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Hummer H3 Lease Questions

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  • Thanks for the response Car_man. I do need to get out of the Chrysler - it's out of warranty and is starting to need some repairs. This is my second Chrylser vehicle in a row that has started to cost a lot of money after the warranty was over.

    I'm looking at the H3 for several reasons - the 48 month lease will mitigate - a little bit anyway - ridiculously high payments due to the upside down money. The bumper-to-bumper warranty is 48 months/50k miles, so the lease terms work well with that. I have about 38 months left on the Pacifica, so using the repair money for a down payment gets me out of a potential money pit and into a new warrantied car for just a little bit past that term. And, from what I read on GMAC Financial's website, the SmartLease includes Gap Insurance - which I do not have now.
  • I think I figured something out. 3 other Hummer dealerships have only put $11,500 on my car as ACV. I think this dealership is hiding some money in the trade against the selling price. So, the ACV might actually be $11,500, which brings me to the $500 over invoice they're quoting.

    They're quoting my APR at 3.95%, stating the buy rate is 3.45% (taking 1/2 a point). I've never heard of a customer paying the actual buy rate, so 1/2 point is probably fair, right?
  • Looking at the SmartLease Programs offered, there is a Standard Program requiring a security deposit, first month's payment, and some other fees (??), and Program 07-34B-6 which only requires the first month's payment up front. What's the story here? Are certain dealerships using one and not the other? Is there an eligibility requirement for the 07-34B-6?

    How do I know which one I'd be getting? Bottom line, what will I be required to put down up front for a SmartLease in the Northeast? :confuse:
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're welcome, yingxiong. Let me know if you have any other questions.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey yingxiong. I personally would try to make the Hummer dealer use the base lease rate to calculate my vehicle's lease payment. Most consumers who know what their vehicle's buy rate is and who are in areas that have a decent level of competition are able to get dealers to use it to calculate their monthly payments.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Yingxiong, at lease signing consumers are usually required to pay their vehicle's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 or $50 increment, the acquisition fee that is charged by the bank that they are leasing through - GMAC charges $595 in most states, any down payment that you choose to make - ideally this should be zero, and any required state taxes or fees.

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  • ryano1ryano1 Posts: 1
    I've gotten 3 quotes and 3 different prices for an H3 lease this week. The msrp is $33,500. I get the gms pricing. We plan to do a 36-month 12,000/yr lease. The only out of pocket would be the 1st months+tax, title etc. So far the best deal is $345/Month with $550 due at signing. Is this a reasonable deal. My wife's uncle quoted us at $377/mth and at a 5.10 lease rate. The other dealers are using 4.65 for the rate. I think her Uncle is on the take. Any help would be great. Thanks.
  • extech2extech2 Posts: 120
    Here in Orange County, (Los Angeles area) H3s are advertised for $ 299 a month with $ 2999 down, and if you want the luxury package it is $ 360 a month, same down payment. I think it was a 39 month lease. These are for the manual transm. model, automatics might be a bit higher.
  • seagull1seagull1 Posts: 1
    Mike,
    I saw your info on the Edmonds Hummer Lease board. Can you tell me who you used for this scenario:

    I'm also in the Philly area. I went to 4 dealers in the area and only one would I recommend. I about an 07 H3X about 6 weeks ago, I don't think the lease rate has changed it should still be 3.45. If you want you can email me at sugmikeyahoo.com and I'll give you all the details and who I dealt with. You shouldn't pay sticker mine listed at 43,800 and I got it for a little under 39k. I have 39 month lease with 15k a year, I put 800 down(first payment, tax, title tags). My payment was 480. Do you live in Jersey? Theres some fees if you do. Like I said if you want email and I'll tell you where I went and who I dealt with, it was a very easy transaction....Mike

    I went to a dealer and tried to get the same and was told 510. They indicated the money moved from 3.45 to 4.6 can someone tell me if this is accurate.

    Thnaks Seagull Mike
  • extech2extech2 Posts: 120
    Congratulations on the new Hummer. I'd love to hear from new buyers: how do you like it, how is the gas mileage in heavy city traffic, how is the drive on city streets and on the highway. It would help to include the name of your other car, obviously someone driving a Cadillac might find the Hummer too harsh, while coming from a small truck the new Hummer must be truly comfortable.
  • ppete1ppete1 Posts: 2
    How does this sound?

