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Chevrolet Suburban Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, trimarc140.

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  • I got into a 5-1/2 year lease on my 2004 Chevy Suburban. Monthly payment is $643 a month. The lease is up in 12 months. Mileage is 53,000 miles, which is right on target. I am wondering if I can trade it in early. When should I do it? How much cash will be due to keep to vehicle? Is that a firm number?
  • rockman59rockman59 Posts: 250
    cassiemoun said: I am wondering if I can trade it in early. When should I do it?
    ____________________________________________________________________
    Now is not going to be a good time to get out of your lease on a Suburban. The market for "SUVs" is all but gone due to the high fuel prices. I think you will do much, much better by waiting until the lease is up then turning the vehicle in. Do some shopping but I don't think you will want to hear what the dealers are going to tell you.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi cassiemoun. Wow, a 5 1/2 year lease. That's a long time. You must be glad that it is coming to an end. This lease must no be through GMAC, I don't think that it even offers leases which are that long. If it is through GMAC, it is running an early lease termination program right now that lets current lessees out of their deals up to two months early if they purchase or lease a new GM product, but a full year is a long time. Chances are that it will be cheaper if you just wait until you are closer to the scheduled end of your lease to get something new.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Excellent point, rockman59. The trade-in values of SUVs are unbelievably bad right now. Any chance that Cassie had of getting out of her lease early with a minimal loss flew out the window when gas prices went this high. At least she is leasing and doesn't own the Suburban. I thank my lucky stars every day that I am leasing my SUV and that I will be able to get out of it and let the bank absorb the huge loss on it.

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  • irishrogue1irishrogue1 Posts: 127
    Is the $2k customer cash and $2k bonus cash available on a lease? i assume the add'l $2000 purchase cash is not.

    Can you confirm that rates/residual for july did not change when chevy updated incentives yesterday.

    interesting that none of the ads or chevy website mention the choice of taking $4k/6k on a lease/purchase over the 0% financing for 72 mos.....

    Given the inventory msot dealers seem to have can we expect that chevy will change around and increase the incentives on "leftovers" starting the week of July 7th or will they allow July to be a bust and wait for August to really blow out leftovers?

    Also whey hasnt chevy touched the GM card redemption allowances?? I am sitting on over $5k and have to believe that they will at least double the existing $1500 limit that applies to my GM earnings or ideally drop the limits altogether and "reward" card users for the remaining '08s....

    my goal is to purchase (maybe lease) an '08 Suburban LTZ stickering for $55k for a total of $12-14k off sticker at 2.9% over 60mos less another $2500-5000 in GM earnings.....Now I just need Chevy to play along and hold the 60mo rate at 2.9%, up the basic customer cash to $4k plus another bonus/purchase/conquest cash of $4k and tinker with the redemption allowances. anyone want to take bets?

    I suspect that they wont seriously subsidize leases and risk getting these trucks back in 24-39 mos with low residuals and bloated buyout prices based on a soft used market and residuals based on MSRP that was $8-10k higher than the capitalized cost...
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi irishrogue1. Through July 7th, General Motors is providing a total of $2,000 bonus cash that can be used on leases of the '08 Suburban through GMAC ($4,000 on cash purchases). It is difficult to say what GM's incentives will look like for the rest of July, but I would not be surprised if the 0% for 72 months and some of the bonus cash disappeared for a few weeks until GM realized that it will not be able to unload its leftover '08 models without aggressive promotions.

    Car_man
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  • bam419bam419 Posts: 1
    I had tagged a suburban through the GM pep program due to come in july 7th and it came in today... Unfortionatally for me they dropped the $4k rebates and my payment would be $170 higher which we cant afford... Do you think they will bring back the lease rebates for july or wait till august... I dont want to buy even with the $6k off I have bought my last 3 trucks and was actually excited to lease this time..
    thanks
    pissed off in oxford MI :mad:
  • wiesemdwiesemd Posts: 2
    I'm interested in leasing a 2008 Suburban, 36 months, high end LTZ. I'm lucky enough to have a GM employee as a father-in-law, so I get to factor in GMS prices as well. What are the latest numbers for a lease deal, what rebates apply, latest residual values? Also, any clue if it is getting harder to get a lease, since it is all over the news that GMAC (as well as other domestic lease companies) are taking a beating on SUV's?

    Thanks in advance!!!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi wiesemd. Unfortunately, General Motors just cut way back on its lease support starting August 1st. It no longer offers special lease rates or residual values for the Chevrolet Suburban. As a result, if you were to lease one through GMAC you would have to use its standard lease program, which is absolutely horrific. If you absolutely have to lease this truck, you would be best off using the cash incentives that are available on it to reduce its selling price and than leasing it through an independent bank.

    Instead of a special lease program, GM is now offering 0% financing for up to 6 years or $6,000 customer cash on the '08 Suburban.

