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2013 and earlier Cadillac CTS Lease Questions
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diffeq@zoominternet.net
and I will send you samples of lease proposals.
John
22,500 miles for the 27 month. The interest rate is 0.25% with a security deposit and 0.75% without.
residuals are: 51% 27 month,53% 24 month
Incentives: CCR $6425, Conquest $1000
Would like money factor and residual information for 36 months, 15k per year..for a 2010 CTS AWD Luxury, and any cash incentives available
Thanks
Thanks,
Jeannine Fallon
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GMAC's current base lease rate and residual value for a 24 month lease of a base 2010 Cadillac CTS with 15,000 miles per year are 0.25% and 51%, respectively.
This car's lease rate is the same for all trim levels, but its residual values vary. Let me know if you want a different version of this car and I can give you the exact resid for it.
Not only is GM's lease rate for the '10 CTS incredibly low, it is providing a whopping $6,425 cash incentive on leases of this car through GMAC right now. Make sure to take this cash into account during your negotiations.
Car_man
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As mentioned in previous posts, when negotiating your deal on this car make sure to take advantage of the $6,425 cash incentive that is available on leases of it through GMAC.
Car_man
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I picked up a 2010 CTS AWD performance MSRP 47585 (3.6 engine,nav, spare tire sunroof) with 3,000 demo/loaner miles..for $390 per month with upfront payment of sales tax, reg, doc fees etc of $3350 on a 39 month lease with 15K miles per year and the dealer paid off the remaining $650 in lease payments on my car
I think i got a good deal..again thanks for all your help This forum is invaluable
Car_man
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I am looking at the CTS. I am not sure which model I can afford yet but I will probably do a 24 or 27 mo lease. Could you post some of the residuals and MF's on a few of the models for 12k/miles?
Also everyone is mentioning the $6425 in incentives. How come this is not listed on edmunds? Can you break down all of the incentives for me so I do not seem clueless when i mention that? Also should I try and negotiate that $6425 off of the invoice price? Is that only for lease or are the incentives included if I choose to buy?
What is the $1000 conquest for? is that included or separate in the $6425?
Thanks!!
Do you have lease information for August for the 2010 CTS Wagon? Specifically, does the $6425 lease cash and $1000 conquest from July carry forward? What are the 10K miles/yr 27 month interest rates and residuals for the Performance and Premium styles? Thanks.
General Motors is definitely providing a whopping $6,425 cash incentive on leases of this car through GMAC right now. I'm not sure why this cash does not appear in the incentives section of Edmunds.com, but it definitely exists. I am not affiliated with that section of the site.
There is an additional $1,000 conquest cash on top of the cash incentive on leases, but only in certain areas. If you tell me where you live, I can tell you whether you are eligible for it.
If I was in the market for a 2010 CTS right now, I personally would shoot for a selling price of $500 or so over dealer invoice minus all of the available cash incentives.
Car_man
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GMAC's current base lease rate for a 27 month lease of a 2010 CTS Wagon is 0.25%. The 27 month, 10,000 mile per year resid for a '10 CTS Wagon 3.0L Performance RWD is 52%.
The lease rate for an otherwise identical lease of a 'CTS Wagon 3.0L Premium is the same, but its residual value is 51%.
Car_man
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Do you have any info on 2010 or 2011 CTS-v lease numbers? There are a bunch of '10s here in LA around the $68k sticker price. Ideally, I'm looking for a 3yr/36k miles lease but could go down to 27 months/27k miles.
Thanks for your time!
I've leased many vehicles but the $6425 cash incentive is throwing me off base. If I were to lease a 2010 CTS AWD Luxury, are you saying that once I know invoice, then I can take off an additional $6425 below invoice and then do my dealing? I have this feeling like they are going to look at me and say, "where did you get that figure?". So would you please elaborate on that so I know what I am talking about? Thanks a million.
Interested in lease rates for 36 month/12,000 mile on that model. Current GMAC lessee now.....any extra incentives on turn in to lease again? Thanks!
For this particular vehicle:
http://www.gmcnorthcounty.com/VehicleDetails/729142513
What would the incentives, money factor and residual be for a 36mo 15kmi/yr lease?
Thanks for your help!
http://i59.photobucket.com/albums/g302/paperboyNC/LeaseWorksheet.jpg
http://i59.photobucket.com/albums/g302/paperboyNC/photo.png
Thanks!
"I got a quote from the dealer today and the lease worksheet doesn't agree with my lease calculator. Any idea why?"
Yup. First, let's summarize the dealer's lease worksheet...
MSRP..................................................... 45,390.00
Sell Price (S)........................................... 45,390.00 (Sell Price = MSRP- not good)
GMAC Acquisition Fee (A)....................... 795.00
Gross Capitalized Cost (G)................... 46,185.00 (S + A)
Cap Reduction (D)............................... 7,442.36 (17.36 + 7,425.00)
Adjusted Capitalized Cost (C)............... 38,742.64 (G - D)
GMAC Lease Rate............................. 0.25%
Term (N)........................................... 24
Residual Factor................................ 51%
Residual Value................................ 23,148.90 (Res Factor x MSRP)
Base Monthly Payment................... 656.32
CA Tax @8.750%.......................... 57.43
Monthly Lease Payment w/tax........ 713.75
I calculated the same GMAC base payment of 656.32. The dealer's worksheet is 100% correct.
