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2013 and earlier Chevrolet Equinox Lease Questions

kyfdxkyfdx Posts: 31,040
edited February 2 in Chevrolet
Ask your Chevy Equinox lease questions here!!

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  • Alrighty then...I'm interested in leasing an Equinox but can't find anything on Chevy's website about leasing. Is Chevy currently offering any deals to come anywhere near what Honda is offering on the CR-V?

    I can't find any GM lease deals on the web...don't they lease or are the residuals so low leasing isn't attractive?

    Thanks for the reply...
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi leaselooker. General Motors is running a special lease on the 2006 Chevrolet Equinox. Its lease program varies depending upon how long you lease for and how many miles per year you are allowed to drive. For now, I will assume that you are interested in a 36 month lease with 12,000 miles per year. Let me know if you want something different. If you were to lease a 2006 Chevrolet Equinox AWD through GMAC on or before April 4th for 36 months with 12,000 miles per year, its base lease rate and residual value should be 6.5% and 59%, 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 6.5% is equivalent to a money factor of around .00271.

    Car_man
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  • I'm looking for MF and residuals on an 2006 Equinox LT...looking at 36 or 48 months, either 12K or 15K miles. Want to do something in April so please let me know as soon as you can. THanks.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings madmanager1. GMAC, General Motors' captive finance company, does not use money factors to calculate vehicles' lease payments. It publishes lease rates instead. You can convert its published lease rates into approximate money factor equivalents by dividing them by 2400. If you were to lease a 2006 Chevrolet Equinox LT 4WD through GMAC right now for 36 months with 15,000 miles per year, its base lease rate and residual value should be 6.5% and 56%, respectively. The numbers for an otherwise identical 48 month lease should be 6.5% and 49%. If you were to lease with only 12,000 miles per year, the 36 month residual value would be 3% higher and the 48 month residual would be 2% higher.

    Car_man
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  • shawn11shawn11 Posts: 1
    I currently have a truck that is getting 16mpg on average. I am upside down on the loan. I am considering an equinox lease. Is this a good idea.
  • greg_nygreg_ny Posts: 8
    :) Just got my few days ago from Island Chevy in Staten Island New York.
    "LS" FWD with 16" ALUMINUM wheels & head curtain side impact air bags (sandstone metallic)
    27 month lease with no money down $266 per month do to great promotions from CHEVY.
  • upndwnupndwn Posts: 44
    I am back in the market and would appreciate some information about the Equinox.

    Does Chevy change programs monthly?
    Are there featured money factors and lease periods?
    The incentives page speaks about customer cash, which would reduce capital cost, but are there some GM products with programs that are more favorable than others?
    I would probably be looking for 30 or 36 months and 15,000 per mile. Might consider 12,000 but would need to know the over mileage penalty.

    Thanks Carman and, now, Kfdx. You were both helpful with my last lease and I am happy you are still a resource.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi upndwn. GMAC's lease rates and residual values usually last for two to three months, but its cash incentives often including the cash that is available on leased vehicles usually changed about every month. If you were to lease a 2006 Chevrolet Equinox AWD through GMAC through July 5th for 36 months with 15,000 miles per year, its base lease rate and residual value should be 6.5% and 56%, respectively. This truck's 12,000 mile per year residual value for this term would be 3% higher.

    Car_man
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  • fish8fish8 Posts: 2,282
    I hope someone can help me. I am going car shopping with my Mother-in-law this afternoon and would like the monthly lease payment on the following car:

    2006 Chevy Equinox LS
    MSRP: $22,385

    Selling price: $19,193.20

    Term: 36 or 48 months.

    Thanks!!!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I'd be happy to help you out, fish8. You certainly don't want to give your mother-in-law bad advice :surprise: ;) . According to my calculations if you were to lease a 2006 Chevrolet Equinox LS 4WD with an MSRP of $22,385 and a selling price of $19,193.20 through GMAC right now for 36 months with 15,000 miles per year, its zero down, pre-tax monthly payment should be around $271. The payment for an otherwise identical 48 month lease should be around $253.

