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Chevrolet Corvette Lease Questions

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  • Looking for MF & residual value for base corvette with 15k for 24 and 36 or 39 months.

    Thanks!
  • Hi kar_freak. Ally's November base lease rate and residual value for a 24-month lease of a 2012 Chevrolet Corvette Coupe with 15,000 miles per year are 4.4% and 55%, respectively. The numbers for an otherwise identical 36-month lease are 3.95% and 49%.

    General Motors is currently providing a $1,600 cash incentive on 24-month and a $1,350 cash incentive on 36-month leases of this car through Ally.

    Car_man
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  • bolivarbolivar Posts: 2,316
    edited November 2011
    Another way to possibly go? Someone on another forum talked about a '0% for 60 months' on buying a 2011 ZR1 Corvette. And, he was getting a significant discount from MSRP.

    $55,000 (which should get a nicely equiped coupe????) for 60 months is about $916 a month. Is a lease more or less? I don't do leases, so have no idea.
  • You're right bolivar. General Motors is indeed providing 0% financing for 60 months on the 2011 Corvette. It's hard to go wrong with that.

    If you provide me with the MSRP and dealer invoice price (both of which are available here at Edmunds.com) of the exact car that you're interested in I would be happy to work up a lease payment on it for you.

    Car_man
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  • bolivarbolivar Posts: 2,316
    I've got as much Corvette as I need now. I was commenting on your comment to kar_krazy (or something like that) about some lease numbers. For 0% for 60 months and you then totally own a Corvette, I was just wondering what a 3 year lease on a $55,000 coupe would be.
  • Ahhhh I see, bolivar. 0% for 5 years is a great deal. That's probably the way that I would go if I was in the market for a Vette today, though even at 0% the five year payment is still a whopping $917 before tax.

    Car_man
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  • fastdaddyofastdaddyo Posts: 1
    edited February 2012
    i leased a 07 corvette coupe for 5 years, and when it came time to end lease (D&M leasing Dallas) i got nothing in return. the lease agent was cold and indiferent. i was under the impresion that i would able to move up in class of corvette and payments would about the same. BBBBB.SSSSSS. i was not informed that i could turn in the vette at any local chevy dealership, which i did. they worked with me, payed off the balance (which the lease company doesn't tell you about at lease end). they pay off the balance of the lease and yu get nothin as far as a trade in. the book value of the car doesn't matter toward a new lease. yu start from scratch every lease. the dealer worked with the lease bank got the finance straight, took $7000.00 off my new 2012 gs vette and away we went. the lease company rate was 6.5% and chevy offered me 2.5% on 72 mo. save a lot money. i got the better car and have something to trade when i am ready. leasing was good years back but with the interest rates so low buying is the better option. just my opinon
  • kar_freakkar_freak Posts: 18
    Car_Man,
    Please provide MF and residuals for 2012 Corvette Grand Sport with 10k miles and 36/24 months.
    Thanks
  • kar_freakkar_freak Posts: 18
    Car_man,

    You there?? Can you please provide MF and resuduals for Corvette 1LT? I believe Ally is offering support for 39 months? Looking at 10k miles.

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    edited June 2012
    I am kar_freak. Here you go.

    Ally's current base lease rate and residual value for a 36-month lease of a 2012 Chevrolet Corvette Coupe 1LT with 10,000 miles per year are 2.4% and 52%, respectively.

    The numbers for a 39-month lease would be 2.4% and 50%.

    As you can see, Ally published 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.

    Car_man
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  • Hi Guys, does any one knows the rate and residual for 2013 corvette base coupe? Thanks!
  • Here you go honjohn. Ally's October base lease rate and residual value for a 36-month lease of a 2013 Chevrolet Corvette Coupe Base with 15,000 miles per year are 3.15% and 52%.

