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GMC Sierra Lease Questions

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  • guestguest Posts: 774
    Rocky ...
    Well, the "all new" Sierra/Silverado is not getting much off the sticker. I had to nearly beg to get $1500 off the MSRP.

    Anyway, I looked at the GMAC financing page today and see that 12K miles/year, 36 months smart lease for $40,320 is $690/month. I don't know what that is in terms of money factor, but seems on the high side. I'm picking the truck up in a couple days after the new year, but would like to know if there is a leasing company that gives a better 'deal'. BTW, the GMAC site lists 10.2% for a traditional buy and 9.5% for a smart buy. OUCH .. !

    BAGGER
  • rockyleerockylee Posts: 14,011
    Bagger,

    OUCH....!!!! is right !!!!!

    You need to find out your credit score and ask around. Don't let them run your credit since inquires lower your score but I'd definitely call around first thing monday and see if you could get a lower rate. If you can't then perhaps you should buy it. I honestly believe if you were willing to work you could at least knock off $3K on the MSRP. I'd almost be willing to be you could find a dealer somewhere that would sell you one at or near invoice but of course that might require some driving. I'm not sure what state you live in but I'm confident you can do much better than $1500 off MSRP. I get a GM employee discount so it doesn't matter so much to me since my price is set by GM. If I buy a 07' GMT-900 GMC Sierra Denali I might fly back to my home state of Michigan and drive it back since a friend of my family is a sales manager at a GM dealership.

    Trust me Bagger, you can do better than $1500 off. I promise ya that. ;)

    Rocky
  • I am not surprised that bagger was quoted such a high interest rate on a lease of the redesigned GMC Sierra right now. General Motors is not currently providing much in the way off lease support on its redesigned full-size pickups. GMAC's current base lease rate for the redesigned 2007 GMC Sierra Crew Cab is a whopping 8.5%, for consumers who have good credit. I suspect that the dealer that bagger is working with is running his lease through an independent bank. General Motors' lease program on its full-size pickups is never great, but if one wants to be the first on their block to have the redesigned version they are really going to have to pay.

    Car_man
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  • rs1807rs1807 Posts: 8
    Here's the lease amounts I was quoted last week on the new style Sierra Crew Cab 4x4. Taxes (6.5%) are included in lease prices. These seem high. What should they be?

    Sticker: $35,285
    Price Quoted: $32,915

    36 month lease/15k a year with 1st, security and license fees down. $590.58

    30 month lease/15k a year with 1st, security and license fees down. $616.40

    Also, I was told by another dealer that leases were at 9.2% on the new style and 6.3% on the older style 'classic' 2007 trucks. It seems that any deals are only on the 'Classic' trucks and not the new style.
  • baggerbagger Posts: 2
    My 2007 Sierra crew cab 4wd listed at $42,330 and they reluctanly gave me $1500 off. With $1000 down, my lease was $740/mo for 36 months 12k. No body here in CT would deal on the new style truck.

    A 2007 Ford Super crew Lariat came in at $42,300, also. I got over $4500 off and the lease was $550/mo for 36 mo 12k.

    I have a Ford in my driveway.

    Bagger
  • rs1807rs1807 Posts: 8
    I'm right with you Bagger.

    I love the GMC but the Ford is also very nice and for the price difference - I may have a Ford in my Driveway very soon too as they have given me much better pricing.

    The new GMC/Chevy is a little nicer but not that much nicer. ;)
  • Hi rs1807. At the end of January, General Motors introduced a new incentive that provides consumers who trade in a 1999 or newer vehicle on a redesigned GMC Sierra with $1,000 bonus cash. If you are trading in your current vehicle, make sure to take this offer into account.

    GMAC's lease program for the Sierra is bad, but not quite as bad as you were lead to believe. Its base lease rate for the redesigned 2007 Sierra 1500 Crew Cab is currently 8.5%. It is 5.6% for the GMC Sierra Classic 1500 Crew Cab. Using the prices that you mentioned in your post, an MSRP of $35,285 and a selling price of $32,915 and GMAC's current lease program, I estimate that the 36 month, 15,000 mile per year, zero down, pre-tax monthly payment for the truck that you are interested in should be around $510. The payment for an otherwise identical 30 month lease should be around $531.

    Car_man
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  • Thanks Car_man.

    How is the Ford dealer is getting a lease of $196/mo for 24 months with $3,470 down and 10,5K miles/yr on a truck with $35,560 sticker? They told me it was an additional $56/mo to get their lease to 15k miles/yr. It's still quite a difference in price over the GMC that I want - with nearly the same sticker price. I realize the Ford lease was quoted shorter - which really make me wonder.

