drove a 2010 SRX Premium pkg today in Cleveland and this is what the salesman told me: They lowered the finance rate to 4.32%, meaning a money factor of .0018, and the residual for a Performance or Premium pkg is currently 51%, (12,000 miles). I asked about extra security depo's, but he said Cadillac doesn't do that anymore. Anyone else know?

    Thanks
  • As requested over in the CTS discussion, US Bank's current base lease rate for a 36 month lease of a 2010 Cadillac SRX is 4.32%.

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  • rbirns1rbirns1 Posts: 219
    And what's the residual?
  • I was told at the dealership, 51% for both 36/39 and 41% for the 48 month lease all with 12,000 miles.
  • rbirns1rbirns1 Posts: 219
    Just visited dealer yesterday. Current deal is .0018 money factor, 49% residual for the top of the line premium version, 53% residual for luxury version. This is for 39 months, 12K miles (residual 1% less for 15K), $695 lease fee, subsidized by GM through US Bank. There are various $1K rebates for current owners and lessees of almost any GM or non-GM model, so it's basically available to everyone.

    Apparently they expect resale demand to be less for the top of the line version, hence the much lower residual. The premium version stickers around $48-50K depending on rear seat entertainment ($1295) and paint color (red is $1K more). Zero down lease payment is in the $770 range plus tax.

    The luxury version with navigation stickers around $42-45K, again depending on rear entertainment and color. Zero down lease is around $650 plus tax. These numbers are before any hard negotiation, though I doubt there is much wiggle room there.

    As far as I can tell, only differences between luxury and premium are 20" wheels vs. 18", AWD with real time damping, adaptive forward lighting, HID headlamps, ventilated front seats, rear seat climate and audio control, and heated rear seats. The luxury model already includes most of the other goodies like heated front seats, ultraview roof, power liftgate, etc., and most are equipped with navigation (which includes bluetooth and other functions, plus the popup touchscreen that really makes the car-- it's more than just a map). Are those other extras worth an extra $5K or $120/month? That's a big price difference.
  • So are these lease deals considered a fairly good deal? I am really interested in the new SRX, I test drove the luxury version and got the price to a 39k plus ttl and not including the $1,000 incentive. This was with Navigation and w/ out the rear entertainment. I think the Luxury version is worth it, but the performance and premium costs are alittle outrageous for what you get.

    would like to hear more from people who have or are thinking leasing this vehicle and if this is considered a good deal.
  • rbirns1rbirns1 Posts: 219
    You must be talking about front drive not AWD. With AWD, luxury model with nav has MSRP of $42,625. I think 39K (1K below invoice!) is dreaming. With FWD, sticker is $40,130, and 39K is a reasonable deal. Invoice is $37,628, so I would say $1400 over invoice for a brand new model is about as good as you'll get. Not sure if residual for FWD is different than AWD. If it's the same, 39 month, 12K lease should be about $535, plus ttl and $695 bank fee.
  • Just found out if you don't want the 60 day return policy, they give you $500 in incentives.
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