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  • icedog97icedog97 Posts: 141
    Car Man...

    Based on your last response, I think my lease deal is "in-line" with what it should be...just thought I'd throw this out there for your review:

    Equinox LT FWD
    Sticker: $23,114.37
    Cost Reduction: $4,014.67
    Red Cap Cost: $19,099.70

    Zero down, 39 month lease at 10K miles per year
    Montly payment: $256.36 (including tax)
    Signed lease on July 4th.

    I was told the rate was 7.25% (I thought this was high but I didn't run a credit check before, so I don't know what my current score is).

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi icedog97. GMAC's current base lease rate for the 2006 Chevrolet Equinox is 6.5%. GMAC is very lenient in who it approves for its best interest rates, so unless your credit is in really rough shape you should be able to get this rate. Make sure to ask the dealer that you are working with about it.

    In your post you mentioned this truck's sticker price and a "cost reduction". Is the "cost reduction" that you mentioned a dealer discount or is it a down payment that you are making? I ask because you need to make sure that you are getting a discount on this truck. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them.

    Car_man
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  • icedog97icedog97 Posts: 141
    Thanks for getting back to me...

    We did not make a down payment, so what is listed as "cost reduction" was comming from the dealer.

    I specifically asked the finance guy about the 7.25 and he responded that he can't control the number (rate) that GMAC is offering. I know that as of last year (because we took out a home equity loan), my score was around 700. There was no mention of the rate when we signed the agreement...it was only after I looked it over the next day and called the dealer, did he say the rate wat 7.25. I know, I should have asked at the time we signed...but I also should have found a sitter for my kids!!!

    The other interesting factor (although I don't know how this affects the rate, if at all) was that I had a trade, which we owed nothing on, and they gave us $10K for it (check). I didn't use this as a down payment, I wanted the cash because we planned on leasing from the start.

    Shouldn't having enough "cash on hand" to pay for the entire lease, at the time of the agreement, help me in the rate I qualify for?

    I guess it's all moot now, right?

    Thanks for your help.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're welcome, icedog97. The salesperson who told you that they have no control over the 7.25% rate that they quoted you was lying. GMAC's base lease rate for the 2006 Chevrolet Equinox is currently only 6.50%. GMAC is pretty lenient in who it approves for leases, so your credit would have to be pretty messed up to not qualify for this rate. You were smart to have the dealer cut you a check for your trade rather than use the proceeds from it as a capitalized cost for your lease. It is in your best interest in a consumer not to make any down payment when leasing. The fact that you didn't put any money down had no impact upon your vehicle's lease rate. Either way, it's a moot point now so just enjoy your new truck :).

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  • throcgrthrocgr Posts: 4
    My question is how did you negotiate $4,000 off? We are looking at the LS & LT and wondering how we can get the LT down to a reasonable price. The $2000 incentive offer does not apply to leases at this time.
    Thanks!
  • rftechrftech Posts: 1
    throcgr,
    I just got home from the dealer with my '06 2LT AWD. The MSRP was $27510. They were actually trying to get $24,500. for it when I talked about straight financing. Then through much discussion I found out that the GMAC SmartBuy has different incentives than Leasing or just buying. The total incentives to use SmartBuy were $4650! Now SmartBuy is not a very attractive program the way they intend for you to use it, but I picked up on one thing: there is no penalty for early payoff. As soon as I get the first payment of SmartBuy I'm paying it off in full from my local bank. I still have that little part of me that wonders how easy this will be to pull off, but I made it quite clear to the dealer what I intended to do and they agreed that I can do it. Also I found the places on the document that said about no penalty before I signed. I'll write back after everything clears next month.
  • throcgrthrocgr Posts: 4
    Thanks rftech. Unfortunately we are really not looking to purchase - really want a lease. Have now switched to looking at the Mazda Tribute as we have the employee discount but that still is not getting us very far. Really can't stand this car buying business :confuse:
  • Hi, I'm new to this site and could really use some help.