    To compare the two leases, if I put $3,470 down on the GMC what will the payments be? I'm trying to find out how much the GMC needs in incentives to be similar in price to the Ford.
  • rockyleerockylee Posts: 14,011
    Wouldn't it be cheaper to do traditional finacing ?

    Rocky
  • Maybe. I'm not sure if there is a tax advantage either way. (Truck is for the business.)

    GM has 0% for 36 months (purchase) on the new style this week. The 'Classics' have 0% for 60 months.
  • Hi rs1807. You really shouldn't make any sort of down payment when leasing. I always advise consumers against doing so because if your leased vehicle is totaled in an accident or stolen and not recovered during your lease term there is a good chance that you will lose any down payment that you made.

    Ford's incentives on the F-Series pickup are more aggressive right now than GM's incentives on the redesigned GMC Sierra are, so I am not surprised that it is less expensive to lease a Ford than a Sierra right now.

    Car_man
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  • dpjdpj Posts: 16
    Car_Man,

    Looking at a 2007 Sierra Denali, MSRP $48,670, Expecting to pay around invoice at $44,052 less $2,250 in incentives. 36 Mo, 15K mi, no idea of lease rates or residual. Any ideas of rate, residual and payment?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Greetings dpj. GMAC's current base lease rate and residual value for a 36 month lease of a 2007 GMC Sierra 1500 Crew Cab with 15,000 miles per year are 8.15% and 61%, respectively. Using these numbers, an MSRP of $48,670, and a selling price of $41,802, I estimate that your zero down, pre-tax monthly payment would be around $580.

    Car_man
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  • Hi Car_man, I am looking at the GMC Sierra 1500 2WD SLE trim. Crewcab short bed. What is the current lease program. 24 and 36 months, 15K per year? I'm in southern california. Thanks for the info.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hey multiplechoice. Here's the info that you're looking for. GMAC's current base lease rate and residual value for a 24 month lease of a 2007 GMC Sierra 1500 Crew Cab SLE 2WD with 15,000 miles per year are 7.75% and 70%, respectively. the numbers for an otherwise identical 36 month lease are 7.75% and 61%.

    Car_man
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  • Car_man,
    I greatly appreciate your info.
    I'm looking at purchasing or leasing a new 07 Sierra. It seems we'll be seeing big discounts on cars again soon ie. 10k off sticker prices on Ford and GM pickups and more than 10k off full sized SUV's. Is it possible to negotiate 10k off sticker on a Sierra and then negotiate a lease? The lease would be very small because the depreciation would be negotiated out of the deal.
    Do you have experience with this?

    The recent rate cut by the US FED will boost retail sales in the near term but the end of this year will see economic consolidation and car manuafacturers will feel the pinch again.
  • Hello car_man,
    I am getting 2 different opinions regarding the impending purchase of a new 2007 sierra 1500 crewcab. I want to take advantage of the 0% , 60 months financing. Using the pull ahead option for my 04 escalade w/ 68K miles, one dealer said i am entitled to sales tax savings using a book value for my 04 escalade , the other dealer said I am not entitled to any sales tax credit when i pull ahead, only when i trade in. Neither dealer want my vehicle as a trade in. I am currently in a smart buy, 3 months left, 16K miles over. I live in Central NY, unable to get ANY advice from GM, or GMAC. Can you advise or point me in the right direction?

    Thank You,
    Craig caddyman9160
  • Hello,

    I'm looking for the current lease programs for an 08 Sierra Crew Cab, SLE, 36 months, 15k miles.

    Thanks!
  • Here you go, ltrejo. GMAC's current base lease rate and residual value for a 36 month lease of any 2008 GMC Sierra Crew Cab with 15,000 miles per year are 7.75% and 61%, respectively. When negotiating your lease on this truck, make sure to take advantage of the $1,000 lease cash that is available on it.

    Car_man
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  • hello,

    I am at a crossroads with my 2003 2500 HD Duramax 4x4 Sierra truck.

    I am at the end of my lease in three months and I am debating whether or not to purchase the vehicle at the end of the lease term.
    Wells Fargo said that they will sell it to me for $17,204.95 plus tax they say I am pre approved, no money down and no pre-pay penalties, it is at a rate of %11.36 .

    I am leery of buying it if the offer is not good, because the truck has ongoing injector issues (fixed under warantee twice but can be very expensive), but I also have a limit on my lease to my mileage of 75,000 total and I have gone seriously over (total miles 137,000 and change) and I know I cannot just get out of the lease without getting fleeced at 17 cents per mile.

    So my question is should I purchase with the rate offered and will the miles matter? Or should I take the next three months and find someone to buy it for a good deal and get out scott free?
    And will most dealers rip me off on a trade- siince I was told I have positive equity since the truck is worth about 21,000 on Kelly blue book.

    Thanks for your help!!
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