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Chevrolet Malibu Lease Questions

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  • Divide the annual interest rate (2.3%) by 2400 to get the money factor (.00096).
  • jaxs1jaxs1 Posts: 2,697
    What are the full lease details for the new Malibu including the dollar amounts of lease startup and return fees and deposits required? What do they charge per mile for mileage overages and for prepaid extra mileage over 15K per year?

    Seems like a 2 year lease would be a good way to experiment with purchasing the Malibu. You would be under the full bumper to bumper warranty even if you drive 15K miles a year and, if the actual resale value is not as high as they are speculating for this new model, the shortfall isn't your problem unless you try to turn it in early.

    If you really like it, you can buy a 2010 Malibu at the lease end and, if it was problematic and develops a bad reliability reputation, you can switch to something else at that time with no repair costs or resale woes.
  • Jaxs1, I just leased one today. It's a 2008 Malibu 2LT with the engine package with bodyside molding and red jewel tint coat. Total MSRP is $25,140. I have it on a 24 month lease with 15,000 miles per year for $520 per month, including taxes. I put no money down, but had to pay almost full MSRP ($25,004.05) with license, documentation fees and admin fees of $1,383.35 for a total of $26,387.40.

    I almost forgot that I added $259.00 to the contract for tire and rim insurance through GMAC, so you need to deduct $259 from the $25,004.05 to get the true cost of the lease. The original agreement was $508 for the lease before I added the tire and rim insurance. Now you need to know that they financed the whole thing and I didn't put one penny down.

    MIleage overage is 15 cents a mile.

    I got it at Power Chevrolet in Peoria, AZ. from Saul Aguirre and negotiated the whole deal before I went to the dealer. This guy really knew what he was doing but he was willing to do some bargining to get to my number. I would highly recommend him to anyone in the Phoenix area wanting a Chevrolet. Within one and one half hours, he had done a pull ahead on my Rendezvous and had all the paper work ready for the finance department for the new Malibu. I spent a half hour in there and was done.

    I drove it home (some 35 miles away) and was truly impressed with how quiet this car is. With the 252 HP V6, hydraulic power steering, traction control and hugh 18 inch tires, it drove nicer than any BMW I've ever driven. The seats are comfortable, the dash is well laid out and the interior is as nice as the Acura Legend I used to own. I don't know how well this car will hold up, but GM has a real winner on their hands if first impressions mean anything.
  • Jaxs1, I just leased one today. It's a 2008 Malibu 2LT with the engine package with bodyside molding and red jewel tint coat. Total MSRP is $25,140. I have it on a 24 month lease with 15,000 miles per year for $520 per month, including taxes. I put no money down, but had to pay almost full MSRP ($25,004.05) with license, documentation fees and admin fees of $1,383.35 for a total of $26,387.40.

    I almost forgot that I added $259.00 to the contract for tire and rim insurance through GMAC, so you need to deduct $259 from the $25,004.05 to get the true cost of the lease. The original agreement was $508 for the lease before I added the tire and rim insurance. Now you need to know that they financed the whole thing and I didn't put one penny down.

    MIleage overage is 15 cents a mile.

    I got it at Power Chevrolet in Peoria, AZ. from Saul Aguirre and negotiated the whole deal before I went to the dealer. This guy really knew what he was doing but he was willing to do some bargining to get to my number. I would highly recommend him to anyone in the Phoenix area wanting a Chevrolet. Within one and one half hours, he had done a pull ahead on my Rendezvous and had all the paper work ready for the finance department for the new Malibu. I spent a half hour in there and was done.

