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Chevrolet Suburban Lease Questions

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  • my3boys1my3boys1 Posts: 4
    Hi I am interested in leasing either a 2007 chevy suburban with dvd or a gmc yukon XL with dvd. I live in MD and was wondering if there are any special leases in the state of MD currently?
    Thank You,
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings hsensi. You're right, the $2,000 customer cash that is currently available on the 2007 Chevrolet Suburban is not available on GMAC leases. Is the selling price that you mentioned in your an estimate that you came up with or did the dealer actually quote it to you? Make sure that you find out exactly what this truck's price is before committing to lease it. If the selling price is actually $46,400, that represents a $2,800 discount from this truck's MSRP. The truck that you described probably has a spread of around $4,800 between its full MSRP and its dealer invoice price. I am not intimately familiar with what the market is like for the '07 Suburban in your ares, but you still have $2,000 to play with. If you haven't already, it wouldn't hurt to shop around to see if you can beat this price.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello my3boys1. While General Motors is technically running a "special" lease program on the 2007 Chevrolet Suburban and the 2007 GMC Yukon XL right now, it's not that great. The $2,000 customer cash that is currently available on the '07 Suburban is not compatible with GMAC's lease program and its current lease rate for this truck is 6.9%. Its lease rate for the '07 GMC Yukon XL is even worse at 7.2%. GM's lease program for these trucks has been pretty consistent, so I don't expect it to improve much in the near future.

    Car_man
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  • newsmannewsman Posts: 2
    car_man,

    Can you help me with the money factor and residual on a 2007 Chevy Suburban LTZ?
  • jimmy24jimmy24 Posts: 10
    Guys, two prong problem. My wife leased an 06 volvo xc90 and we are paying about 500/mo for 3 mos. We are about 1 year into lease and car just not big enough- wife wants suburban. Problem one, what is best way to get rid of volvo w/ about 2 years left on lease, am i going to have to eat a lot of money? Problem two, went to Atlanta d'ship yesterday and they quoted 750/mo for 36 mo lease even though suburban only 7-8k more than Volvo. What gives? Is there a comprable suv less in lease? Tahoe? Also, given we're in the lease is there a better time of year when Chevy has incentives on the suburban LT? Thanks and sorry for all the questions.

    Jimmy
  • rockman59rockman59 Posts: 250
    Jimmy24 said: Problem one, what is best way to get rid of volvo w/ about 2 years left on lease, am i going to have to eat a lot of money?
    __________________________________________________________
    Probably. 2 years is a long time to be left on a lease you want to bail on. Those $750 payments on a new Suburban may include your lease payoff on the Volvo. Otherwise it seems way high for just the Suburban. Better sharpen up the pencil and see whats going on.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here you go, newsman. 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 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. 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.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello Jimmy. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

    You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.

    General Motors' lease program on the Suburban is not very attractive, but a $750 lease payment still sounds pretty high. What MSRP and selling price were you quoted for the truck that you want? Let me know and I will give you a detailed analysis of this deal.

    Car_man
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  • Hi Car-Man:

    It is Labor Day wekend (9/1/2007), and I am trying to lease a Chevy Suburban LTZ for 3 yr lease, 12k miles, $700/month or lower. I live in the Daly City, California area. If anyone has hints.referrals, I would surely appreciate it. I am ready to sig up ASAP. The 2008's are in and so I am hoping to catch a good deal on the 2007's. THANK YOU IN ADVANCE!!!!
  • Oops...I forgot to add that I want to put nothing down, and get the 2007 Suburban LTZ for $700, INCLUDING TAX, or less. I think it is very possible although the dealers will say otherwise. I can smell a big sale after Labor day....am i wrong??
  • Karen_CMKaren_CM Posts: 5,024
    A reporter seeks to talk with consumers who just purchased a new large SUV. Please send the make and model of your vehicle along with your daytime contact information to ctalati@edmunds.com no later than Thursday, November 8, 2007.

    Community Manager If you have any questions or concerns about the Forums, send me an email, karen@edmunds.com, or click on my screen name to send a personal message.

  • Hello, I have neogiated a purchase price on a LTZ 4x4 of $46,800 - would someone assist me with a 24 and 36 month lease price? Thanks for the assistance!
  • Hi Everyone,

    I leased a new 2008 Suburban 2500 4x4 w/LT3. Thing is loading with Nav System... the works!!! I think I got a good deal, but wanted to know if others thought so. Plus I'd like to know if anyone else has an estimate for "real-life" MPG?

    Note: I do not get GM Discount of any kind.
    $3550 in available rebates & bonus Cash.
    MSRP 54,274 BuyPrice : 48,000 39month/15000 miles a year. Residual 60% and 7.2% lease rate. $854 due at signing, $589 a month (Note sales tax rate 6%, plate transfer)

    Did I do good? Thanks for any and all feedback.
  • go8go8 Posts: 58
    Hi. At that price, I think you basically stole the truck from the dealer! With no money down, the cost should have been over $650 a month.
  • Hi sampson464646. You were smart to negotiate a selling price on the truck that you are interested in before having the dealer calculate a lease payment on it for you. I would be happy to use GM's current lease program for this model to estimate what its monthly payment should be, but in order for me to do so I need to know its MSRP as well. Met me know and I'll crunch some numbers for you.

