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2013 and earlier Chevrolet Equinox Lease Questions

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  • Here's the information that you're looking for, bonesaz. GMAC's December base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Equinox LT2 FWD with 12,000 miles per year are 2.6% and 42%, respectively.

    Car_man
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  • Thanks car_man, I appreciate the help
  • No problem, bonesaz.

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  • roho1roho1 Posts: 317
    I went to my local dealer yesterday and asked about any lease programs available on Equinox's. I was told there is no leases available for a 2010 Equinox.

    Why would that be? I see ads on TV for the Cadillac SRX all the time. I even asked the question on the chat line on the GM web site and they said no. Is this how our bailout is working?

    If this is the case I will just have to eliminate the Nox from my list. Looks like a Honda or Toyota now.
  • terexterex Posts: 26
    US Bank or GMAC offer leasing for the 2010 Equinox to qualified customers. The current programs are applicable for sales thru February 1.
  • Hi roho1. What you were told is incorrect. Either the salesperson who you were working with was very uninformed or for some reason they were not interested in leasing an Equinox.

    As the previous poster helpfully mentioned, both GMAC and US Bank have special lease programs available on the Equinox right now.

    GMAC's current base rate for a 36 month lease of a 2010 Equinox is 2.6%. In addition to this special lease rate, there is a $400 cash incentive on leases of this truck through GMAC.

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  • roho1roho1 Posts: 317
    Thanks for the info. I thought it was odd.

    I will have to find another Chevy dealer. The dealer I talked to(first time I'd been there) said he was running a new streamlined dealership where most of his sales were from the internet. He had the ability to sell direct since their was no Gen Mgr or mgr. so low overhead. If you wanted to buy, his prices were the best in the area. He specialized in Camaros and had a lot. He claimed people from all over the State came to him. I guess he just didn't want to mess with leases since he could sell all he wanted.
  • roho1roho1 Posts: 317
    Follow up,

    I called my nearest Chevy dealer and asked about Equinox leases and was told they don't offer them since there isn't a program at the moment. I asked what about GMAC and US bank and was told the rates weren't very good so most people don't want them so they don't offer them.

    I also asked about the new rebate for Toyota owners and was told it doesn't apply to Equinox and Camaros.

    No matter how hard I try I can't seem to deal with GM.
  • I was told this week by a dealer that leasing support won't improve in February, bummer...I was hoping for better support. Maybe they were wrong though who knows, we'll have to wait to be certain.
  • You're welcome, roho1.

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  • Hi roho1. What you were told about the offer for current Toyota owners is correct, the Equinox is one of the few vehicles that it is not available on. According to what I have heard, the Equinox is actually in fairly short supply. As a result, General Motors doesn't feel the need to provide much in the way of incentives on it right now.

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  • I'm looking at leasing a LT2 FWD 4 cyl Equinox for 24 or 36 months with 15,000 miles/yr. What would the rates be on that?

    Also, I've never leased before, and have been doing research. I'm trying to make sure I get a fair deal. So with the lease rate and residual, what calculations can I make? The residual is the amount the car will be worth when I turn it in? I am paying for the total price - residual, and then interest on that (lease rate). Is that how it works? Tax is just added onto each payment, not the total cost of the car, right?

    Any help is appreciated.
    Thanks
  • It is a simple mathmatical equation. Don't get too worried.

    MSRP X residual % = Residual Value
    Sale Price = Cap Cost
    Sale Price + fees - money down/trade = NET Cap Cost

    Net Cap - Residual divided by term (36) = Depreciation
    Net Cap + Residual X money factor = Rent Charge (if money factor/lease rate is given as 2.5% then you must divide by 2400 to get the money factor in order to figure the lease)

    Depreciation + Rent Charge = Base Monthly Payment

    Base Monthly Payment + Sales Tax % = Total Monthly Payment

    Simple. Acquistion fee is the only fee I would ever pay. Ask for their lowest price and tell them you aren't paying their b.s. "dealer fees." Don't put money down, EVER. (some backward states apparently require you to pay DMV and taxes upfront. In this case NEVER LEASE or just move to a state that doesn't.)
  • Hi jp0933. General Motors is not providing support on two-year leases any longer. 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 2.6% and 40%, respectively.

    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.

    Check them out and let me know if you have any other specific questions.

    Good luck.

    Car_man
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  • jp0933jp0933 Posts: 5
    Thanks for the info. One last thing, can you give the numbers on a 36mo, 15k miles, LT2 AWD and LTZ AWD. Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    No problem, jp0933. GMAC's March 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 41%, respectively. The numbers for an otherwise identical lease of a '10 LTZ AWD are 2.6% and 40%.

