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Chevrolet Silverado Lease Questions

Hi everyone. Please use the following discussion to post any questions that you have about leasing a Chevrolet Silverado. Thanks.

Car_man
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  • I finally decided to finally talk to a salesman about a new vehicle. I pick out a Silveraldo 1500 2X4 LS2 crew cab at Harry Browns Chevrolet in Fariabult, MN. The offer I receive was $25,710 minus a $2500 rebate and another $1000 the offer is $22,210. Now he throws in a lease option that I never thought threw before this. I dont have much information concerning the deal yet but I'm getting information from Edmunds to go back to the dealer with. Maybe you can inlighten me with the information I do have. The salesman said there is $4000 in incentives with the lease so I guess that means the cost of the truck is now $21,210 with a 48 month lease that allow up to 48,000 miles over the term the cost per month is $320 a month, with a option to buy for $12,800 after the term. I do the simple math and multiply 48x$320 that comes to $15,360 add this with the $12,800 if I decide to buy and I'm looking at a cost of $28,160. I dont see how this is a good deal if I do decide to buy it after the term can you make any suggestions or let me know what details I should ask the salesman.
  • steine13steine13 Posts: 2,409
    Hiya Car_Man,
    My GM Card earnings have been "topped off" to $2,000, which is mighty nice of them... I've got the old blue card, so I get to use all of it.

    There are $2,500 in incentives for buying the truck, plus the $250 coupons as electives... I may buy one just for the heck of it.. always wanted a fs truck.

    I wouldn't be opposed to leasing, though. Do you know what the residual and the interest rate are on the 1500 series Silverados? I'm interested in low mile -- 10k or 12k, whatever they've got -- and 24 months or 36 if need be. I should mention my rebate expires March 31, so I've got some time.

    Thanks in advance,
    -Mathias
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hey Mathias. This truck's lease program varies by trim level, i.e. the numbers for a Silverado Regular Cab 2WD are different than the numbers for a Crew Cab 4WD, etc... For now, I will assume that you are interested in the most common version of this truck, the Crew Cab, and that you want 4WD. Let me know if you want something different. If you were to lease a 2006 Chevrolet Silverado 1500 Crew Cab 4WD through GMAC right now for 24 months with 12,000 miles per year, its base lease rate and residual value should be 5.6% and 61%, respectively. The lease rate for an otherwise identical 36 month lease would be the same, but the residual value would drop to 55%. The $2,500 customer cash that you mentioned is not compatible with leases through GMAC, but GM is currently providing $1,500 lease cash on this model that you can use to help you negotiate an attractive capitalized cost.

    Car_man
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  • I have a 2006 hd 6.0 with a u engine that gets 7.8 miles per gal.can anyone tell my this is because the dealer tells me this is normal????????
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi badazzboat. This particular discussion is for community members to discuss leasing a Chevrolet Silverado. You will have better luck finding an answer to your specific question by posting it over in the following discussion: "Chevy Silverado: Problems & Solutions". Thanks.

    Car_man
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  • hunter67hunter67 Posts: 1
    I have an 2003,6ltr,411 rearend hd1500. I get 12 hwy on a good day. chevy says it is normal. If so why does the listed mileage show 14 in town??
    A bud has a hd2500 2002,6ltr,411 ect he gets 15-16 on the why.
    Me thinks its luck of the draw on vehicle quality / performance :lemon:
  • Does anyone have the current offers for a lease on the 2006 Silverado 1500 crew cab 4X4 with leather? looking for money factor, residual, lease rebates, if any. Also, would the 1500HD apply to the rates as well?

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi jericho88. This truck's lease program varies depending upon how long you lease for and how many miles per year you need to be allowed to drive. For now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. If you were to lease a 2006 Chevrolet Silverado 1500 Crew Cab through GMAC right now for 36 months with 15,000 miles per year, its base lease rate and residual value should be 5.6% and 52%, respectively. As you can see, GMAC publishes lease rates instead of money factors for the vehicles that it leases. You can convert its published lease rates into approximate money factor equivalents by dividing them by 2400. When negotiating your lease on this truck, keep in mind that GM is currently providing $1,500 lease cash plus an additional $1,000 bonus for models that have been in dealer inventory since mid-November on it. Make sure to take this cash into account when negotiating your truck's capitalized cost.

    Car_man
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  • Hi...new to this forum so I'll cut to the chase. I'm a US serviceman overseas and when I get back to the States in June/July I plan to either buy or lease a Chevy Silverado Crew Cab.

