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Chevrolet Suburban Lease Questions

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

Car_man
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  • Sorry if this is a novice question.

    I just looked at a 2006 Suburban 1500LT w/ leather. The sticker was $44,770. The quote I got from the dealer was $37,877. What could I expect for a lease payment? Thanks.
  • Hi dettleff. The only silly question about leasing is the one that you don't ask. Leasing can be very confusing if you don't understand how it works and dealers often take advantage of this. You seem to be new to the game of leasing. If so, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    The problem with estimating what the lease payment should be on the truck that you are interested in using the price that you were quoted is that the dealer probably took the $3,500 customer cash that General Motors is currently providing on the '06 Suburban into account to arrive at this price. GM's customer cash incentives are not compatible with its special lease program. You need to find out how much the dealer that you are working with is willing to sell you this truck for before the customer cash is taken into account. This will be its price if you want to lease it. Also, in order to give you an idea of what your lease payment will be like for this truck, I need you to tell me how long you want to lease it for and how many miles per year you need to be able to drive it.

    Car_man
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  • grnfishgrnfish Posts: 6
    We are interested in a 2006 Suburban 4x4 Lt 1SM. What is the current lease program from GMAC on this vehical? We would be leasing it for 3 years and 15,000 miles.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings grnfish. If you were to lease a 2006 Chevrolet Suburban 4WD through GMAC for 36 months with 15,000 miles per year, its base lease rate and residual value should be 3.5% and 54%, respectively through April 4th. When negotiating your lease on this truck, keep in mind that GM is currently providing a $1,000 bonus on units that have been in dealer inventory since mid-November. Make sure to take this cash into account when negotiating the capitalized cost of the truck that you want.

    Car_man
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  • grnfishgrnfish Posts: 6
    Thanks Car man. What is the program on the 2007?
  • grnfishgrnfish Posts: 6
    Car Man has the lease program from GMAC changed for April? I am just interested in the 2006 Suburban. Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, grnfish.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi again. GM's lease program for some models did change for April, so let's take another look at GMAC's numbers for the Suburban. If you were to lease a 2006 Chevrolet Suburban through GMAC right now for 36 months with 15,000 miles per year, its base lease rate and residual value should be 3.5% and 54%, respectively.

    Car_man
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  • I am entering into a lease of a 2007 Suburban LT3 with the options of second row captain chairs, third row bench seat, power liftgate and 20 inch chrome wheels. MRSP is $44,790 and purchase price is $38,800. Local tax rate 8%. The price reflects all dealer and customer incentives. Mileage is 20,000 per year and lease rate is 6.3%. No money down. My GMAC lease payment is going to be about $659 per month. Is this a good deal? What is the current GMAC residual for such a vehicle? What other expenses should I rightfully expect to pay at signing? Thanks, Ron
  • This is to inform everyone of the deal that I got on a 2007 Suburban LT3 with second row captain chairs, third row bench seat, power lifgate and 20 inch chrome wheels. MRSP was $44,790. Purchase price $38,800. GMAC residual was 60% and lease rate 6.3%/money factor .002625. With 20,000 miles per year and 8% local tax, my lease payment is $587.00. I paid the GMAC lease acquisition fee of $595 and deposit of $600 up front. This deal included the dealer keeping the customer cash back incentive of $2,000 and the dealer cash incentive currently being offered of $1,000. The base lease rate without tax and the additional miles above the standard 15,000 per year(5000 miles per year at 10 cents per mile) is $504.00 per month. Hope you can benefit from this information. Ron
  • I was quoted the following on an 07 LT# with various options and just wondering if Car_man could render an opinion as to how it looks. I am happy with the capital cost (I am getting partner's pricing which seems to reduce the MSRP to nearly the invoice price without the haggling). I know I am probably leaving out needed details but here's what I can think of:

    Cap Cost: $46,422
    12k per year
    39 month lease
    $672 per month (including tax)
    $1,472 in inception fees that include 1st month's payment

    Thanks in advance!
  • Hi carman, I am looking to lease a new 2007 chevy suburban by the end of this year with an msrp of $46,214. and I can get the vehicle for $40,017. (gm supplier discount + current offers). I am looking for a 36 or 39 month lease with $0. down Can you please tell me what monthly lease price I should be expecting to pay?
  • Hi pmannymo. If you are able to lease a 2007 Chevrolet Suburban with a capitalized cost that is close to dealer invoice, you are getting a good deal. Just make sure that the dealer you are working with uses GMAC's base lease rate of 6.9% to calculate your truck's lease payment and you're in business.

    Car_man
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  • I'd be happy to work up a sample lease payment on this truck for you, jb1hb1997. According to my calculations, if you were to lease a 2007 Chevrolet Suburban that has an MSRP of $46,214 and a selling price of $40,017 through GMAC right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $537. The selling price that you mentioned is very very low. I suspect that it some sort of cash incentive, like the $2,000 customer cash that General Motors is currently providing on the '07 Suburban, was used to arrive at it. Unfortunately, no cash incentives are compatible with GMAC's current lease program for this truck. As a result, the capitalized cost for a lease of one through GM's supplier program would probably be a little higher than this and so would its monthly payment.

