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Hummer H3 Lease Questions

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  • sportinglysportingly Posts: 1
    greeting from s. calif. (n. county san diego)
    h3
    39 mo. lease
    15,000 miles mo.

    2008 hummer MSRP-- $33,340 plus hitch $350
    "negotiated" $31,000 minus $1,650 (1,000 spring plus $650)
    $29,359 net minus $4,000 trade/dwn (trade-in taxed at 7,75%.. urgh>)

    came out to be $344.00/month -- out the door
    Thoughts>>??? Thanks---- it's appreciated!!!!
  • jadeh3jadeh3 Posts: 1
    I just started my smart lease at the end of January 08. I was wondering if anyone knew how it would work if I wanted to get out of this lease to get into something more practical. My lease payment is very low... 319/month but I get really depressed putting gas in it. Great vehicle but I can't afford to put gas in it anymore. :sick:
  • mander30mander30 Posts: 2
    Does anyone know what the current residual and money factor would be on a 15k/year 36 month lease? Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi jadeh3. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you essentially need to purchase the Hummer that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. This will be especially true for an SUV with today's gas prices. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

    You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: sysop, "Real-World Trade-In Values" #, 14 Dec 2000 11:07 pm. Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here you go, mander30. 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 2.75% 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.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • wpbondwpbond Posts: 2
    Car man,

    A few questions about HUMMER H3 leases:

    1. Are the money factors and residuals the same for H3 Base/Luxury versus H3 Alpha?
    2. HUMMER currently has a $5K incentive for H3 purchases. Are they putting any incentive cash into H3 leases (either to customers or dealers)?
    3. Does GM change the residuals and/or money factors when you change from a 24 to a 27 month lease or from a 36 to a 39 month lease?
    4. With no money down and 15K miles/year, what is likely to be the lower payment/better deal, a 24 month or 36 month H3 lease?
    5. Are the lease residuals and money factor you quoted on June 9th (above message) still valid? At the time you said a 36 month H3 lease at 15K mi/yr was 2.75% and 58% residual. If the 24 month is a better deal, please provide that data.

    Also, if the H3 Alpha has different lease #'s, please provide those for 36 or 24-- whichever is better.

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi wpbond. Here are the answers to your questions.

    1) GMAC's lease program is the same for all Hummer trim levels.

    2) While GM is now providing a whopping $7,000 cash incentive on the H3, it is only providing $600 on leases.

    3) The lease rates for 27 and 39 month leases are the same as they are for 24 and 36 month leases, but the residual values are 1% lower.

    4) A 36 month lease of an H3 should have a significantly lower monthly payment than a 24 month lease would right now.

    5) Any lease program that I mentioned in June is still the same.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • foozedfoozed Posts: 2
    Has anybody actually received the advertised 99/month 1190 down deal?
    They advertise this in NJ and was wondering if its true or not - I've requested teh same from a local dealer in North Carolina - waiting to hear back.
  • foozedfoozed Posts: 2
    Vehicle price was 21 and change after the 7k rebate and some other incentives the dealer put on it.
    I had supplier discount as well, but he dipped below invoice.

    the 24k included tax, tags, registrations etc - can't beat that!!

    (i purchased, not leased).
  • jstangojstango Posts: 3
    I was in Contact with a Hummer Dealer on the south east coast of Florida yesterday. Here are some lease rates I received in a email:
    Hope this helps some people!

    Lease Hummer H3

    Year Make Model Months Miles Down MSRP E price
    2008 Hummer H3 Base manual 39 10,000 $2995 $30,855 $369.00+tax

    Year Make Model Months Miles Down MSRP E price
    2008 Hummer H3 automatic 39 10,000 $2995 $33,075 $389.00+tax
    2008 Hummer H3 adventure 39 10,000 $2995 $34,135 $409.00+tax
    2008 Hummer H3 lux 39 10,000 $2995 $39,150 $429.00+tax
    2008 Hummer H3 Alpha 39 10,000 $2995 $39,420 $459.00+tax


    Lease Hummer H3 2009


    Year Make Model Months Miles Down MSRP E price Purchase
    2009 Hummer H3 Base Manual 39 10,000 $2995 $32,855 $399.00+tax Or up to $5000 off
    2009 Hummer H3 Base 39 10,000 $2995 $34,855 $419.00+tax Or up to $5000 off
    2009 Hummer H3 Adventure 39 10,000 $2995 $35,075 $449.00+tax Or up to $5000 off
    2009 Hummer H3 lUX 39 10,000 $2995 $36,135 $479.00+tax Or up to $5000 off

    Does anybody know the Lease rates for a 2009 H3 15 K a year?
    Is there any incentive on a 2009 lease, Bonus cash or rebate?

