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Chevrolet Suburban Lease Questions

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  • 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
  • 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.

    Car_man
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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??
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