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2013 and earlier Chevrolet Equinox Lease Questions

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  • 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.

    Car_man
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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-
  • Hey phil56. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 Chevrolet Equinox AWD with 12,000 miles per year are 6.1% and 52%, respectively. If you haven't leased your Equinox yet, you're in luck. General Motors just introduced a $1,000 President's Day bonus cash incentive on it that's good through the end of the month. You can use this cash to reduce the capitalized cost of your lease.

    Car_man
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  • Hi sarasmiles. Vehicles' lease payments are made up of two main parts, the interest portion and the depreciation portion. When you signed the lease on your Equinox, GMAC used an estimate called a residual value to calculate how much depreciation you would have to pay for over the lift of your lease. The remainder of your vehicle's value that is not added to the depreciation portion of your lease payment is its end of term purchase option price. As you have seen, vehicles' lease-end purchase option prices are often higher than what vehicles are worth in the real world. This is actually a good think because it means that you paid for less depreciation over the life of your lease than your vehicle actually experienced, saving you money. The problem is, unless GMAC is willing to lower your vehicle's end-of-term purchase option price, it doesn't make sense to buy your truck. Place a call directly to GMAC a month or two prior to the scheduled end of your lease and see if they will be willing to negotiate your Equinox's purchase price. If you don't have any luck with your initial contact, try working your way up the ladder to a manager. If GMAC is willing to lower your truck's price to around what it is worth in the real world right now, you may want to consider buying it. If not, just walk away.

    Car_man
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  • soccer14soccer14 Posts: 2
    I'm in Syracuse, NY. My lease is up in September. I just got a call for early release out of my lease. I have a 2006 Equinox LS 12,300 miles AWD. The purchase price to buy this case is 16624.69 (according the GMAC) - the dealership is telling me they will sell it to me for 14980.00 and my payments would be 259 a month. I'm not sure I understand all this. Is this a good deal for me??
  • claufenbclaufenb Posts: 1
    My lease comes up in March 2009. I was wondering if there will be an early out offered to me? I have leased the last 3 of my vehicles and have always been offered an early release on my contract. Will GMAC still be offering this?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi claufenb. General Motors usually offers some sort of early lease termination program, but it rarely lets lessees out of their vehicles more than three months prior to their scheduled end dates. You're still nine months out, so I have a feeling that you are going to have to wait until you are closer to your scheduled end date to get something new.

    Car_man
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  • leesah71leesah71 Posts: 1
    You can take over my existing lease. I love the car but with our move to Hawaii cannot afford the payments any longer. Lease is with GMAC and terms are $450.90 per month and expires 12/2009. I used to drive a lot for the company I used to work for so I purchased extra miles. It allows 18,000 miles per year but since moving to Hawaii a year ago, only have 33,000 miles on it now. It's been an awesome car and I love it and hate to have to give it up. If interest, let me know. We can arrange shipping.
  • soccer14soccer14 Posts: 2
    I'm in Syracuse, NY. My lease is up in September. I just got a call for early release out of my lease. I have a 2006 Equinox LS 12,300 miles AWD. The purchase price to buy this case is 16624.69 (according the GMAC) - the dealership is telling me they will sell it to me for 14980.00 and my payments would be 259 a month. I'm not sure I understand all this. Is this a good deal for me??
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi soccer14. In order to determine whether it would be a good idea to purchase your leased Equinox, you need to compare the price that you were quoted for it to what it is currently worth on the open market. There's no reason to pay more for your truck than someone off the street would have to pay for a similar one. You should be able to get an idea of how much this truck is worth right now by visiting the Edmunds.com Used Car Appraiser.

    If you determine that this is an attractive selling price, then turn your attention to how you will pay for it. If you want to finance, pay attention to the interest rate that you are being charged, not the monthly payment. The lower the interest rate is, the lower your payment will be. It's usually a good idea to get pre-approved to finance any vehicle that you want to purchase prior to discussing financing with dealers. Doing so serves two purposes. It gives you an idea of what sort of interest rate you qualify for and it often motivates dealers to try to beat the rate that you are pre-approved at.

    Car_man
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  • lablover2lablover2 Posts: 106
    anyone out there lease a new equinox yet? wondering about buying versus leasing one since it is the new model.
  • timmbojtimmboj Posts: 123
    I'm interested in leasing too, but I've not seen much talk about it. CarMan or Kyfdx, is GMAC still offering any lease incentives, especially for the Equinox?
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