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Hummer H3 Lease Questions

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  • I am am 20 years old and have never bought a new vehicle... And I have decided to lease a new H3 Base Model With a MSRP of 33.485 How is the best way for me to go about trying to make a deal... Im Lost.... where should I start... I have read the 10 steps to leasing a car but I need someone to kinda of explain what to do what needs to be said... what dont need to be said... How do I know whether I am getting a deal or not... The closest dealership is 2 hrs away from my home... How can I get a deal and not take more then one day of my time?? Thank you! :confuse:
  • Does anyone know the current money factor and residual value on a 2008 H3, with an MSRP of $32670.
  • You really have to watch your mileage on the leases...I have a high mileage lease I am well under the miles at 501 a month , My life has changed and I need a larger towing vechile , I have about a little over a year left on the lease , I would be willing to let someone take over my payment and they would have a nice hummer to drive for a year or so.
  • I am looking to get into my first H3. I am planning on leasing the vehicle but do not know what current residual and or money factor is on a 36 month lease. The specific model I am looking at is the base model with luxury package, power sunroof, chrome package and automatic trans. I am located in southern NH. I would love to get the info as soon as possible as I want to go out and do the deal this weekend. Any help will be much appreciated!!
  • You're very welcome, jf7227. I'm glad that you have found this forum so helpful.

    Car_man
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  • Greetings jthomas6727. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    From the looks of it, you have already checked out the 10 steps piece. I will boil things down even further for you. The two most important numbers to focus on when leasing a new vehicle are its selling price and the interest rate or money factor that you are being charged. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Comparison shop with a few dealers for the best possible price on the new H3 that you want.

    The combination of lackluster new vehicle sales, high gas prices, and the H3's poor crash test results will probably enable you to get a great deal on one right now. If I was in the market for a new H3 right now, I personally would shoot for a selling price of right around dealer invoice. You can look up the dealer invoice price of the exact truck that you want by visiting the following section of this site: New Vehicle Pricing. When negotiating your lease on this truck, make sure to take the $1,050 lease cash and $1,000 bonus cash that General Motors is currently providing on it into account.

    Once you have arrived at a selling price that you are happy with, have the dealer calculate your lease payment using GMAC's current base lease rate of 4.0% and you're all set.

    Car_man
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  • Hello slewis01. The H3's lease program varies by term and mileage allowance. You never mentioned what either of these variables are, so for now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 Hummer H3 with 15,000 miles per year are 4.0% and 58%, respectively. As you can see, GMAC publishes lease rates instead of money factors for the vehicles that it leases. You can convert its published lease rates into approximate money factor equivalents by dividing them by 2400. So a lease rate of 4.0% would be equivalent to an interest rate of around .00167. When negotiating your lease on this truck, make sure to take advantage of the $1,050 lease cash and $1,000 bonus cash that General Motors is currently providing on it into account.

    Car_man
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  • Hi oemsls. Here's the information that you are looking for. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 Hummer H3 with 15,000 miles per year are 4.0% and 58%, respectively. As you can see, GMAC publishes lease rates instead of money factors for the vehicles that it leases. You can convert its published lease rates into approximate money factor equivalents by dividing them by 2400. So a lease rate of 4.0% would be equivalent to a money factor of around .00167. When negotiating your lease, make sure to take advantage of the $1,000 bonus cash and $1,050 lease cash that General Motors is currently providing on it. Good luck in your quest for a new Hummer and make sure to stop back and let us all know how it goes.

    Car_man
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  • H3- Base
    - Adventure Package
    - Sunroof
    - Chrome Appearance Package
    - Chrome wheels
    - Chrome gas gas cover
    - Power Driver seat
    - Side Chrome tube steps
    - Roof rails

    $379/month, includes taxes
    $1,800 down, includes first payment, and all up front fees.
    27 month lease
    10,500 miles per year

