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2013 and earlier Chevrolet Tahoe Lease Questions

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  • sgtslatesgtslate Posts: 16
    Pardon me Darenc7, "58 month lease"?? Did you mean 48 month lease? I hope you are not going for a 58 month lease. I think that would be foolish. Usually the advantage of leasing is staying within the warranty period.
  • darrenc7darrenc7 Posts: 2
    Yes, I did mean a 48 month lease.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello gatorb8. A base 2006 Chevrolet Tahoe 4WD has a spread of just over $3,100 between its full MSRP and dealer invoice prices. You are being given a discount of $3,038 on the truck that you are considering. This looks like a very good price to me, especially considering the fact that this is such a new model. Using the numbers that you provided in your post, an MSRP of $44,475 and a selling price of $41,437, and GMAC's actual lease program I estimate that this truck's 36 month, 12,000 mile per year, zero down, pre-tax monthly payment should be around $590. With this lease, you would have to pay your truck's first month's payment of $590, a $600 security deposit, GMAC's $595 acquisition fee, and any required state taxes or fees at lease signing. The payment that you were quoted is higher than this, but it includes sales tax. Just make sure that the dealer you are working with is using GMAC's base lease rate of 7.5% to calculate your truck's monthly payment.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Whew, I thought that you meant a 58 month lease as well. A 48 month lease is long enough :D . The selling price that you were quoted for this truck is very attractive, as long as it is not taking your trade in into account. There's nothing wrong with trading in your current truck when leasing, however it would be in your best interest to have the dealer that you are working with cut you a check for it instead of using the proceeds from it as a capitalized cost reduction for your lease. Consumers who make large cap cost reductions when leasing risk losing them if their vehicle is totaled in an accident or stolen and never recovered.

    Let's use the prices that you were quoted and GMAC's actual lease program to calculate a lease payment on this truck. According to my calculations, if you were to lease a 2007 Chevrolet Tahoe with an MSRP of $49,238 and a selling price of $44,224 through GMAC right now for 48 months with 12,000 miles per year, its zero down, pre-tax monthly payment should be around $580. With a $5,000 down payment, which I highly advise against, this payment would drop to around $461.

    Car_man
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  • Car_man,

    Help me out and review this and let me know if this is a good deal or not:

    2007 Tahoe 2WD LTZ fully loaded

    MSRP with all options I have selected is: $49,270.00 which includes the destination. After all rebates the final sales price is $42,000.00.

    Using the GMAC Smart lease this is the info he gave me:

    48 months, 12K per month, $5000 down payment and nothing else due at signing.

    Monthly payment: $464.07 including 7.0% tax for my county in Florida.

    He said at the end of the lease I could do the same as the GMAC Smart Buy and purchase with a final ballon payment of $27,109.50

    I don’t know the residual or the interest rate?

    Also the dealer told me that if I do decide to keep it at the end of the lease and finance the remaining that I don’t have to pay Tax, Title or Tags, so is it all included in this lease already? All I have to pay is sales tax again.

    I know you say never make a down payment, but this keeps my payments low and even with out the down payment. I would have to finance more on the ballon on the end, so it kind of works out I just pay about $1,100 more in interest buy going with the lower payment.

    So is this a good deal????
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi garrison93. Let me begin by saying that $5,000 is way too much money to put down when leasing. Consumers can and should lease any vehicle that they are interested in without making any sort of capitalized cost reduction. I always discourage community members from making large down payments on leased vehicles because if their vehicles are totaled in an accident or stolen and never recovered their down payments essentially disappear.

    Now let's take a look at the selling price that you were quoted for this truck. The truck that you described probably has a spread of a little over $5,000 between its full MSRP and dealer invoice prices. In addition to this spread, GM is providing $2,000 bonus cash on '07 Tahoes right now. This gives us a little over $7,000 to play with. You were quoted a discount of $7,270 on the truck that you are interested in. This price looks very good to me. Using the prices that you mentioned in your post, an MSRP of $49,270 and a selling price of $42,000, I estimate that this truck;s 48 month, 12,000 mile per year, zero down, pre-tax monthly payment should be around $492. A $5,000 capitalized cost reduction would drop this payment to around $375, but again you would be better off not putting so much money down. I used a lease rate of 6.3% and a residual value of 55% to calculate the above payment.

    Car_man
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  • Dear Car Man-
    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
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings roncoemd. The truck that you described has a spread of around $4,000 between its full MSRP and dealer invoice price. Furthermore, General Motors is currently providing $2,000 bonus cash on it. You are being given a discount of nearly $6,000 on this truck. I suspect that this is pretty close to dealer invoice, which is a very good deal. I believe that GMAC's base lease rate for this truck is 6.3% as well. Using the prices that you mentioned in your post, an MSRP of $44,790 and a selling price of $38,800, I estimate that this truck's 36 month, 15,000 mile per year zero down, pre-tax monthly payment should be around $505. 15,000 miles per year is the highest mileage allowance that GMAC publishes residual values for. This truck's 36 month, 15k residual is 60%. If you need to drive more miles than this, you would have to purchase them on a per-mile basis. With this deal, at lease signing you would have to pay your first month's payment, a security deposit equivalent to your truck's payment rounded up to the nearest $25 or $50 increment, GMAC's $595 acquisition fee, and any required state taxes or fees.

    Car_man
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  • nick05nick05 Posts: 3
    This is what I got on my final negotiation for a 2007 Tahoe:

    This is the GMAC Smart Buy...

    A good deal???...

