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2013 and earlier Chevrolet Tahoe Lease Questions

CarMan@EdmundsCarMan@Edmunds Posts: 38,515
edited July 7 in Chevrolet
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Chevrolet Tahoe. Thanks.

Car_man
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Comments

  • Are you answering SmartBuy questions as well. Here in Texas because of the weird way they handle sales tax, hardly anyone leases. It works better to use a SmartBuy. Thanks
  • Hi dardson1. Unfortunately I do not personally keep tabs on General Motors SmartBuy program. I have actually heard from some people that I know at GM that now that the vicarious liability laws that used to exist in New York have been done away with they will eventually be reintroducing leases there and phasing out the SmartBuy program. Balloon notes will probably stick around in markets that they have traditionally been available in, like Texas though. Sorry that I could not be of more help.

    Car_man
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  • is it possible to pay in advance for a 2 year lease?
  • Hi soxfan1452. Yes, many banks, I believe including GMAC, allow consumers to pre-pay leases. Consumers still have to pay interest on pre-paid leases, even though they are giving the bank all of their money in advance. Host banks provide some sort of reduction in their normal lease rate or money factor to consumers who pre-pay leases though.

    Car_man
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  • Hey Car_man, what are the Mony factor and residual on a 2006 tahoe 36 month lease with 12K annual mileage?

    Thank you.
  • Hi silver636. General Motors just introduced a new lease program on this truck today. If you were to lease a 2006 Chevrolet Tahoe through GMAC right now for 36 months with 12,000 miles per year, its base lease rate and residual value should be 3.5% and 57%, respectively. As you can see, GMAC publishes lease rates instead of money factors for the vehicles that it leases. You can convert lease rates into approximate money factor equivalents by dividing them by 2400. On an interesting, somewhat related note GM has already published a lease program for the all new 2007 Tahoe.

    Car_man
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  • pdurantpdurant Posts: 18
    Hey Car_man,

    Can you please post the lease program for the 2007 Tahoe? I am interested in 36 and 48 month Money Factors (or Leare Rates in GM's case) and Residuals.

    Thanks!

    Philip
  • pdurantpdurant Posts: 18
    Hey Car_man,

    In addition to the 2007 Tahoe info I requested in my previous post, can you also please post the lease information on a 2006 Chevrolet Tahoe Z71. I would be interested in residuals and money factors (or lease rates) for 36, 39, 42 and 48 months at 15k miles per year.

    Thanks for all your help!

    Philip
  • My wife priced a 2007 Tahoe LT3 with center row buckets, sunroof, 20" wheels, power liftgate, heated second row,sensing wipers, heated washer fluid for $45655 MSRP, $39975 GMS. Money factor 0.00125 and a residual of 0.66 at 27 months. Is this a fair deal. I think it is but checking.
  • I sure can, Philip. Here you go. If you were to lease a 2006 Chevrolet Tahoe through GMAC right now for 36 months with 15,000 miles per year, its base lease rate and residual value should be 7.5% and 60%, respectively. the numbers for an otherwise identical 48 month lease should be 7.5% and 52%.

    Car_man
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  • Hey Philip. As far as the 2006 Chevy Tahoe goes, if you were to lease one 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. The numbers for an otherwise identical 48 month lease should be 3.5% and 46%. If I was in the market for an '06 Tahoe, I personally would finance it through GMAC or an independent bank rather than lease it. You can finance it through GMAC at an amazing 0% for up to 72 months plus $500 customer cash. If you opt to get a loan through an independent bank, you can take advantage of the $5,500 dealer cash that is available on this truck right now and the dealer cash that is out there to buy it for well below invoice.

    Car_man
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  • This sounds like an excellent deal to me, 87rocket. Not only were you able to get the GMS price on what is debatably one of GM's hottest products right now, but somehow the dealer that you are working with is calculating your lease payment using a money factor that is well below the one that GMAC is offering on this model right now. A money factor of .00125 is equivalent to an interest rate of around 3%, versus GMAC's normal lease rate of 7.5% for this truck. What bank is this lease being run through?

    Car_man
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  • Dear Car Man

    I just received a quote on a lease for a 2007 Tahoe LTZ with a sticker of 50,250. Here are the terms

    36 months
    nothing down
    GMS employee discount price $43,651
    Residual value....approx 60%
    Interest rate 7.5%
    6% sales tax in Michigan
    $696 per month 15m miles a year
    $656 per month 12m miles a year

    This seems awfully high to me. With a residual value of 60% ($30,150) and a base cost of $43,651, even at the interest rate you would think my payments would be under $600 per month. Am I missing something?
  • Hi tmgeneral,

    I'm not sure how they are calculating in the 12K or 15K mileage, but taking
    50,250 x .60 = 30,150
    43,651 - 30,150=13,501/36=375 per month
    (43,651 + 30,150)x .00313 (this is your 7.5% x 2400)=230.99 interest per month
    375 x .06 (tax)=22.50 in tax per month

    should equal $628.49 per month, but again then they add in the mileage and that might raise it to what you are being quoted. It is because the interest rate is pretty bad, although the residual is good, see if they can check with other banks, but of course then their residual might be low.
  • Hi 87 Rocket,

    I would also love to know what bank the rate of .00125 and .66 residual your wife was quoted from. I was quoted a residual of .60 and terrible money factor of .00313 (7.5%)through GMAC on a 2007 tahoe lt3 package and they are telling me that other banks haven't picked up the lease program for the 07 yet, would love to hear about which bank you got that quote through! Thank you!
  • Dear Rocket

    I would really like to know what dealership quoted you a 3% lease factor. I'm shopping for a 2007 LTZ as we speak and haven't seen anything under 7.5%
  • Hi tmgeneral. I'm surprised that dealers are accepting GMS pricing on the 2007 Tahoe already. That sure didn't take long. The lease rate and residual value that you were quoted are correct. Using these numbers, an MSRP of $50,250, and a selling price of $43,651, I estimate that your 36 month, 15,000 mile per year, zero down, pre-tax monthly payment should be around $606. With only 12,000 miles per year, that payment would drop to around $569. You should ask what this truck's payment is before tax and compare it with the figures that I came up with.

    Car_man
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  • I can confirm that at least some dealers are willing to lease the 2007 Tahoe at GMS pricing. I had a dealer offer at the following: 39 months, 15,000 miles a year,$715 a month, with all taxes (8.25% in NY) rolled in as well as a credit to me of $615 to cover an existing lease payment, which in effect would have almost offset my first payment and registration fees. In other words the only thing I wuld have to come out of pocket for is $200.

    The deal broke down when the dealer advised me after we agreed on the terms that it could not offer GMS pricing for a vehicle leased to a company, which I was going to do. Strangely enough, I had advised the dealer of this in my initial quote request a few weeks earlier that my lease would be a company lease. I registered a complaint with GM but GM refers its complaints back to its dealers so you know how far that went.

    In talking with a few other dealers my sense is that they are waiting for GM to start offering incentives on the vehicle. The 7.5% interest rate is killing them.

    I have 3 months left on my existing lease so I have time to wait. All in all this is a great vehicle and I will probably end up leasing it - I think with incentives this vehicle will really take off. I haven't purchase or leased an American car in 20 years but this one could bring me back.
  • An addendum to my lease quote above. The Lease quote was for a fully loaded LTZ, with navigation, rear entertainment and remote camera. List price was about $52,000. Anybody else do better on a quote?
  • The pricing/leasing discussions on this board are pretty sparse. Are there any other boards people can recommend?
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