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2013 and earlier Chevrolet Equinox Lease Questions

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  • 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?
  • wallyuwlwallyuwl Posts: 166
    If there are are special lease rates (an "incentive" rate) it will be listed on Edmunds. I just bought a new 2010, and as of the July incentives there were no special lease rates. There was just the Conquest Cash, military cash, and GMAC financing (a horrible 6.9%, but it is a new model - I got 5% locally). The August incentives will be out soon, but I doubt there will be anything for special lease offers.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi timmboj. General Motors' financial problems forced it to pull the plug on leasing for a while, but it has finally reintroduced it on select models...including the 2010 Equinox. Its lease program on this truck varies by region. In a few states it is promoting a special lease through US Bank with a special rate of 4.56% for 36 to 39 months. In most states it is running a special lease through GMAC featuring a lease rate of 3.0% again for 36 to 39 months.

    The US Bank program has $280 lease cash available through it, but there is no lease cash available on GMAC leases.

    Car_man
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  • timmbojtimmboj Posts: 123
    Cool. Thanks Car_Man.

    What is "Lease Cash"? And do you happen to know if the governments tax credit on new cars purchased in 2009 applies to leased vehicles?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi timmboj. Lease cash is essentially like consumer cash that is available on leases. You should take it into account when negotiating the selling price of the truck that you want to lease.

    That's a good question about the tax credit. It might apply to leased vehicles, but they technically are in the bank's name not yours. Hmmmm, I think that an accountant would be more qualified than myself to answer that one. The FAQ section for this program (link) on the IRS site doesn't even address this issue.

    Car_man
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  • runoxrunox Posts: 153
    Tax credits do not apply to leased vehicles.
  • Without the residual values for the car it is impossible to calculate the monthly lease payment. Do you have the residual values for the 2010 Equinox for both 12,000 and 15,000 mile leases with a 3 year term? Thanks.
  • ellery8ellery8 Posts: 2
    Hi,

    There is an article on GM getting back into leasing dated Aug 10th or 11th byTim Higins of the Detroit Free Press. The 2010 Equinox was listed amoung the models.

    I test drove a 2010 4cyl AWD LT1 and think they have a real winner if it holds up in reliability and quality. I have GM Card money that I would like to apply to an Equinox lease if it is attractive. The 2010 Equinox competes against the Honda CR-V and Toyota Rav-4 which have attractive leases recently. If GM puts out an attractiive lease I think they can convert the Honda and Toyota customers if the Equinox is as good as it appears.

    Don Mc
  • You are correct, rienthusiast. It wasn't easy to find, but I was able to get a hold of GMAC's residual values for this vehicle. Its current 36 month, 15,000 mile per year resid for the 2010 Chevrolet Equinox varies from 40% to 44%, depending upon what trim level you get. If you describe the exact Equinox that you're interested in, I will gladly tell you what the exact resid is for that trim level.

    The last time that I checked, GMAC added 3% to its 15,000 mile per year residual values for leases with only 12,000 miles per year.

    Car_man
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  • Car man,

    Can you please give me the lease pricing on a 2010 equinox LT1 with AWD msrp $26500, gms pricing of $24500 with 0 down, 39m at 12k miles please? Thank you so much!
  • Hi wanny. Let's work up a lease payment on this truck and see what we come up with. According to my calculations, if you were to lease a 2010 Chevrolet Equinox LT1 AWD that has an MSRP of $26,500 and a selling price of $24,500 through GMAC this month for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $391.

    Car_man
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  • Hello Car Man,

    I am interested in leasing a 2010 Chevy Equinox LT2 FWD with Rear DVD Entertainment. I read your earlier posts referencing lease rates (In most states it is running a special lease through GMAC featuring a lease rate of 3.0% again for 36 to 39 months.) and residuals (40%-44% depending on trim line). I was wondering if the lease rates have changed for September and what the residual would be for the LT2? I could potentially be interested in leasing for 36 - 48 months and definitely need 15,000 miles.

    Thank you,
    James
  • Hello James. GMAC's current base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Equinox LT2 FWD with 15,000 miles per year are 2.25% and 41%, respectively. The numbers for an otherwise identical 48 month lease are 2.55% and 33%.

    Car_man
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  • Karen_CMKaren_CM Posts: 5,014
    A reporter is looking to speak to consumers who recently leased a GM or Chrysler vehicle in the past two months . Please send your daytime phone number to ctalati@edmunds.com by Thursday, October 8, 2009.

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  • CarMan,

    Can you please provide the current 36 month, 15,000 mile lease numbers for a 2010 Chevy Equinox LT2? Thanks.
  • I sure can, djhalptert. GMAC's current base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Equinox LT2 AWD with 15,000 miles per year are 2.6% and 42%, respectively.

    Car_man
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  • Hey CarMan -- could you please post the numbers for 12k miles, 36 mo? Many thanks!
  • Car_man - Thanks very much for your assistance. I wish there was an easily accessible way to access various captured finance lease information on our own (maybe a premium Edmunds subscription?).

    I am curious about current residual and MF for a 2010 LT1 2.4L with the Vehicle Interface Package. 36 months, 12k per year.
  • Car_man could I get the latest residual and money factor for a 2010 LT2, 36months, 12k a year, I'm in AZ. Thank You
  • Here you go, sean43. GMAC's December base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Equinox LT2 AWD with 12,000 miles per year are 2.6% and 44%, respectively.

    When negotiating your lease on this truck, make sure to take advantage of the $400 cash incentive that is currently available on leases of it through GMAC.

    Car_man
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  • You're welcome, scrappy. GMAC's December base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Equinox LT1 FWD with 12,000 miles per year are 2.6% and 42%, respectively.

    Car_man
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This discussion has been closed.