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GMC Yukon Lease Questions

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Comments

  • franco16franco16 Posts: 8
    Car Man,

    The deal I was making in Feb. fell through, because the salesman is no longer with the dealership. I tried sending our e-mail discussions but the new salesperson is denying any such deal and now quoting me a ridiculous price at 1629 inception fees and 832/mo 39 mos. with 12K miles.

    I fortunately have time before my current lease is up, I am contacting other dealers now. The old dealership told me that the cash incentives posted on Edmunds are for purchases only and not for leases. I don't know if I am reading the info correctly, but it appears to specifically state cannot be applied to 0% financing deals. Which to me tells me that we can apply it to a lease. Do you have any recommendations for me at this time?

    Frustrated now in NJ..........
  • go8go8 Posts: 58
    Generally in the past the GM cash incentive cannot be applied on a lease deal.
  • franco16franco16 Posts: 8
    I'm finding out the lease deals are not very enticing right now. The numbers have gone up from 650 to 832/mo. I'm sure I can probably get them down a bit but not much. I have some time before my current lease is up. I'm hoping that the numbers change for next month. sorry to be such a downer, but I've been on this lease for months now.
  • steveeb1steveeb1 Posts: 2
    Hello,
    I am currently looking for a new car and the best lease prices. i was wondering if anyone knows about these lease brokers and if they are legit. They seem to have become very popular and i was just wondering if anyone has any experience with one. they claim to have the lowest prices.

    thanks
    steve
  • franco16franco16 Posts: 8
    Hey Steveeb1,

    What lease brokers are you speaking of. Can you give me some names so I can check them out?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here's the info that you're looking for, xogrady. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 GMC Yukon with 10,000 miles per year are 7.2% and 65%, respectively. General Motors is currently providing a $1,000 cash incentive on leases of this truck to current owners and lessees of GM vehicles. If you are eligible for it, make sure to take this cash into account when negotiating your truck's selling price.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi aonic. I see that you are considering making a $3,000 down payment on the truck that you want to lease. I always advise community members against making large down payments on leases. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be higher, you would be better off going with a zero down lease.

    GMAC's current base lease rate for the 2008 GMC Yukon Denali is 7.2%. You may be required to make a security deposit on your lease to get this rate though. Make sure that the dealer uses the 7.2% rate instead of the 8.2% rate that you were quoted. Seven percent interest is bad enough compared to the average interest rate on car loans today, there's no need to pay an even higher rate than that.

    In your post you mentioned this truck's dealer invoice price. What was its selling price? The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Try to negotiate a selling price that is as close to invoice as possible. If you are in an area that has a decent level of competition, you shouldn't have much trouble finding a dealer that is willing to lease you this truck for less than $1,000 over invoice, given the slow market that we are in right now and the high price of gas.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey utbandit. You definitely need to fight for the 7.2% lease rate. Nine percent interest is nuts, given the current level of interest rates. The dealer is likely trying to make additional back-end money on your deal by marking your rate up. You can always shop around if this dealer isn't willing to work with you.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey penn2. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 GMC Yukon Denali with 12,000 miles per year are 7.2% and 63%, respectively. If you are a current owner or lessee of a GM product, make sure to take the new $1,000 loyalty.cash incentive that is available on leases of this truck into account when negotiating your deal.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're right, franco16. General Motors' lease program on the GMC Yukon is not very good. If I was in the market for one, I personally would take advantage of the special financing offers that are available on it instead of the lease program. In March, GM was offering 0% financing for up to 5 years on this truck and in April is has 2.9% for up to 6 years.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello Steve. In my experience, brokers like the one that you mentioned really don't bring anything to the table that a savvy consumer who some some comparison shopping could do on their own, other than another party that has to profit from your deal. There's nothing wrong with using a broker if you don't have the time to shop around on your own or if you are inclined to pay someone to shop for you, but using one is unlikely to get you a better deal than you could get on your own.