    Car_man
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  • If you seriously considered buying a new Corvette but chose a different sports car instead, email PR@edmunds.com to talk with a reporter. Please include your daytime contact information and a few words about your decision. Please respond no later than Friday, January 11, 2013.

    Need help navigating? kirstie_h@edmunds.com - or send a private message by clicking on my name.

  • kapkanimdkapkanimd Posts: 64
    Just wondering if they are offering any lease specials on corvettes now that the new model is coming out soon? Never done a GM lease and not sure where to find more information on them. Is Ally the company that handles all of their leases and do they publish residuals and rates? I would like to see the residuals and MF for a 24mo or 36mo lease with 12k mi a year. Thanks in advance.
  • gmcustsvcgmcustsvc Posts: 4,001
    Hi kapkanimd,

    Chevrolet National Lease Offers

    Ultra Low-Mileage Lease for Qualified Lessees
    $599/month 39 month lease.

    $2,019 due at signing (after all offers).
    Tax, title, license, dealer fees and optional equipment extra.
    Mileage charge of $0.20 /mile over 32,500 miles. Prices may vary between dealerships. Ally does handles leases as well as other financial institutions.
    I hope this helps you.

    Marlea Wilson
    GM Customer Service
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi kapkanimd. General Motors' base lease rate and residual value for a 24-month lease of a 2013 Chevrolet Corvette Coupe with 12,000 miles per year are 3.25% and 61%.

    The numbers for an otherwise identical 36-month lease are 3.3% and 54%.

    This is the program for a lease through Ally. General Motors also runs lease specials through US Bank and GM Financial. The 36-month US Bank lease rate is a little better at 2.4%. That might be the way to go on this model.

    The only significant cash incentive that I am aware of on the Corvette right now is a $3,000 owner loyalty offer.

    Car_man
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  • quintopquintop Posts: 5
    Does anyone know what the lease residuals are for the 2013 Corvette ZR1? Are they consistent with the base model:

    * 24 months / 12k miles / 3.25% = 61%
    * 36 months / 12k miles / 3.25% = 54%

    Also, is there variation between leasing through Ally or US Bank?

    Thanks!
  • Carman-
    I found a dealership that is offering a 39-month, 8000 miles/yr lease on a 2013 GS at $599/month with $2500 down. I asked the salesman at the dealership what was the residual at the end of the lease and he didn't know what I was asking him.

    To make sure I am asking the right question, I am trying to determine how much I would have to pay at the end of the lease if I wanted to purchase the vehicle at that time. I am trying to compare the total cost of leasing vs the total cost of purchasing and will consider the lease option if it's somewhat in line with the total cost associated with purchasing.

    I've seen you throwing around percentages and interest rates in answering all these posts. How is the residual calculated? Percentage of the sticker price? The car has been deeply discounted, so I assume if a percentage is used to calculate the residual, it will be a percentage of the original sticker price, not the discounted price. What is the interest rate you are quoting in all these posts and how does it relate to the lease?

    I was using edmunds' trade-in value of a 2010 GS with 24000 miles to help evaluate how much profit the dealership is taking in when they turn around and sell the car after the lease terminates to help negotiate the residual.

    Thanks for you time and advice.

    Pops
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi quintop. The lease rates are exactly the same, but the ZR1's residual values are 3% lower than they are on the base Coupe.

    The lease programs for US Bank and Ally are indeed different. These are the Ally numbers.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi Pops. Vehicles residual values, which essentially are their lease-end purchase option prices, are calculated based upon a percentage of their full MSRPs, including destination and any factory-installed options.

    Ally's July residual value for a 36-month lease of a 2013 Corvette Grand Sport with 15,000 miles per year is 47%. That rises to 50% for leases with 10,000 miles per year. I've never seen a lease with 8,000, but Ally might offer 7,500...that would likely be 1% higher than 10,000.

    Ally's current base lease rate for this car is 3.05%. That means that this is the rate that is being used to calculate the interest portion of your lease payment.

    Car_man
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