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  • wiesemdwiesemd Posts: 2
    Thanks for the reply! Any recommendations on independent banks that offer leases?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're welcome, wiesemd. Dealers usually have access to systems that enable them to search the country for the bank that has the best available lease program on a particular vehicle at any given time. Chances are if there is a reasonable lease program available out there on the Suburban dealers will know about it and steer you in that direction.

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  • hello car_man

    can you please provide the latest lease info for a 2008 Z-71? looking for the money factor (rate) and residual value on a 36 and 39 month lease with 12K miles a year. Can you als provide the same info for a 2009?

    thanks in advance
  • murphy4murphy4 Posts: 92
    in a few months and I hoping I will be able to lease a 2009 Suburban at a fair price.

    Are good leases still available or will be by May 2009? Or are thye going to steer everyone into purchases?

    What should I expect??
  • Hi KMS2009. Unfortunately, General Motors' current cash problems have forced it to pull the plug on leasing. You might be able to lease a Suburban through an independent bank, but if you really want one you will probably be better off financing it using GMAC's special rates, paying cash for it, or taking the cash incentives and financing it through an independent bank.

    If you are completely set on leasing, you probably will be better off going with a different truck.

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  • Hi murphy4. Please see my previous post.

    On a somewhat unrelated note, I actually rented a new Suburban for a road trip with my family a couple of months ago and I came away extremely impressed with it. It's a great truck, just not a great one to lease.

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  • murphy4murphy4 Posts: 92
    Thanks Car_man! I am now leaning more towards a purchase. Trying to see what the best 5 year rates are out there. It is primarily for my wife and she does not drive that much......9000/year. So after 5 years thats only 45-50k on the Suburban, from what I see with decent care it hsould be in fine shape.

    Now I just need to find best loan and best deal.
  • You're very welcome, murphy4.

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  • murphy4murphy4 Posts: 92
    Has anyone leased a 2009 Suburban in last few months? Is there any competitive leases out there on this vehicle?
  • jim53jim53 Posts: 109
    Car_Man,

    What are the current incentives and lease programs on the Suburbans? Would be interested in 36-39 months at 12K miles per year.

    Thanks.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey jim53. You definitely do not want to lease a Suburban through GMAC. General Motors is not currently providing any lease support on this truck, so the interest rates on it would be sky high. Plus its residual values are in the mid-thirty percent range. This is not a good truck to lease.

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  • penn2penn2 Posts: 61
    Hello Car_man

    What is current residual and lease rate for LTZ at 39 mos and 12k/yr? Any available incentives?

    Thank you!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello penn2. Ally's June base lease rate and residual value for a 39 month lease of a 2011 Chevrolet Suburban LTZ AWD with 12,000 miles per year are 0.15% and 44%, respectively.

    When negotiating your deal, make sure to take advantage of the $1,825 cash incentive that is available on leases of this truck through Ally.

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  • penn2penn2 Posts: 61
    Thank you Car_man -- but wow, not too attractive ... especially the residual. Will wait and see what July brings

    Thanks again
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome penn2.

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  • penn2penn2 Posts: 61
    Car_man -- now that we're in to July....has the lease offer improved at all for the LTZ? What is residual for 10k mi/year? Further incentives? I don't see a lot of these trucks being sold/leased.... thanks!!!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey penn2. Ally's June base lease rate and residual value for a 39 month lease of a 2011 Chevrolet Suburban LTZ AWD with 12,000 miles per year are 0.15% and 41%, respectively.

    When negotiating your deal, make sure to take advantage of the $3,000 cash incentive that is available on leases of this truck through Ally.

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  • Car_MAN

    Can you provide the residual value that Chevy is providing for this Lease deal?

    Chevrolet National Lease Offers
    2011 CHEVROLET SUBURBAN 2WD w/1LS
    Low-Mileage Lease for Qualified Lessees
    $499/month 39 month lease.

    $2,269 due at signing (after all offers). Includes security deposit.
    Tax, title, license, dealer fees and optional equipment extra.
    Mileage charge of $0.20 /mile over 39,000 miles.
    Read full offer details
    Example based on survey. Each dealer sets own price. Your payments may vary. Payments are for a 2011 CHEVROLET SUBURBAN 2WD w/1LS with an MSRP of $42,285. 39 monthly payments total $19,461. Option to purchase at lease end for an amount to be determined at lease signing. Ally Bank must approve lease. Take delivery by 10-03-2011. Mileage charge of $0.20/mile over 39,000 miles. Lessee pays for maintenance, repair and excess wear. Payments may be higher in some states. Not available with other offers. Residency restrictions apply.
  • I'd be happy to help you out, jcatan33. Ally's current base lease rate and residual value for a 39 month lease of a 2011 Chevrolet Suburban LS 2WD with 12,000 miles per year are 1.1% and 44%, respectively.

    General Motors is currently providing a $3,800 cash incentive on leases of this truck through Ally.

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  • ecloueclou Posts: 16
    Car_man can you list the current terms for lease on a 2012 Suburban LTZ 4x4? How about on a 2012 Suburban LT Z71 4x4?

    Thanks!
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