    Car_man
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  • psywzrdpsywzrd Posts: 30
    just came from my GMC dealer and got the following #'s and want to know what you guys think.

    MSRP: 56315
    Cap Cost: 51936 (GMS pricing)
    Cap Cost Reduction (GM loyalty discount): 1000
    Interest Rate: 7.2
    Sales Tax: 7%

    I calculated the following prices for a 12,000 miles/year lease with no money down (just paying first payment, bank fees, motor vehicle fees, etc. up front - probably just under $2000):

    36 months (63% residual): $736.87
    30 months (64% residual): $810.46
    24 months (68% residual): $850.09

    For 10,000 miles/year it looks like this:
    36 months (65% residual): $706.99
    30 months (66% residual): $773.91
    24 months (70% residual): $803.47

    What do you guys think of this? Should I try beating them up to get pricing even lower than GMS or is that about as low as I'm going to realistically get?
  • titlemantitleman Posts: 3
    That deal seems pretty good to me I have been looking around in Northern NJ and haven't been able to get that good of a deal. I have been quoted $745 with $3200 down for teh 36 month lease. Can I ask what dealer youa re going through?
  • psywzrdpsywzrd Posts: 30
    I'd rather not say in public (you can pm me or email me if you want) but it has nothing to do with the dealer (I'm in Central NJ though). Do you have a GM Friends and Family certificate? If not, get one because that's what I'm using. Once you have that, there's really no negotiating necessary unless you want to try to get them to go even lower on the selling price of the car. Almost all dealers accept them and the selling price is predetermined by GM. I don't even know if they will go lower than the supplier pricing that the certificate gets you but I may give it a shot to save myself a few extra bucks.
  • penn2penn2 Posts: 61
    Thank you Car_man for providing updated information...

    On other question - as I priced the vehicle through Edmunds and looked into available incentives on the pricing page, it indicates that the cash is $2K, not 1K for loyalty cash incentive

    Has something changed? Meaning, the $2K is out of date or is that the latest and greatest?

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, penn2. The owner loyalty cash offer is $2,000 for cash purchases and only $1,000 on leases.

    Car_man
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  • penn2penn2 Posts: 61
    Car_man

    thanks for response --

    Curious, though, if anything changed from April to May ...for the positive

    Specifically - MF -- it was @ 7.2% on 36mos/12k mi lease in April. Has that improved? How about financing?

    Also, in addition to the loyalty rebate/incentive, what else is currently available in May? At one time in April, one dealer was offering up to $6K in combined incentives

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, penn2. The Yukon's lease rate is still 7.2% in May. Unfortunately, I do not believe that General Motors is providing any cash incentives on the Yukon right now, other than the $1,000 owner loyalty / conquest offer on leases.

    Car_man
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  • chris7469chris7469 Posts: 4
    I posted a similar message on the wrong forum.

    I just leased a 2008 White Denali in April with a sticker of 59,700 for $782.13 per month including NJ Sales Tax. Total upfront costs were $2,840, however that only covered me for 3 yrs and 36,000 miles. Included in that $2,840 was a $500 additional upfront payment for a bumper to bumper warranty for the extra 3 months and 9,000 miles. There is a refundable $800 security deposit and no disposition fee.

    Its a 39 month lease with 15,000 miles per year through GMAC.

    The truck is loaded with the dual DVDs, Touch Nav, retractable running boards, 20in wheels. We love it.

    It was in Central NJ and the dealer experience was excellent.

    After shopping around, for the mileage and options I think we got a good deal.

    What do you think?

    Thanks. CM
  • penn2penn2 Posts: 61
    Appears to be a good deal!

    Recieved comparitively similar attractive deal on Stealth Gray/Ebony Denali just leased

    MSRP 56,315
    Options were Sun/Ent/Dest and 20" wheels, heated steering wheel

    12k/39 mos

    $650.45/mo all inclusive

    Nothing down

    first mos payment + $94 (tag) due at signing

    So, between your deal and this one they clearly are looking to move Denali's off lot
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