    H3 Base with automatic
    MSRP - $31,640
    Selling Price - $28,500
    Residual - 59%
    APR - 4.6%
    $2,000 cash down
    Tax 8.75%
    39 months - 32500 miles

    $350.88 per month including taxes etc.
  • i talked to a local dealer today and they mentioned the national deal for $299 with 2429 down w/ 5 speed manual. with all fee's it was around $2800 due at signing. I mentioned that I can get supplier pricing and they came back that it would drop my price to $294 a month. not a deal to me. supplier pricing is 1800 off and that should be more than $5 dollars a month. Also like someone else mentioned, there are two lease programs listed. One shows no down payment other than the 1st payment.
  • hey Ryano1, i'm in the same boat looking for what you are doing. the dealer i talked to dropped the price from $299 to $294 when I mentioned gm supplier discount, and still wanted the whole 2800 up front. 345 a month and 550 down sounds good to what i've gotten so far. Did you say you didnt want to put that much down or did that go away when you mentioned gm pricing?
  • Hello,
    Anybody know if the Lease rate (ie money factor) is still 3.43% and also if the current residual for a 2007 H3 base, automatic is still 59% for 12,000 miles? Still negotiating a final price but they are including a $950 cap cost reduction off MSRP.

    Thanks
  • i just got my official quote yesterday from a local dealer. base H3 with automatic and the dealer had installed tube step bars. with supplier pricing it 29960 +/-. With putting $612 down the payments were 416 a month including tax. that doesn't seem competitive compared to what other people with supplier pricing are getting. they did say their was 950 in cap cost applied as well. too bad all hummer dealers in WI are through bergstrom.
  • Monkey,
    Does your hummer have a sunroof? I think the $950 is a rebate for the sunroof, per hummer incentives, also what money factor and residual are you getting?
  • felbie1felbie1 Posts: 14
    I went to my dealership today to look at the H3 and was interested in a base with automatic. When it came to numbers they said they were doing the National ad (299 39mos/10k miles/year) but with the automatic and the step bar on the side included. (they said total due was 3500, which seemed very high)

    when it came down to it. We wanted 12k miles a year, just inceptions down. and I have 850 to roll in from a GMAC lease.

    the price came to 423+tax with like 1300 for in inceptions. way too high I think. Any opinions or ideas of where I SHOULD be. I would think they would take all the incentives(3000 down in FL) off of that price, I also have GM points of about 1750 to use, as well as getting GM supplier discount, But I want to find a good price first and then use my discounts.
  • no it didn't have a sunroof. they only let you demo one H3 with sunroof and adventure group. the one I wanted didn't have those options though.

    Seems that the person in post #313 found the best deal. amazing that we are all trying to use supplier pricing and getting different quotes.

    I also questioned how the supplier website shows leases with only 1st payment down. the guy i talked to said, the websites are never right. I guess dealers make their money by just saying the website is wrong and here is what we want you to pay.

    The H3 is nice, but too bad the dealer was a putz and I left uneasy knowing that they couldn't meet what other people had posted for deals that they got with supplier pricing. I told him to let me show him this site and he just said that those vehicles are built different, that dealrs add options on after they get to the lot etc, that makes the price way off.

    I didn't bother checking what the money factor etc. was, just wanted to leave at that point.
  • rich50rich50 Posts: 12
    Monkey145,

    If the dealer was such a putz that they would expect you to believe the GM couldn't produce an accurate ad I would find another dealer. Although it is possible the salesperson is the problem.
    I leased mine at Dew Hummer and they were great- no games or gimmicks. I'm sure I didn't get the cheapest price around but they made the purchase an enjoyable experience.

    H3 Luxury with Offroad package and all options except DVD and GPS, only dealer installed option was chrome step bars:
    27 months/27k miles for $465 a month with only first month, tax, and tags down.
  • kris18kris18 Posts: 1
    hi everybody,
    went to dealer in fl.was quoted an msrp of 37550 (Base Price + Luxury Pkg + Sunroof + Side Bars) a price of 35,850. ACQ fee 595 DEL fee 347 . A Rebate of 950 . A rate of 5.10% (Seems high based on posts ..is 3.45 reasonable ?) Downpayment 2800 +625 total =3425 residual .61 10k miles /year for a monthly payment on a 39 month lease of 416.55 .
    Is this reasonable ? appreciate any feedback..
  • Car Man,
    I posted back in Oct. 2006 about a H3X that I leased. Here is the deal to refresh your memory:
    MSRP $43,815
    Lease Price $41600
    Cap Cost Reduction $1228.81
    Length 36 Months
    Lease Rate 4.45
    Residual Value $25412.70
    Rent Charge $4602.20
    Total Money down $2500.00
    Monthly Payment $604.51