    I drove it home (some 35 miles away) and was truly impressed with how quiet this car is. With the 252 HP V6, hydraulic power steering, traction control and hugh 18 inch tires, it drove nicer than any BMW I've ever driven. The seats are comfortable, the dash is well laid out and the interior is as nice as the Acura Legend I used to own. I don't know how well this car will hold up, but GM has a real winner on their hands if first impressions mean anything.
  • jaxs1jaxs1 Posts: 2,697
    That sounds really high for a 2LT even for 24 months. Maybe because you paid around MSRP. Maybe you paid too much on doc and admin fees too and drove up the price. Do you know if you got the lowest lease interest rate or was it marked up?
    When they start producing and shipping them in volume, there will be better supply and good discounts off MSRP.
    Many dealers are still only getting a couple 2008 Malibus at a time, so supply is still tight.
    I would just get an Accord if close to MSRP was the best price I could find on a Malibu when I was ready to buy.
  • The doc and admin fees are standard. The license was over $450 (they are really expensive here in AZ.). If you use one of the auto leasing calculators:

    http://www.calculator.com/pantaserv/lease.calc

    and you put in MSRP with 2.3% interest rate and 63% residual (thanks Car_man) on a 24 month lease with no money down, you will come up to the $508 figure when you add in the doc and admin fees and license cost. A 2 year lease is going to be expensive on just about any auto you drive.

    BTW, I drove a late 90's Accord for about 6 months. Hated the car and got rid of it as soon as I could. Too small of an engine and very few of the gadgets I was used to in my other vehicles.
  • jaxs1jaxs1 Posts: 2,697
    What are the standard doc and admin fees?
    $450 is expensive for registration. California has expensive registration and it's probably about 1/2 that.
    Maybe $1000 below MSRP would have lowered the payments quite a bit, but you would probably have had to wait another 3 to 6 months for the dealers to have a good supply of cars.
  • The documentation fee is $369 and the GMAC adminstrative fee is $595. These might be puffed up somewhat, but you have to remember that GMAC is financing this loan for 2.3%.
  • jaxs1jaxs1 Posts: 2,697
    I think the $595 fee is the standard acquisition fee everyone has to pay nationwide and goes straight to GMAC.
    The $369 doc fee is a dealer-specific fee that looks excessive. So, that means the dealer got a few hundred over MSRP in the deal when you add the sales price and doc fee together along with the tire and rim insurance that's probably almost all profit to them. That's why the payment looked high to me considering the Malibu has a good residual and low lease interest rate.
    In CA the doc fee is limited by law to about $50 to prevent the dealers from price gouging on fees like that.
    When there are only 24 payments to spread these costs out on, a few hundred extra dollars here and there will be quite noticeable in the payments.
    Since I know that the supply is still very low on the new Malibus while they try to clear out 2007s and slowly ramp up production, I don't know that anyone else could have gotten any better deal than that at that dealer (other than passing on tire and rim insurance) at that time.
    I will just wait and let others buy at MSRP and above in the meantime.
  • Yep, that's the way it always is. If you want the newest and greatest while it's still new and great, you have to pay the going rate. I normally don't do that, but in this case, it's for my wife. Guess you could just call it an early Christmas present. :D
  • ddeliseddelise Posts: 339
    Just leased a Malibu LTZ.

    Jewel Red, Sunroof, and Powerpack. $28,400 MSRP.

    Sign and drive lease (no money out of pocket, not even first month payment).

    Received $1000 Conquest Cash (good in FL and CA only right now), along with $1950 GM Card points.

    2.3% interest rate.

    $357/mo for 39 months, including sales tax of 7%.

    Also took advantage of Lease Pull Ahead Program - so GM paid off my final two months payments on my Maxx.

    I effectively paid supplier price and then rolled in acquisition fee of $595 + $800 in starts + $599 dealer fee (I know - I hate that fee too, but it is what it is in FL).

    I also received a $100 gift card good towards service/parts/oil changes, etc.

    So, overall, might not be the best deal ever, but a good one nonetheless.

    Damon
  • Sounds like a good deal to me ddelise. The only question I have is how you managed to get a conquest rebate when it's obvious you were already driving a GM product. They usually don't give those out unless you are switching from a different auto maker. You must have done some teriffic barganing. :)

    Hope you enjoy yours as much as we are enjoying ours.
  • ddeliseddelise Posts: 339
    We actually have a Toyota in the household, and that is how I qualified. Probably not the intent of the program, but it worked for me!

