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2013 and earlier Chevrolet Equinox Lease Questions

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  • kyfdx@Edmundskyfdx@Edmunds Posts: 25,898
    1.2% of $27K is only $325 per year in savings...
    Transaction costs will eat that up... Just the acquisition fee will be more than your first 18 months of savings..

    Selling your car for wholesale... leasing a new car at retail... then, in three years, more transaction costs when the lease is up...

    Amortize your current vehicle over 60 months, and don't give in to skipping principle payments, and that HELOC balance will drop in a hurry..

    Moderator - Prices Paid, Lease Questions, SUVs

  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    edited August 2011
    Keep in mind too that the interest on the HELOC is likely deductible, while the interest on a car loan or lease would not be. That should eat into some of the difference as well. You'd be better off taking the money that you're saving from not having a car payment and using that to pay down your HELOC a month at a time. That's what I would do anyhow.

    Car_man
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  • dangodango Posts: 5
    edited December 2011
    Does this sound like a fair 39 mo. lease deal?(many moving parts) Numbers straight from ACAR/GM Fin Lease Agreement:
    2012 Equinox 1LT w/ Driv Conv Pkg, Protect pkg, Cross rails
    MSRP $26785

    Only $352 1st mo pmt due at signing. Rolling Acq fee into Mo Pmt at 1.1%int
    Base Cap Cost 25744 (Negot price)
    Taxes 6.25% 808 (pd for GM Fin by me?Is that how they do it?)
    Acquis Fee 650
    Gross Cap Cost 27202
    Residual 14196 (53% based on MSRP)
    Money Factor .00046 (1.1% int rate)

    Total Rent Charge 742 ($19/mo)
    Total Depreciation 13006 (334/mo)(tax incl in here)
    Total Mo. Pmts 13748 ***$352.52/Month*** for 38 more mos.

    No addl Doc fee or Sec Dep charged. $350 due at Disposition.
    These actual numbers should help those looking at 2012 Equin 1LT leasing.
    Any issues observ or questions (dealer tricks) I'm overlooking?
  • dangodango Posts: 5
    Does this sound like a fair 39 mo. lease deal?(many moving parts) Numbers straight from ACAR/GM Fin Lease Agreement:
    2012 Equinox 1LT w/ Driv Conv Pkg, Protect pkg, Cross rails
    MSRP $26785

    Only $352 1st mo pmt due at signing. Rolling Acq fee into Mo Pmt at 1.1%int
    Base Cap Cost 25744 (Negot price)
    Taxes 6.25% 808 (pd for GM Fin by me?Is that how they do it?)
    Acquis Fee 650
    Gross Cap Cost 27202
    Residual 14196 (53% based on MSRP)
    Money Factor .00046 (1.1% int rate)

    Total Rent Charge 742 ($19/mo)
    Total Depreciation 13006 (334/mo)(tax incl in here)
    Total Mo. Pmts 13748 ***$352.52/Month*** for 38 more mos.

    No addl Doc fee or Sec Dep charged. $350 due at Disposition.
    These actual numbers should help those looking at 2012 Equin 1LT leasing.
    Any issues observ or questions (dealer tricks) I'm overlooking?
  • dangodango Posts: 5
    Wondering how much profit dealer booked on the above deal
  • Hi dango. This deal appears to be around $500 to $600 or so over dealer invoice and the lease rate looks good. I'd say that this is a decent deal.

    Car_man
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  • Carman,

    Do you have the 24 month residual and CCR for the Equinox 1LT and 2LT AWD and FWD with 10k miles per year?

    I assume the rate is still 1.1%?

    I am really interested in these GM (Ally) 24 month leases this month.

    Thanks
  • Hi does anyone know what the current money factor and residual vaule for the 2012 chevy Equinox LS lease for 36 months with 15k miles a year from Ally.
  • dangodango Posts: 5
    I leased a '12 Equinox LT in Dec. for 39 mos. with 12K mi/yr. Money Factor was .00046 and residual was 53%. For 15k, resid may be in 46% range? See above post from dango
  • Hi awoolford. Ally's current base lease rate and residual value for a 36-month lease of a 2012 Chevrolet Equinox LS AWD with 15,000 miles per year are 2.1% and 52%, respectively.

