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Chevrolet Silverado Lease Questions

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  • Hi Nick. $1,000 under dealer invoice before the deduction of any cash incentives is a very good deal on a 2008 Chevrolet Silverado. If you haven't finalized this deal yet, you're in luck. Last week GM rolled out $1,000 bonus cash that is compatible with all programs on all 2008 Silverado models. This cash should help you to get an even better price.

    Car_man
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  • Hi omahawright. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 Chevrolet Silverado 1500 Extended Cab with 12,000 miles per year are 4.75% and 60%, respectively. When negotiating your lease on this truck, make sure to take advantage of the $1,000 bonus cash that is currently available on it. Given this cash, the fact that GM has some additional dealer cash out there, and the fact that it's the end of the year, you should be able to negotiate a selling price that's well below dealer invoice right now.

    Car_man
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  • Local dealer has a 2008 Silverado ext cab, Msrp $28500 on a 39 lease for 279 a month. $1600 due at lease inception and a buy out of $17200. How do you calculate what they are selling the truck for?
  • Hi asylum575. One could probably back into this truck's approximate selling price, but a better way to find it out is to just ask. The dealer will tell you exactly what it is. If they won't, then don't give them your business. There is some intense competition in the full-size pickup segment right now. If I was in the market for a new Silverado, I personally would shoot for dealer invoice minus the $1,000 bonus cash that GM is providing on it right now.

    Car_man
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  • solidaysoliday Posts: 1
    Asylum, can you tell me where your friend found that deal please? I am trying to negotiate a similar deal here in San Diego, but I need the particulars so that I can have some leverage. They told me that deal "never existed"

    Any info would be greatly appreciated!
  • Carman,
    I'm looking for the MF and residual on a 2008 Chevy Silverado Ext. Cab 4WD W/T Std. bed for 36 and 48 months with 15k miles. I'm also a current GM owner. Thanks for all your help.

    Jon
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Here you go, Jon. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 Chevrolet Silverado 1500 Extended Cab 4WD with 15,000 miles per year are 4.75% and 57%, respectively. The numbers for an otherwise identical 48 month lease are 4.75% and 48%. 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, make sure to take the $1,000 owner loyalty / conquest cash that is currently available on it into account.

    Car_man
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  • cmizcmiz Posts: 1
    The new programs came out today for memorial day. Did the lease program on the crew cab get any better? 7.75% is steep for a lease! Residuals look good. I have been shopping for a bit but I cant find a ext cab I like. There are more crew cabs but like I said the program was terrible.
  • fueledupfueledup Posts: 64
    don't purchase, don't lease, any full size pick-up right now! With the uncertainty of the oil market anyone would be a fool to consider a vehicle that doesn"t easily obtain 30 mpg in the city. If you say, but yea I need it for work, or to tow, the used market is flooded with sooo many full size pickups and suv's. I see all manufactures soon dumping all new vehicles especially pickups and suv's at 50% off msrp. Even the tahoe hybrid is a purchase mistake at 22 mpg. Forget the Memorial Day sales. Wait for the cant sell ice cubes in the north-pole sale. Oh yea but global warming ! But you get my point. Dealers don't even want used vehicles right now. Carmax will be the first big boy to crash.
  • ocautoseekerocautoseeker Posts: 425
    I see your point and it's well-noted, but remember, the manufacturer's also realize the current drop in demand and will scale back production to compensate.

    I think saying that somebody is a fool to buy a truck or SUV right now is a bit harsh. Whatever reason somebody needs this type of vehicle for is his/her business and it's up to them to decide whether or not they can afford to "feed it."

    Not very many vehicles on the market that can achieve 30 mpg (city) as you stated, other than maybe a few hybrids.

    With big rebates and/or low financing, now is actually a great time to buy a truck or suv while the market is flooded with "current" overstock.
  • fueledupfueledup Posts: 64
    Now is a great time to buy a truck or suv is absurd. Unless you have an oil field in your back yard, now is possibly the worst time ever to even consider purchasing or leasing a new truck or suv. Even if you could purchase a new truck or suv at 50% off msrp theres a great possibility that your looking at the newest thing in lawn ornaments. We have people coming in everyday looking to trade in there used (trucks& suv's). Our sales manager is quoting them rediculously low trade values and people are jumping at the offers to walk away. We have brand new 07' sitting on the lot. Eventually (in the very near future) manufactures will have to kick in to rid the new inventory. The used market has so many available trucks and suv's that are being taken in trade (in many case practically brand new) that now are for sale at a fraction of the cost of new. Even with the scale back in production the new truck&suv market will remain dead.
  • ocautoseekerocautoseeker Posts: 425
    Not arguing with you on the truck and suv market being "dead."

    My point was simply... for those that need or even want a truck or suv and can afford the fuel expense, awesome deals can be had right now with big rebates and/or low financing.

    Rebates are up to ~$4500 on most Silverdo models right now as compared to ~$1500 a year ago at this time. Economically it may be a poor decision, but the cost to own is the business of the buyer, and cannot be made as a generality.

    You are certainly entitled to your opinion, and it is welcomed as this is a public forum, but my point was and still is that... regardless of the oil market, very aggressive deals can be had on large trucks and suv's right now.
  • hotrod1965hotrod1965 Posts: 19
    You guys are correct. I am in the market to lease a Silverado for our business. The dealer told me yesterday that the best deals are yet to come, so just hang on for a little while. That's after a quote for $208 per month with zero down for a ext cab LS.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hey cmiz. General Motors' lease program for the Silverado is the same post-Memorial Day as it was pre-Memorial Day. Its cash incentives have changed though.

    Car_man
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  • hotrod1965hotrod1965 Posts: 19
    My lease quote went down $20 per month! $225 for 39/10k on a $28,210 ext cab truck. That is with GMS and loyalty cash.... I could get a WT for under $200 per month.
    My dealer told me that the 2008's that they have is all that they will get because GM is done making 08's now... not sure how true that is though...
  • asylum575asylum575 Posts: 72
    I think that's right. They stop taking orders some time in May, so they finish up in early June. I think they take 6-8 weeks for "training" and refitting equipment for the new model year. That puts the 09s rolling off late August- early September.
    There are still several 07s out there and the deals aren't that hot on those either.
    American axle strike has been settled, so the 09s should be able to roll off on time.
  • crewcabbcrewcabb Posts: 13
    I am turning in my leased truck in July ,leased thru US Bank and am wanting to get a new 1500 Silverado Crew Cab,but,cannot decide on the Smart Buy or just buying it outrite,is SMart Buy a decent deal,I really don't understand if I would be losing money(depreciation) on something like this, any help would be appreciated.,
  • Car_Man

    What are the current residual, lease rate for 08 Silverado 1500 Ext Cab 2WD for 36 month 10,000 miles in SE MIchigan area?

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi crewcabb. If I was getting a new Chevy Silverado, I personally would finance it through GMAC. Rumor has it that General Motors is introducing 0.0% financing for up to 6 years on a number of trucks this morning. That's a much better deal than GM's lease program is on this model right now.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi indianajohns. I just saw your movie last weekend. I give it a B- :). Here's the information that you're looking for. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 Chevrolet Silverado Extended Cab 2WD with 10,000 miles per year are 4.75% and 62%, respectively.

    Car_man
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