    Thanks for the feedback.

    Damon
  • I'm a College Student, Currently in my Second Year. I'm looking for a car to get back in forward from Campus and Off Campus. I am really interested in this new Chevy Malibu. I have saved 2,000 dollars for it and have a small job off campus. Does anyone have any suggestions on what I should do- I want the lowest monthly rate. What do you suggest I say when I walk into my local Chevy Dealership?
  • I'm in Detroit and I'm shopping the new 2008 Malibu 2LT w/power sunroof. I have a retiree code to use. I'm interested in finding out MSRP, Invoice and Employee Discount price. I am interested in leasing for 30 months at the best possible rate/price. They don't seem to be offering any rebates/incentives or deals here in the area yet on this car. I am also interested in the "Conquest Rebate" I saw on this forum. I have two payments left on my Chrysler Jeep. Any and all information provided would be greatly appreciated as I shop this week.
    Thank you.
  • ddeliseddelise Posts: 339
    If you have the retiree code, then you simply need to go to the dealer, tell them that, and they should show you the invoice, along with your retiree price (it should be listed on the invoice).

    As for the Conquest rebate, it is only valid in Florida and California. There are not any other rebates on the Malibu as far as I know.

    Finally, as far as the lease rate, it was 2.3% last month, so make sure they are not marking it up on you.

    Damon
  • Thanks Damon for the response. Thank you for the clarification on the Conquest rebate. I had never heard of it and that explains why since it's not offered here in Detroit, MI.

    I was given a GMS price for the 2LT w/power sunroof on 12/27/07 of $21,556. As of today, the GMS price has now gone up to $22,013.78. The dealer could not explain to me why the price has gone up after the first of the year.

    Thank you for the 2.3% lease rate info.
  • Flygirl, check out this article of why GM is raising prices--

    link title
  • Thank you so much for the article. Good info to know. I see that the base model of the Malibu wasn't effected but the 2LT was. Thanks again. I really appreciate this.
  • You're very welcome, 40yearfan :blush: .

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hey ddelise. Congratulations on getting your new Malibu. How do you like it? Thanks for taking the time to share the details of your lease with everyone. Make sure to stop by the new Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with others. Thanks again and enjoy your new ride!

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hi localcelebrity. If you want the lowest monthly payment then you definitely want to go with a lease. Unfortunately, I am not sure if GMAC will approve you to lease a new vehicle if you do not have a steady job. They might if you can find someone to co-sign your lease. When you visit the dealer, explain your situation to them but do not let it have an impact upon your deal. If they say that you can lease a new Malibu, negotiate as low a selling price as possible on the car that you want and then have the dealer calculate your monthly payment using GMAC's 2.3% base lease rate.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • ddeliseddelise Posts: 339
    Thanks Car_Man for all the info. I will go ahead and complete the dealer review.

    As for the Malibu, I love it. I have owned a couple of Acura's (Integra GS-R, CL 3.0), a Volvo S60, and a Malibu Maxx. This is by far the best car of all of them. So far, so good!

    Damon
  • No problem, ddelise. I'm glad that you like the Malibu so much.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • jao6304jao6304 Posts: 7
    Car_man,

    Can you post the current lease rates and residuals for a 2008 Malibu from GMAC? I'm looking at a 36 month lease, 15k miles/year.

    Thanks.
  • g6leaserg6leaser Posts: 48
    Right at 50% for 39 months....36 months probably very close as well.
  • g6leaserg6leaser Posts: 48
    Just leased a 08 Malibu for 39 months - was 53%....12k year
  • g6leaserg6leaser Posts: 48
    08 Malibu 2LT - MSRP 25,015 - paid supplier price of 23,982.
    3.15 APR - First month down of 376 - 376/month - 39months - 39,000 miles...

    Fair?
  • 40yearfan40yearfan Posts: 97
    Looks great to me. Hope you enjoy yours as much as we are enjoying ours.
  • g6leaserg6leaser Posts: 48
    Please see above and let me know if you think it was a good deal...
    Thanks,
    er
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