    Thank you!
  • Karen_CMKaren_CM Posts: 5,018
    A reporter with a large newswire would like to speak with consumers who purchased a truck or SUV in the past couple of months and received a good deal as demand was low because of gas prices. If you just purchased a truck or SUV recently, please respond to ctalati@edmunds.com with your daytime contact information no later than Monday, August 25th.

    Community Manager If you have any questions or concerns about the Forums, send me an email, karen@edmunds.com, or click on my screen name to send a personal message.

  • Hi jstango. Thanks for sharing the quotes that you were given. These deals are not being run through General Motors' captive finance company, GMAC. GM pulled the plug on its special lease program for most SUVs recently. Since these deals are bring run through an independent bank, make sure to use the $5,000 customer cash and $1,000 bonus cash that are available on this model to negotiate a selling price that is well below dealer invoice. If I was in the market for an H3 right now, I personally would shoot for invoice minus any available cash incentives.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • i'm from new jersey and bought a 2008 hummer in greenbrook new jersey and i really need to get rid of it the payment is really high its a h3 and i pay 610.00 a month what can i do :mad: :(
  • Your paying way too much I have seen expeditions go for lower monthly payment. Your options are to go to dealer explain situation and ask them to buy it back you will most likely have to take some sort of loss but its better then trying to keep it for years to come. Also try to sell it to used car markets or other dealers I know some people that have gotten to the point they drove there car to the Bronx and left it there with keys in ignition and doors open because they would have gone bankrupt. Not saying anyone should do that by any means but shows how desperate someone people get over car payments. Best of luck I was gonna look into getting a H3 I guess I might have to rethink that.
  • You bought or leased? This is the H3 leasing forum. If you leased, your buyout may not be really as bad as you think. If it is a 2008, how many lease payments do you have remaining? GMAC allows you to buyout the lease with just the depreciation portion of the lease payment multiplied by the number of payments left on your contract. Your payment IS EXTREMELY HIGH but that $610 may only have $350 in depreciation. The rest of the $610 is sales tax and rent charge. Anyway, contact your dealer or call GMAC and tell them you want to know your lease payoff. I bet it is probably over $10K but could be as low as $6K. Hard to tell with the limited info you provided. My 2006 H3 is due in July and my payment is $380 per month. Called to check my payoff, it was only $280 for each month left on my contract (5). So for every month I wait to trade it in I am subtracting $280 of my lease buyout. Since the H3's aren't worth jack crap right now it is impossible to trade off your lease without going into some serious negative equity territory. Since your payment is almost twice as much as it should be you are probably as EFFED as you can possibly be right now. You leased a vehicle that isn't worth anything and your payments are atrocious. I'd go get a 5 gallon jug of gasoline and burn it out in a vacant lot. Kidding......but seriously, I would. Then I would study up a little on how to lease a car.
  • I leased a H3 with 285/75/16 tires, but when I bought the truck I swapped the tires with a different size. Do I need to put the exact size tires back on or can I turn it in with the other H3 tire option 265/75/16?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi partsguy78. If you put better wheels and tires on your H3 than it came with you probably do not have to put the old ones back on when you return it. Having said this, if you kept the OEM wheels and tires you might want to make the switch if the new ones are better. You could then turn around and sell the good wheels and tires on eBay or Craig's list or something like that.

    Likewise if the tread is really worn on your current tires, to the point that you might get dinged with an excess wear and tear charge you may want to swap them out.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • The factory chrome wheels are still on it. I just changed the tires from the
    larger 285's to the smaller 265's ( both are hummer h3 options ). I sold the 285's when I bought the 265's.The tread is going to be fine,there's plenty left.
  • I have an offer to take over payments on a 2009 H3 with 11,000 miles...24 months remain...allowed 12,500 annual miles year...$2500 down and $325 month...great deal or needs to be sweetened? Pros or cons as to 2009 H3 or H3 in general...i've never even been in one...are they loud, uncomfortable, limited driver's room (i am 6' and 280)...any feedback is greatly appreciated...
  • Hi,
    I too have a lease related question but will answer yours also. We have an '07 and the lease will expire this August. Now that GM's deal with the China co has fallen thru, they have announced that they will phase out the Hummer line but will continue to support warranties and parts and service. That's great but what happens to the lease extension opportunities? Would they be willing to extend our and other's leases on very favorable terms? Presumable the residual will go way down. Can anyone help with this?