    I would like to lease an '07 Equinox LT with the following equipment added to the standard items: sunroof, am/fm 6 cd in-dash changer, Pioneer premium 7 speaker system, and a remote starter. When I build that car with those items added, I get a MSRP of $25,115 and an invoice price of $23,281. My question is: approximately what would my lease payments be if I put no money down and rolled the tax and other charges (not DMV, of course) in as well. I don't want any out-of-pocket expense except the first month and the DMV charges.

    I was in a Chevy dealership today and they gave me a rough quote of over $400 which seems ridiculously high to me. The salesman said I could have gotten an '06 LAST month for around $275 -$300, which is about what I'd like to pay. However he says since the '07's just came out, there are no attractive lease options.

    Is this true? And if so, how long is it usually before the new attractive lease options will come out? He said to try back (or he would contact me) in a month or two, but my GMAC lease is up in October. I don't know if I should extend my present lease for a month or two, or go get a Ford Escape which I should be able to get out around $300 - $330. I do like the Equinox better.

    Help! :)

    Magooley
  • Welcome Magooley. This truck's lease payment will depend upon its selling price, how long you lease it for, and its mileage allowance. General Motors is currently providing $500 lease cash on the 2007 Chevrolet Equinox, so for the sake of calculating a lease payment on the truck you want that using this car you are able to negotiate a capitalized cost that is right at dealer invoice. I'll also assume that you want a 36 month lease with 15,000 miles per year. Let me know if you want something different. According to my calculations, if you were to lease a 2007 Equinox AWD with an MSRP of $25,115 and a capitalized cost of $23,281 through GMAC right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $402. With this lease you would have to pay your truck's first month's payment, a security deposit equivalent to your monthly payment rounded up to the nearest $25 increment, GMAC's $595 acquisition fee, and any required state taxes or fees at lease signing. As you can see, this payment isn't that great. If you are really set on getting an Equinox, perhaps you can try to extend your current lease for a couple of months and see if GM's lease program for this truck is any better then.

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  • quintoquinto Posts: 2
    Hi:

    Can you please tell me what the current residual and money factor is on a 2007 Equinox LT1 AWD - also is there any lease assistance from Chevy?

    Thanks Quinto
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here's the information that you're looking for, quinto. GMAC's lease program for the Equinox varies by term and mileage allowance. 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. Its current base lease rate and residual value for a 36 month lease of an '07 Chevrolet Equinox AWD with 15,000 miles per year are 6.5% and 49%, respectively. When negotiating your lease on this truck, make sure to take advantage of the $1,400 lease cash that GM is currently providing on it.

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  • Hi Car_man and thanks for the info. I was thinking about leasing the 2008 Equinox Sport, but with a residual of only 49% after 3 years, it would be cost prohibitive.
  • gowickgowick Posts: 3
    Hey all....

    Can you help me with lease rates and residuals, and perhaps leasing cash, on 2008 Equinox.

    Looking at 36-39 months I would guess and 12,000 per year.
  • junajuna Posts: 14
    I'm looking to lease an '08 Equinox LS FWD with 12k miles/year for 36-39 months and zero down (except tax, title, license, 1st months pmt, etc.). What is the residual value on these, and what is the lease rate? What kind of monthly payment should I be shooting for? I want to know what a top notch deal would be on a lease for this vehicle.

    I basically just want to go into the dealer and say, "If you can give me the car for $XXX per month including taxes, consider it done." And if not, I'll walk out the door. I just need to figure out how much $XXX should be.

    BTW, I can get a family discount b/c someone in my immediate family worked for GM for 30+ years. Plus, I have a GM Card with a flyer stating that I can get $3000 earnings top-off (I have $2800 earnings) off select vehicles (Equinox is on the list) in January. How can I figure out what the best monthly payment is based on all of this?
  • Hi juna. GMAC's current base lease rate and residual value for a 36 month lease rate of a 2008 Chevrolet Equinox 2WD with 12,000 miles per year are 6.1% and 49%, respectively. The lease rate for an otherwise identical 39 month lease would be the same, but the residual value would drop by 1%. If you provide me with the MSRP and selling price of the exact Equinox that you are interested in, or at least the MSRP and dealer invoice price, I would be happy to calculate its approximate monthly payment for you.

