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Hummer H3 Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    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: 38,518
    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.

    Car_man
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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.
  • 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: 38,518
    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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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    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: 38,518
    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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  • 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!
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