    About a month later in November, I went back to the dealership and asked them why I was paying a point higher on my lease rate since I have excellent credit. The sales manager at first said that I was mistaken and that I was paying 3.45. I showed him my original notes from the deal and he ran the numbers and he then agreed that I was paying 1 point to high. I asked him if he could give me a break down as to how they came up with the lease payment. He said that it was a complicated formula and that he would have to get the breakdown from GM. I gave him my cell number and fax number and asked him to contact GM and get the formula and break it down for me by plugging in my deals numbers and then we could get an idea of how much money would be refunded back to me. He then said that he would do that, however, he could not change the deal through GM. He said that I would have to continue paying GM the incorrect (larger) monthly payment and the dealership TURNERSVILLE HUMMER in NEW JERSEY, would simply refund me the balance in one lump sum. Well it has been 4 months and I have not even received a phone call, let alone a refund check. Can you help me with this? I feel like I have gotten ripped off. What should my next step be?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi ryano1. If you are able to take advantage of GMS pricing, I am surprised that the lease payments that you were quoted by these dealers were not all exactly the same. GMAC's current base lease rate for the 2007 Hummer H3 is 4.6%. Shame on your wife's uncle for trying to mark up your truck's lease rate :mad: .

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi ppete1. The lease rate that you were quoted for this truck is right in line with GMAC's current base rate for it. this is a good sign because it means that this dealer is being straightforward with you about this aspect of your deal. The dealer invoice price of the truck that you described is right around $29,100. Plus GM is currently providing $950 bonus cash on it. That brings us down to $28,150. The selling price that you were quoted is only a couple hundred dollars above that, which is a good deal. If you like the truck, I personally don't see any reason not to go for it.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello sinnombre. GMAC's current base lease rate and residual value for a 36 month lease of a 2007 Hummer H3 with 12,000 miles per year are 4.6% and 61%, respectively. The $950 reduction that you are being given on this truck is bonus cash that is being paid for by General Motors. You should be able to negotiate an additional dealer discount on top of that.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi felbie1. Unfortunately, the customer cash that General Motors is currently providing on the '07 Hummer H3 is not compatible with leases through GMAC. GM is providing $950 bonus cash that can be used to reduce the capitalized cost of leased vehicles though. The fact that you are able to purchase this truck through GM's supplier purchase program is helpful. So is the $1,750 GM card credit that you've earned. Have the dealer use a capitalized cost of the supplier price minus the $950 bonus cash minus the $1,750 GM card credit to calculate your truck's monthly payment. Also, make sure that the dealer is using GMAC's base lease rate of 4.6%.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi kris18. The lease rate that you were quoted for this truck is slightly high. GMAC's current base rate for the '07 Hummer H3 is only 4.6%. Make sure that the dealer that you are working with uses that rate to calculate your lease payment. As far as the price that you were quoted goes, the truck that you described has a spread of around $3,350 between its full MSRP and its dealer invoice price. That means that you are probably at around $1,650 over invoice or so right now. That's enough room that it wouldn't hurt to try to negotiate with this dealer a little more or to comparison shop with another dealer or two to see if you can beat this price.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi johnnyd5555. It looks to me as though you caught the dealership marking up your lease rate to add additional hidden, back-end profit to your deal. This sort of thing is perfectly legal and actually happens quite frequently. This is why it is very important to research what the base lease rate is for the vehicle that you are interested in prior to finalizing your deal. Now that you have physically taken delivery of your truck this dealer is under no obligation to refund you any money. It sounds like they are just trying to put you off in hope that you will eventually get tired of hassling them and go away. If you make enough noise you may be able to get the dealer to do something for you, but I wouldn't count on it.

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  • where did you get this deal? can you tell me the city, state and dealer name?

    thanks
  • ppete1ppete1 Posts: 2
    Hummer of Pleasanton, Pleasanton, California...
  • holsonholson Posts: 4
    Hello,

    For a 24 month 10k miles/yr lease on a base $29995 Hummer H3,

    I was quoted $4399 out of pocket. ($3000 cap cost reduction, $208 1st mo payment, $150 sales tax on the 3k, the rest is titles/regs/fees + acq fee)

    The monthly payment is $208 (incl. 5% tax).

    It seems decent to me, what do you guys think? I used the 4.6% rate for a car that costs $28k and a 72% residual and the numbers were very similar. Could I do better?

    I'm probably going to try and put $0 down.

    Rgds,
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