    The MSRP is almost $39K and the lease is based off a selling price of $34K, which is well below invoice. Although the buyout seems high at $27,496, but it is a short lease term.
  • Car_man,
    I'm looking at doing a SmartLease or SmartBuy on a 2008 H3 (haven't decided between base or alpha right now). When I use the GMAC lease tool on the Hummer site it automatically includes a $1,750 manufacturer's allowance. Do you know if this includes the $1,000 lease rebate that Edmunds has listed in the incentives area or is this in addition to the rebate?
    Thanks
  • raw4uuuraw4uuu Posts: 4
    bad, good or great deal ?? on a 2008 h3 sticker msrp was 37230.00. lux pkg,pwr moon roof, automatic, chrome door handles and mirrors . 39 months with 12000 miles a year. long island ny. 415.00 a month 0 down and taxs included in monthly payment. how did i do ?????? factory rebates were 3050.00
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi rmichaels55. The truck that you described probably has a spread of around $3,200 between its full MSRP and its dealer invoice price. Add to this the $1,050 lease cash and $1,000 bonus cash that General Motors is currently providing on this truck and you have a total of around $5,250 to play with during your negotiations. The $5,000 discount that you were quoted looks great to me. Just make sure that the dealer that you are working with uses GMAC's current base lease rate of 4% to calculate your monthly payment and you're in business.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi addisonmb. General Motors is currently providing $1,050 lease cash and $1,000 bonus cash ($2,050 total) on all 2008 Hummer H3 models. It has an additional $1,000 cash incentive on Alpha models that have been sitting on dealer lots for a long time.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi raw4uuu. It looks like the dealer that you are working with took all of the cash incentives that General Motors is currently providing on this truck into account on your deal. That is a good thing. You never mentioned what this truck's exact selling price is though. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the truck that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of the vehicle that they want to lease is that it is necessary to calculate its lease payment. I am sure that myself or some other helpful community member will be happy to give you their opinion of this deal if you let us know what the selling price is.

    Car_man
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  • raw4uuuraw4uuu Posts: 4
    thanx for the reply but not sure what you mean by selling price ? the sticker was 37230.00 including all options.
  • aschasch Posts: 3
    I am able to get the gms discount, I was wondering if it is a set price or if I nogotiate the best price possible then get a discount on top of that?
  • I have an offer from a dealer today in NJ for:
    Solar Flare Orange H3 with Lux package
    Navigation
    Rearview Camera
    Chrome package
    Chrome wheels
    Sunroof
    Automatic transmission

    $2000 down (includes first payment, fees, etc)
    39 months
    10K miles/year

    $399/month

    This seems like a great deal, but I'm not sure.
  • dawnie417dawnie417 Posts: 5
    Hi there! I am totally estatic that I found this board!! I'm not sure how "fast" you answer questions, but I hope you can answer this before Saturday. Anyway, I've read some of the posts already and have learned alot. My question:

    We have NEVER leased before, and have considered leasing a H3. Long story short, on the news here in NJ they spoke about leasetrader.com (where you can take over other pple's leases which can be a great way to save $$) so we looked and we stumbled upon a 2008 H3 to take the lease payments over. It's in the next town over from us, and the guy doesn't need it anymore cuz he moved to NYC. Here is the info:

    ~ 2008 Hummer Sport edition
    ~ Value of it was $35,000. He put $3,000 down and the lease is for 36 mos. with the option to trade in during the 24 month. He's in the middle of his 5th month into the lease. Monthly payment is $379/mo including taxes. 12,000 mileage allotment per year. .10 cents over for each mile over.
    ~ The lease is with Gold Coast HUMMER of Oakhurst, NJ. He has 5000 miles on a 12000 mile a year lease which puts it under the monthly limit.

    Other info:
    He added chrome inserts on the top grill of the hood along with a chrome gas insert and chrome side molding. It's all black with tinted back windows and black and red interior. Added features include a CD player along with XM and Onstar/Onstar telephone. Outside thermostat on the rear view mirror and mirror itself dims according to time of day.

    The only thing we would have to pay is $595 for GMAC for the transfer of title, dmv fees and all that crap. The owner even offered to chip in some of that cost. He is also throwing in his TomTom GPS.

    Unfortunately it doesn't have leather or a sunroof...2 things we really like, but are willing to sacrifice that if this is a good deal for us considering we pay nothing down since that was already done! :)

    SO MY QUESTIONS are as follows:
    1) Is this a good deal for us? I'm thinking it is for us, considering we are not shelling out a dime (besides the fees to GMAC). Also, out of curiousity, did this guy get a good deal out of it (he put $3,000K down)?
    2) Is there any "downfalls" in doing this by taking over a lease? Anything to 'watch' out for? Would like to hear your opinion on this.
    3) Concerning buyout: I asked him about the buyout and his response was this:
    "I just spoke with the dealer, it was kind of high he said due to the fact of the condition that I described to him. Rough estimate of 28000 (he said he needs to see the car to get an exact). It retailed at 35,000 though." Thoughts?
    4) He said the car is only a few mos. old. Does this buyout number drop as the car ages??? I'm a little confused about the buyout thing. Not sure if that seems high or not and if so, does that number drop?