    MSRP: 42,284
    Sale Price: 39,536
    Cash Down: 2,500 (T/T/L is $2556... see the FYI below)
    Rebate: 3,000
    Adj Cap Cost: 34,036
    Rate 8.3%
    Balloon (residual) 22,410.52 (53%)
    Monthly Payment: 524.49

    (A regular lease had a lower rate, but a residual of only 40%)

    FYI: In the state of Texas, Sales Tax for an auto lease is paid on the full sale price of the vehicle, not the lease payments. (Plus, you pay interest on the sales tax if it is rolled into the lease payments.) Additionally, if you decide to purchase the vehicle at the end of the lease term, you must pay sales tax AGAIN on the remaining balance (a second sale). Double-Taxed! Yes, this is the law in Texas. (I think Illinois is similar). So, in Texas, if you have any possible plans to keep your car, don't lease it!
  • Can anyone tell me if the lease residuals have changed effective today? I have been negotiating a very good deal with two local dealers on a LT3 loaded, getting $7,300 off MSRP with rebate. I noticed the GMAC lease calculators show the payment much higher today than yesterday, has something changed?
  • Car_man,
    Please tell me what you think of this deal.
    2007 Chevy Tahoe LTZ
    Nav,Entrtnmt sys, etc...

    MSRP $53,700
    Sale Price $49,300
    This Cincinnati Ohio dealership will lease me this truck for $679 a month (tax included) for 39 months with $0 down at 10,000 miles per year.
    They will also do a 39 month lease with $0 down at 12,000 miles per year for $709 a month.
    This seems a little high.
    Your thoughts?
  • Hi scooter650. I don't believe that GM's lease program for the Tahoe changed much for the month of September. Are you interested in a 2006 or a 2007 model? General Motors is no longer providing lease support on the 2006 Tahoe. You never mentioned how long you want to lease for or what sort of 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. GMAC's current base lease rate and residual value for a 36 month lease of a 2007 Chevrolet Tahoe with 15,000 miles per year are 6.3% and 60%, respectively. Let me know if you need any other info.

    Car_man
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  • Hello spiketudor. The 2007 Chevrolet Tahoe that you described has at least a $5,200 spread between its full MSRP and dealer invoice price, probably a few hundred more. The $4,400 discount that you were quoted for this truck looks very reasonable to me, but you may want to stop by the following discussion to compare the price that you were quoted to what other community members have paid for similar trucks lately: "Chevy Tahoe: Prices Paid & Buying Experiences". Using the prices that you mentioned in your post, an MSRP of $53,700 and a selling price of $49,300, I estimate that this truck would have a 39 month, 10,000 mile per year, zero down, pre-tax monthly payment of around $603. With 12,000 miles per year, the payment for an otherwise identical lease would increase to around $628. As you thought, the payments that you were quoted seem a little high to me as well.

    Car_man
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  • Hi Car_man,

    Can you please provide the lease numbers for the 2006 Suburban LS 1500 4dr SUV 4WD and the 2006 Tahoe LS 4dr SUV 4WD for 24 and 36 months each with 15k miles per year.

    Thanks a lot
  • Hi Car_man,

    Sorry to post again, but I'm in desperate need for the numbers (mf and resid) on a 2006 4x4 Suburban LS 1500 (w LT Equip Pkg) and a Tahoe LS (with LT Equip Pkg) for 24&36 months with 15k miles/yr. I've gotten a few quotes and want to make sure I have all the info before proceeding. I know there's a $6k incentive, but are there any other incentives or restrictions?

    Thanks
  • hooopshooops Posts: 64
    Car_man,

    My pilot lease is up on 11/1 and I'm looking to lease larger suv. My understanding is that there is no lease support on 2006 Chevy Tahoes and Suburbans. With that being said, can you please provide me with the mf and resid for 2007 Suburban LS 4x4 1500 and Tahoe LS 4x4 for 24&36 months with 15k miles/yr. I'm also considering the Sequoia SR5 4x4 so if you could provide the numbers (same term as above) for that SUV as well, I would much appreciate it.

    Thank you very much
  • Hey hooops. Unfortunately, General Motors is no longer providing lease support on 2006 models. If you really want to lease a 2006 Suburban, you would have to do so through an independent bank if you could find one that was willing to lease it to you. You are probably going to be better off financing or paying cash for a 2006 Suburban or Tahoe at this point. If I was in the market for one, I personally would finance it at 0% for 72 months.

    Car_man
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  • Here's the info for the 2007 models that you're interested in, hooops. GMAC's current base lease rate and residual value for a 24 month lease of a 2007 Chevrolet Suburban LS 4WD with 15,000 miles per year are 6.3% and 67%, respectively. The numbers for an otherwise identical 36 month lease are 6.3% and 60%. The numbers for the 2007 Tahoe are exactly the same. When negotiating your lease on either of these trucks, keep in mind that General Motors is providing $1,000 bonus cash on them nationwide this month. It is providing additional bonus cash on them in select regions. I would be happy to tell you if there is any additional bonus cash available in your area if you tell me what state you are in.

    Car_man
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  • hooopshooops Posts: 64
    Thanks as always for the information. I'm from NJ - can you please let me know if additional bonus cash is available there? Do you expect any changes in terms of resid/mf or bonus cash availability in early November on the Suburban?

    Thanks again
  • CARMAN,
    I am an avid reader of your forum and now need your opinion on a lease for a 2007 Tahoe. The details:

    2007 Tahoe LT 3 (sunroof, leather, loaded)
    48 months @ 12k miles per year

    MSRP $40,510
    Selling Price $ 36,185
    Residual 62 %
    Interest reate 6.3%
    $ 2k down plus tax, tag and dealer fee ($598)
    Dealer is throwing in free bug shield($110...really needed in Florida) and lease end warranty protection ($595 value)

    Monthly $407 plus tax

    I have shopped the local market and this is the best numbers I have been able to find here in central Florida, Your thoughts?

    wiggles3

    ps. Thanks for all your good work in educating the consumer.
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