    General Motors is currently providing a $750 cash incentive on 36-month leases of the 2012 Equinox through Ally. I believe that there's an additional $500 on top of that on the LS trim level.

    Car_man
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  • Hi Carman,

    Do you happen to have the money factors and residuals on these two models?

    2012 Equinox LS FWD with 12,000 Miles - 39 Months
    2012 Equinox LT1 FWD with 12,000 Miles - 39 Months

    A followup question regarding money factors. Is this number dependent on credit score? I was told to qualify for the Tier 1 credit I must have a credit score over 800. My reasoning for these questions is I was trying to make a deal on the current Nationally advertised lease on the Equinox LS but I have a feeling I am being taken advantage of but I cannot be sure.

    Thanks in advance for your help!
  • I certainly do, manelson79. The banks that General Motors runs its leases through actually use lease rates instead of money factors to calculate vehicle's payments. You can convert these lease rates into approximate money factor equivalents by dividing them by 2400.

    Ally's January base lease rate and residual value for a 39-month lease of a 2012 Chevrolet Equinox LS FWD with 12,000 miles per year are 2.1% and 51%, respectively.

    The lease rate for a '12 Equinox LT1 FWD would be the same, but the residual value would be 49%.

    Most banks are much more strict than Ally in terms of who they allow to qualify for their top rates. you definitely don't need a credit score of 800 to get the best rates on a GM lease.

    Car_man
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  • Car_Man did the rates for the '12 Equinox 1LT change for February or are they still 2.1% and 49% residual?
  • Hey awursta. The lease numbers for this truck are exactly the same in February as they were in January.

    GM increased the cash incentive on 36-month leases of '12 Chevrolet Equniox V6 models to $1,725, but the cash on leases of the 4-cylinder remains $750.

    Car_man
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  • I was at the dealer today and man what a waste of time. A young kid who used to be a bartender was my salesperson and admittedly did not know a lot about leasing. I knew a lot more and I know NOTHING!!

    I have the following information and looking for advice:

    Invoice says $27208 and lease will be for $27K even.

    Residual value for a 36/15K lease is 48% (?)

    Was told that the money factor was 2.960 (%)? -- I see that the Edmunds.com lease calculator is giving my zip code a default of .0029 as a default. I have a feeling that this is the interest rate already converted by dividing by 2400...Any input?

    According to the above, the lease payment will be $547 plus the 6% FL tax. This seems outrageous.

    Please advise.

    Thanks, Dave
  • longschlng22longschlng22 Posts: 6
    edited March 2012
    Hi carman... I was wondering what the money factor, residual on 36 months was for the 12 equinox fwd LS with msrp 24,555.

    what bonus cash is available for leases as well?...i was wondering what the difference was between the conquest for 1000, us ally for 500, us bank for 500, and us financial for 1000 and 1500.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi longschlng22. Ally's current base lease rate and residual value for a 36-month lease of a 2012 Chevrolet Equinox LS FWD with 15,000 miles per year are 1.2% and 50%, respectively.

    As you can see, Ally 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.

    General Motors is currently providing a $1,825 cash incentive on 36-month leases of this version of the Equinox through Ally. There's an additional $500 available on top of that on the LS trim level. If you are a current lessee of a non-GM vehicle, you can get another $1,000 on top of that.

    Car_man
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    Car_man
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  • neelmneelm Posts: 1
    Quote : General Motors is currently providing a $1,825 cash incentive on 36-month leases of this version of the Equinox through Ally. There's an additional $500 available on top of that on the LS trim level. If you are a current lessee of a non-GM vehicle, you can get another $1,000 on top of that.

    How does this work ? Is it reduced from the negotiated price or from total lease cost over the lease period ?
  • jmangajmanga Posts: 1
    Does anyone know what the current Ally rates are for an Equinox 2LT AWD in the NYC region?

    I think there is still 1850 lease cash from ally,

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You can use the cash incentives to negotiate a low capitalized cost for the vehicle that you want to lease.

    Car_man
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This discussion has been closed.