    To answer your question, my wife loves the vehicle, it has not been in the shop once in almost three years. It IS quiet has a great sound system, rides and handles well. I am 6' 190 and I fit into it just fine. I drive a Discovery 2 and prefer the open view it has but after getting used to it the Hummer is ok with visibility. I still find myself being cautious in tight spaces due to its size. You too may want to look into the question I have raised about the lease and residual. Maybe the Saturn forum may have some info as they were also discontinued.
  • Hi Car Man,
    Our H3 lease $472/mo on 15K miles will expire in August. We are considering extending the lease if terms are great. How will the winding down of the Hummer brand affect the residual or will they go strictly by the contract? Could we renegotiate a better deal? Thanks in advance for any help.
  • It depends on the year as far as its residual going down. I believe you will have good chance at a re negotiation because they will take the stance that you are in possession of a classic now and it will go up in value. The truth is they are getting to bank money off a truck they would most likely have to sell cheaper at auction then there lease out plan originally calculated for. I think you have the situation on your side, I dont see them denying a lease extension but its possible.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi wvans1. Banks typically carry the same payment that lessees are already making forward on extensions. While anything is possible, I find it unlikely that you would be able to lower your payment with an extension.

    In terms of buying this truck at lease-end, it is difficult to say whether GMAC or whichever bank you are leasing your H3 through will be willing to negotiate it's lease-end purchase price. There's no doubt that your Hummer will not be worth anywhere near its residual value so if they won't negotiate then just walk away from your vehicle at lease-end.

    Car_man
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  • I am going to be turning in my 2007 H3 in August from my 39-month GMAC lease and I don't want to keep the vehicle. Does anyone know if they are charging a lot on the returns for misc. wear/tear or tires? In general my H3 is in great shape, including being under the alotted mileage, but I don't want to have to pay anything when I turn it in. The new car I want to purchase can be bought within this dealer's local network, so I am thinking about contacting the financing department at Hummer to see if they can work with me to get the vehicle I want and not "ding" me for return charges, but I want a Toyota Sienna so I wouldn't be financing it through GMAC. Any advice/comments?
  • mikeb10mikeb10 Posts: 8
    I turned in my 07 H3 last summer. I turned my truck in 6 months early with about 500 miles under the allowance. I paid no penalty or wear and tear basically just paid the truck payments minus the rent charge. I think if you read the lease agreement the tires only need to have a 1/4" of tread. Go through your paperwork. In the GMAC lease pack there should be a small 4 x 4 card that has acceptable tire wear mark on it and the area size of any dings or scratches you may have. Let me know if you have anymore questions.
  • anchorjoeanchorjoe Posts: 2
    Hi, I have an 07 H3 that has a 4yr GMAC lease coming to an end in November. My question is related to keeping the vehicle and just rolling it into a standard loan. This vehicle is my wife's car and she really likes it in the winter time. Would it be worth trying to negotiate with GMAC a lower amount to roll into a loan, and could someone provide some guidance as to how to approach them (GMAC) on this?

    On other vehicles I have leased, I have just taken the contract value and rolled it with little to no negotiation; but with the Hummer brand discontinued I am thinking it might be worth trying to get a lower price to roll into a loan. Thoughts???
  • dawnie417dawnie417 Posts: 5
    RE: Post #423 - I'd like to hear the response you get. My lease expires 6 mos. after yours. I, too, would like to know about possible negotiations, etc. As I just LOVE my H3 and definately would like to try and keep it. Only "downfall" is that I will be over my mile allowance, so I'll have to pay the .20 cents per mile over the allowance.

    Also, let's say if we don't negotiate and just roll it over into a regular loan, do u know if the monthly car pymt. would be higher or lower than the payment we're paying now to lease? (This is our first vehicle we ever leased...so I don't have a clue if it's the norm for the monthly payment to go up or down after the lease is over and you keep it).

    THanks!
  • anchorjoeanchorjoe Posts: 2
    My experience with a lease roll over is the payment drops, but I guess that depends on the residual value of the vehicle as to what the payment would do. I leased my old truck in the beginning of the purchase on a 5yr lease and 4yrs into it I rolled it over to a standard 4yr loan and my payment dropped by about $50/mth.

    Chances are we will just roll it regardless, but I figured if we could get a better financed price it would be worth it. I will definitely post what I found out through this.
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