    THANK YOU SO MUCH FOR YOUR TIME. I would love to hear your opinion on this. We are looking at it on Saturday, and would love to hear what you have to say about it and if you feel this is a good deal for us or not. :)

    ~Dawn
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, raw4uuu. By selling price I mean just that, how much the dealer is selling you this truck for. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. It is very important to negotiate as low a price as possible on the vehicle that you want before you have the dealer quote you a lease payment.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi asch. If you are able to get GMS pricing on your new Hummer, you should be able to get an excellent selling price on your truck without having to haggle at all. Dealers make a little profit on these deals that they are not supposed to dip into for consumers, but I have heard rumblings about dealers doing so to seal deals. If I personally had access to GMS pricing, I would just take the quoted price and go with that...of course making sure that the dealer was not marking up my truck's lease rate when they calculated my monthly payment.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Welcome Dawn. I'm glad that you like this forum so much. Since you are new to leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    The individual who you are dealing with is either confused to lying to you. If he has a 36 month lease, it's a 36 month lease. there's no such thing as an option to trade the truck in after 24 months...not for free anyhow. Sure, you would be able to do so, but it would likely cost you a lot of money.

    There's nothing wrong with assuming someone else's lease, but before you do so you definitely should compare the cost of leasing a similar brand new truck to the payment that the lease you are considering assuming has. You may find that the deals on this particular model are better now than they were when this person leased theirs, or that they just didn't get a very good deal. Only five months in, there's no reason to assume a lease unless it is significantly less expensive than what you would have to pay for a brand new H3. You may want to try comparison shopping with a couple of dealers before pulling the trigger.

    As far as this car's lease-end purchase price goes, chances are it is going to be higher than what it is worth on the open market when your lease is up. If this is indeed the case, then it doesn't make sense to buy your truck at lease-end. In most instances, consumers are actually better off walking away from their leased vehicles at the end of their terms than buying them.

    Car_man
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  • The MSRP on this vehicle is about $42K. I have the dealer obtaining the purchase price in the lease terms for me right now. Is this a good deal? I have seen ads for $99/mo with $1190 due at signing on a base H3 with MSRP of $30,775.

    Navigation
    Rearview Camera
    Chrome package
    Chrome wheels
    Sunroof
    Automatic transmission

    $1000 down (includes first payment, fees, etc)
    39 months
    10K miles/year

    $426/month

    This seems like a great deal, but I'm not sure.
  • dawnie417dawnie417 Posts: 5
    Thanks so much for your response! Well, based on your response we HAVE decided to check out other dealers first to see what deals they have, before we possibly take over that guy's lease.

    So right now my husband is at the dealership and so far here's what they are offering him:
    ~2008 H3...the LUXURY edition
    ~ chrome package
    ~ sunroof
    ~ leather
    ~ chrome wheels
    ~It's a $40,000 truck.
    (the only thing it doesn't have is the chrome gas gap. For me personally I'd rather have that than the chrome wheels. My husband would beg to differ. lol)

    TERMS:
    ~ 38 mo. lease
    ~ 12,000 miles a yr. (.20 cents each mile over) (the guy really kept trying to push for 10,000K miles. My hubby gave him a fight and kept walking out).
    ~ MSRP is $40,000 but we are "buying" it for $36,600
    ~ $399/mo including taxes
    ~ $1,440 down and that includes the first payment, taxes, fees, etc..
    ~ 59% residual (what does that mean??? help!)
    ~ it was based on 4% int. rate

    What do you think?
    I'm telling my husband on the phone about the $1,050 lease cash and $1,000 bonus cash, and he's telling him but the guy seems to be dancing around it?! Wanted to know if I was an employee of GMAC. LOL So, not sure. My hubby is usually a great wheeler and dealer, but not sure about this lease cash incentive thingie if he'll pull thru or not?!?!