    Car_man
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  • I am looking to lease a 2007 LT3 Z71 with a selling price of $46,400. I am in NY and want 12k/yr. I will put down whatever is required. I am 2,500 upsidedown on my trade. What would the payment be with the trade-in cost put into the lease and what the payment would be if I put the money down to even out the trade. Also, what would the residual be? Thanks

    Scott
  • I just bought an 07 Burb Z71 1500 4x4 , loaded w/every option.
    MSRP 53,560
    Paid 47863 out the door including tax, small doc fee, tags, everything.
    Thanks to all the helpful info here I was able to negotiate much stronger.
  • Hi Scott. If you are $2,500 upside down on the vehicle that you plan on trading in when you lease your new Suburban, it wouldn't be a bad idea to pay that money off out of your own pocket so that you can start fresh with your new lease. I would be happy to use GMAC's current lease program to estimate what this truck's monthly payment should be for you right now, but in order for me to do so I need you to provide me with its MSRP and to tell me how long you want to lease it for.

    Car_man
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  • Hi Car_man,

    I am also considering a 07 3-year lease. Could ou update us on the latest GMAC lease program; money factor, residual, milage allowance ad charge per mile etc.?

    Thanks,
    Jerry
  • After talking to several dealers in Fairfield County Conn. this weekend, a 3yr/15k lease is 6.9%APR, and 59% residual on a Suburban LTZ (MSRP $54,700 about $850/month). The current GM rebate of $2000 is not offered with the lease, so the cap cost is $2k higher than a straight buy. Ignoring monthly payments, the cost of ownership of leasing appears prohibitive when compared to straight buy/financing. Does anyone know why GMAC doesn't want to induce customers into leasing? Is there any room to negotiate on the APR of 6.9% whcih seems very high? Do you see any additional rebates or leasing incentives in the next few weeks with President's weekend? They seem to have a lot of Suburbans on the lot.
  • did you buy or lease the vehicle? what gm rebates did you get?
  • I started doing some reading on edmunds.com regarding leasing and found out the following in regards to calculating leasing payment that might interest everyone;

    1. First of all you are being taxed on the purchase price, 7.75% in my case.
    2. This sales tax amoun is then added to the leasing equation as part of your capitalized cost to determine your base monthly lease payment (before tax).
    3. Then, a local sales tax is added to your base monthly lease payment bill to come to your final monthly lease payment.

    Am I wrong in thinking that we are being doubled taxed?
  • Hi CarMan:

    Can you provide me with the current money factor and residual for a 2007 Suburban 4wd 3/4 ton LT 6.0 L with MSRP of $51,500?

    Thanks.
  • I just leased a 2007 Suburban 1500 2W LT w/ 2LT, Z71, 2nd row bucket seats, 3rd row bench seating. MSRP is $44250, purchase price is $403346. Unfortunately the $2K rebate is not applicable since I opted to go with GMAC lease. However GMAC lease program is very aggressive; 36-month, 63% residual value, 6.9% APR (0.0028 money factor).
  • Was that lease a smart lease? Does gm call all of their lease programs "smart leases"? The dealer is quoting me the following:
    MSRP $51,500 (Suburban 2500 LT3 4wd)
    Selling price $47,312 (he claims that is $100 below invoice). My payment for a 36 month lease with 12 mi per year is $737.00. I have to put down $2600.00. Does this sound right to you?
  • Yes, it's the SmartLease. I'm sure you can find out what the actual invoice price is from Edmunds.com. Go to this site;

    http://www.leaseguide.com/calc.htm

    and use the lease calculate to figure out your monthly payment. I did and the result was VERY close to my actual. If your dealer hasn't already disclose to you the residual value and money facotr for your particular model, ust plug in the 63% residula value, 6.9% APR and other relevant information and it will do the rest for you. Remember to include additional fees such as the $590 lease acquisition fee, security deposit (if required) and title/registration fees.

    As for my lease, $1670 down and $607 a month.
  • Here's the info that you're looking for, Jerry. GMAC's current base lease rate and residual value for a 36 month lease of a 2007 Chevrolet Suburban with 15,000 miles per year are 6.9% and 60%, respectively. I am not sure exactly how much GMAC charges per additional mile purchased at lease signing. You'll have to find that out from your dealer.

    Car_man
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  • Hi nickalpher. General Motors really has not had to provide any lease support on the Suburban since it was redesigned. That's why its current lease program is so bad. The 6.9% lease rate that you were quoted is GMAC's base rate for this truck right now. Individual dealers do not have the authority to lower this rate. GM did introduce special finance and cash offers on the '07 Suburban for President's Day, but it's lease program is still basically the same.

    Car_man
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  • Hi pwinscott. This truck's lease program varies by term and mileage allowance. 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. GMAC's current 36 month base lease rate and residual value for the 2007 Chevrolet Suburban with 15,000 miles per year are 6.9% and 60%, 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.

    Car_man
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  • hsensihsensi Posts: 5
    I am currently negotiating a deal on a new Suburban LT3 with DVD, sunroof and 20 inch wheels. The MSRP is $49,200. It also has the custom grill and trim package for $999 (total $50,200). Does $699/month for 39 months with only $1,500 down to cover first month, security, etc) sound like a good deal? I think it does but am wondering if I could do better. It is also for 15k miles. I have until Friday to decide.. they are fixing a scratch in the paint so I haven't signed any papers yet.

    I know that none of the rebates are currently good for leases.
    (I dont know what the negotiated selling price is but using carbuyingtips.com spreadsheet it shows my purchase price around $46,400 including the acquisition fee.)
  • hsensihsensi Posts: 5
    Just to follow up, I did get the Suburban Lease. (Reedman Toll)
    LT3 w/ DVD, sunroof, 20 inch wheels plus custom grill and trim package (MSRP 49,200 excluding grill and trim). I took the GMAC smart lease instead of the security deposit incase the kids beat the heck out of the truck. My final price was $44,629.... $1,500 down, $703/ month, 39 months, 15k miles/ year
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