    Car_man
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  • junajuna Posts: 14
    I just built one on the Chevy web site for $23,750 MSRP. If I went with AWD, I get a $25,375 MSRP. Can you price both of these out for me please? Is there an easy way to do it factoring all the above discounts ($3000 off with GM Card, GM family member discount)?

    I understand one can get a vehicle for quite a bit under invoice if one knows what to say and knows the right numbers. I just want to be as informed a consumer as possible rather than waste our money needlessly.

    Thanks for your help, car man. I really appreciate it.
  • Hi juna. I don't have any way to find out exactly what the GM Family selling price would be for the trucks that you mentioned, but you should be able to by visiting gmfamilyfirst.com . It would be easier for me to estimate these trucks' lease payments if I knew exactly what their selling prices are. For now I will assume that you are being given a $1,500 discount on the 2WD and $1,600 discount on the AWD. Let's crunch some numbers and see what we come up with. According to my calculations, if you were to lease a 2008 Chevrolet Equinox LS FWD that has an MSRP of $23,750 and a selling price of $19,250 (MSRP - $1,500 discount - $3,000 GM CARD points) through GMAC right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $290. The payment for an otherwise identical lease of an '08 Equinox LS AWD that has an MSRP of $25,375 and a selling price of would be around $317.

    I can give you an even more accurate estimate of these trucks' lease payments if you let me know that their actual selling prices are.

    Car_man
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  • phil56phil56 Posts: 6
    How about a 36 month - 12,000 mile/year lease for a 2008 Chevy Equinox LTZ AWD in Chicago, IL? Also, what's the difference in per month lease cost for the above-mentioned scenario when you put $0 compared to $2500. Thanks, Car man.
  • gc1615gc1615 Posts: 3
    I am entering the final year of a 4 yr smartbuy on an 05 Equinox LT(it helped me when I needed it) and was wondering what experiences people have had to get out of it? Any experiences on how "picky" dealers are normally on the interior when you give it back - as far as penalties? Mileage is going to be about 9k-10k per year so that shouldn't be a factor.

    Thanks~!!
  • I am wondering if someone can provide some insight to help me better understand the rational of the Smart Lease:

    Background
    My lease ends in March 2008 on my 2005 Chevy Equinox. Mileage allowance for the lease term is 36K and currently there are 34K. The agreed upon value of the vehicle was $24,169.50 and I put $3K down. The residual value is $15217.90 and in March I will have paid a total of $11,192.90 to drive the vehicle the last 3 years.

    Currently
    I am looking at either financing or leasing a new 2008 Equinox LTZ. My father (co-lessee) on my 2005 Equinox is very interested in purchasing it at the end of my lease to drive back and forth to work as he drives 82 miles round trip a day and lives in the mountains west of Denver and let's just say the AWD Equinox rocks in the snow!

    Confusion
    GMAC is saying that in March we can purchase the vehicle for $17,130.32. How is this possible? The blue book value of the car in excellent condition is $14,500 and if you look in the paper there are a number of 2005 Equinox's for sale with less miles than mine and they are priced anywhere between $13,500 - $14500,

    Question
    How is it that if I purchase it at the end of the lease it will cost $17,130? They won't sell it as a used car for that much. So what drop it off at a dealership and return it and then what turn around and tell the dealership that I want to buy it back, it seems to me that way would be cheaper than purchasing it at the price stated on my lease agreement.

    Is the purchase price at the time of the lease negotiable?

    Sorry if this is confusing my hopes are that the more information I provide the better someone will be able to help me understand what my options are at the end of my lease next month.

    Thanks in advance-
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