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  • ngeorge75ngeorge75 Posts: 1
    Car_Man,

    Can I get the base lease rate and residual for May on a 2010 Equinox LT2 AWD 4 cylinder for both 12k and 15k miles? Thanks in advance!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I'd be happy to help you out, ngeorge75. According to the latest information that I have seen, 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 43%, respectively.

    If you were to lease this truck with only 12,000 miles per year, I believe that its residual value would be 2% higher.

    When negotiating your deal, make sure to take advantage of the $400 cash incentive that General Motors is currently providing on leases of this model through GMAC.

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  • cnote2cnote2 Posts: 63
    edited June 2010
    Looking at a 2lt fwd and awd for 39m 12k. thanks
  • roho1roho1 Posts: 317
    So has GM opened up their willingness to lease? A few months ago it was next to impossible to get a lease and if they did have one available the rates were awful. They were selling all the Nox's they could get so they say so leasing wasn't being pushed.

    Even though I keep reading it's a best seller I still don't see many on the road. When I bought mine the end of April there were at least 20 on the lot to choose from.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey cnote2. GMAC's current base lease rate and residual value for a 39 month lease of a 2010 Chevrolet Equinox LT2 FWD with 12,000 miles per year are 2.6% and 42%, respectively.

    The numbers for an otherwise identical lease of a '10 Equinox LTs AWD are 2.6% and 43%.

    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.

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

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi roho1. During the credit crunch General Motors essentially stopped leasing vehicles. Since then, it has been slowly getting back into the leasing game. Its lease program still isn't the best out there, but at least one can now lease many GM vehicles if they want to.

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  • altimatealtimate Posts: 62
    I'm somewhat dumbfounded by the prices people are apparently willing to pay to lease the likes of this vehicle. It all comes down to residual value and unfortunately Big Three vehicles still have horrid residual values. The Equinox is supposed to be extremely popular yet the residual value on a 36 mo., 15000 mi. lease is 43%.

    My Subaru Legacy lease expires next month and it's my understanding that a new Legacy will lease for 36-15000 with a residual of 60% or more. That represents thousands of dollars in savings on a 3 year lease with identical cap costs.

    It's far more about residual value than cap cost when it comes to leasing. Also waiving a low payment at someone is a joke when they require thousands in cap cost reduction. Do people really think they are getting a deal just because the payment is low. It's like me saying you can have this car for 200/mo just give me a third of the lease payments up front (cap cost reduction). Makes no sense to me.
  • Car man,
    I haven't seen any lease rates or residual values for a 48 month lease.
    A local dealer is offering the following lease deal for an FWD LS:
    $254 a month for 48 months. Zero down except for first month's payment + taxes & tags. Does this sound like a good lease deal?
    Thanks.
  • Hi mrmurphy22. GM is indeed providing support on 48 month leases right now.

    Its September program isn't out yet, but through 9/7 GMAC...er um Ally's (those tricky folks) base lease rate and residual value for a 48 month lease of a 2010 Equinox LS FWD with 15,000 miles per year are 2.95% and 37%, respectively.

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  • Can anyone tell me the current lease price on a 2010 or 2011 Equinox? I do not want to put anything down except first month and required fees.

    I drive a ford edge now and need a less expensive suv with better gas mileage.
  • I've been quoted $368 (tax included) per month sign and drive on an LS base model w/ leather interior, 15,000 mi, 48 mo. lease, but this didn't sound like a great deal to me relative to the actual value of the car. Anyone have any thoughts?
  • Does anyone have the current September lease finance rates and residuals for the Equinox? I would like to know the 12,000 mile and 15,000 mile 48 mos info.
  • Hi seeingred56. I would be happy to give you an idea of how much it would cost to lease this vehicle right now. However, in order for me to do so I'm going to need some additional information from you first, including the exact trim level that you are interested in, how long you want to lease it for, and how many miles per year you need to be allowed to drive. Let me know and I'll crunch some numbers for you.

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  • Greetings chicago_cars. I'd be happy to help you out, but you never mentioned the exact trim level of Equinox that you are interested in. For now I will assume that you want a 2011 Equinox 1LT AWD. Let me know if you want something different.

    Ally's current base lease rate and residual value for a 48 month lease of a 2011 Chevrolet Equinox 1LT AWD with 15,000 miles per year are 4.8% and 43%, respectively.

    The residual value for a lease with only 12,000 miles per year would be 2% higher.

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This discussion has been closed.