    The issue is cost and only cost. I will have to buy a home when I get to Fort Carson and am not anxious to have a truck payment much over $300.

    Can someone please give me the straight scoop on this lease program please? I am willing to lease for 48 months and 12-15000 miles per year sounds about right. I don't care what the residual value is because when I turn it in, I will buy. What is meant by base and residual value by the way?

    Showing my ignorance all over the place, but before I have to listen to some dealer harangue me about this, I'd like to have the answers I need in hand before I have to confront a saleman.

    Grateful for any advice or assistance you can offer.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi huntdakota. You can find out everything that you ever wanted to know about leasing, including that residual value means, by checking out the following informative articles that are available here at Edmunds.com: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Your lease payment for this truck depends a great deal on how much you pay for it. The selling prices of leased vehicles are negotiable, just as if you were paying cash for them. Let me know the exact MSRP of the truck that you are interested in leasing (you can find that here: Edmunds.com New Vehicle Pricing) and its approximate selling price (you may be able to get an idea about what that should be by going here: "Chevrolet Silverado: Prices Paid & Buying Experience") and I will gladly estimate what your lease payment should be for you.

    Car_man
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  • ddownddown Posts: 6
    Yesterday I got a 2006 Z71 4X4 with 0 down even put taxes and plates on it. Just paid 1st payment 259.00. This was GMS + Military and Total incentives were 5250.00 vehicle was 4100 off sticker GMS. 27 month lease includin g road hazzard for tires and wheels.

    BTW Leave for Afgghanistan in the AM

    Hooah!!!! and I love the Truck
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Congratulations on your new truck, ddown. Take care in Afghanistan. Stop back when you get back to the states to tell us how you like your new truck.

    Car_man
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  • Carman,

    Can you please give me the money factors and residual for a 2500 HD Ext Cab 4x4 diesel? I think the LT3 package. The terms would be 27 months 10k per year.

    Thanks.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi formula280ss. GMAC publishes lease rates instead of money factors for the vehicles that it leases. You can convert its published lease rates into approximate money factor equivalents by dividing them by 2400. According to the latest information that I have seen, if you were to lease a 2006 Chevrolet Silverado 2500 HD Extended Cab 4WD through GMAC right now for 24 months with 12,000 miles per year, its base lease rate and residual value should be 5.25% and 61%, respectively. I haven't seen this truck's 27 month program, but its lease rate for this term is probably the same.

    Car_man
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  • Does a cash allowance, for example, the $4000 one good thru 10/2, apply to leases, or only when buying? How do you know?
  • Hi filly. Unfortunately, the customer cash incentive that you mentioned in your post is only available on cash purchases of the Silverado. General Motors is providing special lease cash incentives on it right now though. I would be happy to tell you what they are if you tell me the exact truck that you are interested in and what state you are in.

    Car_man
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  • I've been looking at a new body 2007 Silverado LTZ. Sticker is 41,500 and best price dealer selling price is 38,500. I am thinkin I may want to lease and then buy at the end of the lease term. Can you give me some figures on what I might be looking at in terms of a 24 or 30 month lease with 15k miles per year. I am also willing to put down 5k. I can't seem to find any info on rates, residuals etc.

    At the end of the term the residual value is what I can purchase the truck for? New to leasing.

    Thanks
  • I would like to lease the new chevy silverado, but i would like the residual values for a 27month lease low milage. 24 month 12k, 24 15k, 36 12k and 36 15k this will help me calculate my best deal. also what are the interest rates going on the new trucks. thanks guys
  • Hi bluewater70c. GMAC's current base lease rate and residual value for a 24 month lease of a 2007 Chevrolet Silverado Classic 1500 Crew Cab LTZ 4WD with 15,000 miles per year are 5.6% and 60%, respectively. The lease rate for an otherwise identical 30 month lease would be the same, but the residual value would be 56%. In answer to your second question, your vehicle's residual value (the aforementioned percentage times its full MSRP) is the price that you would have to pay to purchase your truck at lease-end if the bank that you are working with is not willing to negotiate with you.

    Car_man
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  • Hi Car-Man, is there any lease cash available in the Mpls area on an 07 Silverado crew cab classic? I am looking to lease a silverado with a MSRP of 32250. The invoice is 29283 from which i would subtract any rebates and 2750 from GM card as the selling price. I am looking for a 30-month lease with 12,000 miles. Thanks for you rhelp!
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