    Anyway, what do you say about this deal?? Would love to hear your honest opinion on this and based on the MSRP of being $40,000 and them 'selling' it to us for $36,600. I would hate to get ripped off in any way.

    How it differs from the other deal, where we were going to take over the guy's lease.
    ~ The lease take-over one was also a 2008, it was the Sport edition though, it did have the chrome pkg. (which is only the chrome handles and mirrors. He also had the chrome hood thingie too) BUT NO LEATHER OR SUNROOF. That was also for 12,000 mi/yr. and we would be taking the payments over for $379/mo. (it currently has 5K miles on it) and the guy put down $3,000 on it (sounds like he didn't get a good deal after all, huh??)

    SO, for $20 more a month we are getting the luxury pkg., which comes with everything and it only has 34 miles on it, versus 5,000 since the guy was 5 mos. into his lease. Granted, we will be putting down $1,500 if we close this deal, but what do you say?

    This is in New Jersey. :)
    Looking forward to your opinion/advice, etc.! :)
  • dawnie,

    where in NJ? We're negotiating at Perrine Hummer/Buick/GMC in Hightstown.

    Thanks.
  • dawnie417dawnie417 Posts: 5
    Hi there! This is the Perrine Dealership in Cranbury! We have it right now in our driveway!!!!! I'm sooo happy w/ it. We will eventually bring it back to get the chrome gas tank. It cost $238 installed, but hubby will take care of the negotiating on that a bit. ;)

    This H3 has a total of $10,000 in options! The MSRP sticker was almost $41,000 on it. I also forgot to add that it has the DVD Navigation Radio....a $1,700 option. and the trailing equipment too (which is almost a $400 option)...which is good for us cuz we do have a trailer. The only thing it don't have (besides the chrome gas cap) which I really wish it did was the step bars (or whatever you call it). He said that they don't come standard anymore. It's an option...and it's NOT cheap. It'll be much easier to get in and out if we had it...but sometimes you gotta sacrifice some things, right? ;)

    Good luck to you in hopefully closing your deal. Hopefully our experience can help you in comparison to the deal you will hopefully make. Keep me posted!!! :)
  • What color did you get?

    We're trying to decide between a truck (the H3) or a car (an A4). It's this whole gas price thing, or we'd have gone for the H3 already.
  • dawnie417dawnie417 Posts: 5
    Hi, we went with the black one, and the interior is black w/ the morocco-toned seat inserts. Love it! It's so sharp. I totally hear ya on the price of gas!!! The H3 actually isn't "that bad" on gas....well the 5 cyl. If you do get the H3, be sure you get the 3.7L 5cyl. and not the 8 cyl. I have the window tag right here and it says on average highway miles is 18mpg. (Expected range for most drivers 14-22 mpg). The guy we almost took his lease over said he got 20 mpg. My Altima got about 23 mpg. so it's just a couple miles per gallon less we're getting w/ the H3. We decided to sell my hubby's Dodge Ram 2500 diesel and keep my Altima for him. He's sacrificing and will do w/o a truck. For us, it's more cost effective as his diesel is alot of money on gas! I need to take pics of our H3 (should have done it yesterday) before alot more pollen covers it and makes it lookm ore dirty! lol

    Let me know if you have ANY other q's. I'd be happy to answer. :) Let me know what you decide! :)
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Congratulations on getting your new H3, dawnie417. I'm glad that everything worked out for you. Thanks for taking the time to let us all know how everything turned out. Enjoy your new Hummer :shades: . Oh and make sure to stop by the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with others.

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  • aschasch Posts: 3
    It seems that the dealer was doing just what you said. He gave me a quote showing a 5% lease factor, if I'm not wrong I read Hummer has a 4% lease factor.
    Makes me wonder if I am even getting a true GMS price! Tell me what you think, MSRP $38,975
    Lux. package
    Chrome wheels
    Chrome apperance package
    Moonroof

    $2800 GMS discount
    $1000 spring event bonus
    $600 Cap cost reduction
    Total $34,575

    sound right?
  • GMS pricing is 500 dollars above dealer invoice. If your not sure ask your dealer to see the invoice. Most invoices from GM will show the GMS pricing right on them. keep in mind gms does not generally apply to dealer adds.
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