    Car_man
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  • Carman,

    MSRP is $54,300
  • Thanks for the additional information, mikes4. OK, according to my calculations, if you were to lease a 2008 Chevrolet Suburban LTZ 4x4 that has an MSRP of $54,300 and a selling price of $46,800 through GMAC right now for 24 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $684. The payment for an otherwise identical 36 month lease would be around $634.

    When negotiating your lease on this truck, keep in mind that the $2,000 customer cash that General Motors is currently providing on it is not compatible with its special lease program.

    Car_man
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  • srf2srf2 Posts: 6
    Car_Man: Could you please tell me the current lease rate and residual value from GMAC for a 2008 Suburban LTZ? Thank you!
  • Here's the information that you're looking for, srf2. You never mentioned how long you want to lease this truck for or what mileage allowance you need, so 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 base lease rate and residual value for a 36 month lease of a 2008 Chevrolet Suburban with 15,000 miles per year are 7.2% and 60%, respectively. When negotiating your lease on this truck, make sure to take the $1,000 bonus cash that GM introduced on it last week into account.

    Car_man
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  • Car_Man-

    I live in Central CA looking for a 2008 Suburban Z71 4WD, 2nd row buckets, DVD, Nav...and pretty much every other option. I was quoted 705-month with tax and $2200 out the door on 39 months/39K miles. My quote show a cost of 48,594 and a residual of 32,511. Does this look good/bad/ok??

    Thanks!
  • pebszpebsz Posts: 1
    I am in a horribile position: I currently have a supercharged range rover that I paid 90k for. I currently owe 63k. The chevy dealer told me that the most they could give me for it was 53k. I wanted to roll negative into new lease. I am looking to lease a 08 suburban with a msrp of 52k 15k miles 36 mths florida sales tax. He is a long time friend( haha)`but true. He is telling me that he is only making money on the holdback. He is giving me a payment of 1240 per month. I think is is way to high. What do you think?
  • If you are looking for a short term lease with almost no money down keep in mind that people are trying to get out of thier leases using various lease trading websites. I am one of those people and am even offering extra money down just to get rid of it! Just another option... no dealer needed! :)
  • I have been looking at a 2008 suburban LTZ loaded. MSRP 55930 with a gms price of 48567....3000 rebates bring it down to $45567....No money down at 39 months and 15k per year....Price quote is 629 per month. Is that in line with what your numbers say? Thank you in advance.....
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi gpd219. You need to compare the selling price that you mentioned to this truck's full MSRP. That will show you how much of a discount you are being given on it. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. If I was in the market for a 2008 Chevrolet Suburban right now, I personally would shoot for a selling price of around $500 over dealer invoice or so, minus the $1,000 owner loyalty cash that is available on leases of it right now, if you are eligible for it. You can look up this truck's exact invoice price by visiting the New Vehicle Pricing section of this site.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi pebsz. Why not just keep your Range Rover until you are less upside down on it? Rolling $10,000 in negative equity into your new lease, if that is even possible, is definitely not a good idea.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi metro2. I would be happy to work up a lease payment on this truck for you. Keep in mind though that the $2,000 customer cash that General Motors is currently providing on the 2008 Chevrolet Suburban is not compatible with GMAC's special lease program. GM is providing a $1,000 owner loyalty incentive on the 2008 Suburban. Given the fact that you are taking advantage of GMS pricing, I suspect that you qualify for this and I will take it into account. According to my calculations, if you were to lease a 2008 Chevrolet Suburban that has an MSRP of $55,930 and a selling price of $47,567 (GMS - $1,000 loyalty) through GMAC right now for 39 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $616.

    Car_man
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  • Car Man,
    I am currently looking at two SUV's, here is one that I'd like info on please. Thank you!
    Can you please give me the Monthly payment before tax and the total up front that I should expect on the following car?
    Zip Code: 33156
    SUV: 2008 Suburban LTZ with Chrome appear Pack
    MSRP: 50,355 minus 2,000 savings offer = 48,355
    Offer Price: What should I expect to get the car for over and above the 2,000 savings?
    Lease: 36 months
    Miles: 15,000
    What should the lease payment be and how much up front should I be paying based on what you think I should negotiate the price down to?

    Also, do 18,000 miles per year leases exist? How much would that increase the monthly payment by? Thank you!!
  • I am just starting to shop for a Suburban LTZ lease. I am a current GM owner and I live in the New York City metro area.

    I was wondering what the current incentives, residuals and money factors are for 36, 39 and 48 month leases at 12k miles per year.

    Any info would be appreciated.

    Thanks in advance.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Excellent username, calvinhobbes. I used to love that cartoon. Here's the information that you're looking for. GMAC's current base lease rate and residual value for a 36 month lease of any 2008 Chevrolet Suburban with 12,000 miles per year are 7.2% and 63%, respectively. The numbers for an otherwise identical 39 month lease are 7.2% and 62%. This truck's 48 month numbers are 7.2% and 55%. 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 GM is currently providing on it into account.

    Car_man
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  • trimarc140trimarc140 Posts: 3
    Thanks for answering mine Car Man! Your a champ, so helpful. Have a great life.
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