It appears that you have an AT&T iphone LeasePro App. There are several glaring disparities between this App and the dealer's worksheet...
(1) The selling price in the App (37,947.64) differs from the dealer's selling price (45,390.00) which is also the MSRP.
(2) The cap reductions are different. The App shows 2,800.00 while the wroksheet shows 7,442.36. Looks like you're using the amount due at lease signing ($2,800) as a cap reduction which is incorrect.
(3) The App shows 1,483 of cap additions (amounts financed) while the dealer worksheet shows the 795 acquisition fee as the only amount financed. I have no idea where you're getting 1,483.
(4) The App is using your inputs to compute a payment of 617.66. This payment in incorrect. Given YOUR inputs, the payment should be 567.91 given that the rate is 0.25% (an interest rate). If I convert the interest rate to the approximate money factor (i.e., 0.25/2400) and use the money factor formula, I get a payment of 567.97 which is a difference of only $0.06. So, I have no clue how this flawed App is getting 617.66. I would delete this App if I were you.
My take on commercially prepared lease software is that you use them at your own risk. Several years ago, a software provider (it may have been LeasePro) asked me how GMAC payments are calculated. I refused to tell them as they're software providers and should understand the mathematics of how GMAC computes lease payments. They also wanted something for nothing. My impression was that they were no more than capitalists with little interest in academics and that pissed me off because I'm the exact opposite.
One other thing, you need to get an itemization of the $2,800 due at lease signing. I'm sure it includes 1st payment (713.75), DMV fee (635.00), Tire fee (8.75), plus applicable taxes. But, something is missing that's not reflected in the worksheet.
I hope this helps.
Questions? Please let me know.
John
Thanks you for your help. I made a few mistakes entering the info into my app. I considered the Cadillac discount as price reduction rather than cap reduction (which is taxable). I put the DMV fees both as cap reduction and cap addition (which confuses taxes). And I put the first month's payment as cap reduction.
You can see that if I put the raw numbers in and turn off taxes, it gets basically the same numbers:
http://i59.photobucket.com/albums/g302/paperboyNC/leasecar2.png
You said: "The App is using your inputs to compute a payment of 617.66. This payment in incorrect. Given YOUR inputs, the payment should be 567.91"
It's because of the 8.75% sales tax. $567.91 x 0.875 = $49.69 + 567.91 = $617.60.
The basic issue is that none of the $2800 downpayment is going towards cap reduction. My guess is something like this:
$713.75 - 1st month's payment
$651.21 - 8.75% tax on cap reduction
$625.00 - DMV Fee
$8.75 - Tire Fee
$59 - Dealer Doc Fee
------------------------------------------
$2057.71 total
$742.29 who knows??
Can't they use the $7442.36 in such a way that it doesn't result in that $651 in extra taxes?
Apparently, you showed only the summary page as I didn't see any input for sales tax (i.e., 8.75%) and, accordingly, never considered taxes.
"$742.29 who knows??"
That's why you need to get an itemization from the dealer.
"Can't they use the $7442.36 in such a way that it doesn't result in that $651 in extra taxes? "
Nope. Whether they use the amount to reduce the capcost or use it to cover the upfront fees, you're going to pay tax.
Also, I do not advise making a down payment (i.e., cap reduction). A car is a depreciating asset purchased for consumption; and so, it's an expense and not an investment. No savvy investor would ever invest in stock that they know will depreciate or lose value over time. Also, if the vehicle is totalled or stolen, and never recovered, you risk losing part or all of your down payment.
I suggest that you use the rebate, if possible, to offset the upfront lease charges and take the balance in cash. My guess is that they won't let you do this and so, the balance will likely have to be applied toward reducing the gross cap. Oh well.
John
I know I need the itemization from the dealer. This was their quote with no negotiations. I want to plug in the numbers I think they can do to my lease calculator and see if it's within my budget before I bother negotiating. I think I can afford the base model of this vehicle at $37,290 but I'm really bothered by the taxes on the $7442.36. I've gotten lease quotes from other dealers and not had this issue. Mercedes has a $4500 discount on C350s that is not taxable.
PaperboyNC
Discounts and rebates are two totally different things. If a dealer is willing to "discount" the selling price; then the discount is not taxable because it's not really cash. It's no different that going to a clothier and buying shirts at 50% off the regular retail price. you're not paying tax on the regular price, rather, you're paying tax on the discounted price.
On the other hand, cash incentives, "rebates", etc., coming from the manufacturer are treated as being equivalent to cash and, therefore, are taxable.
John
MSRP $37,540
Residual 53%
27 months/22,500 miles
monthly lease payment (315.60 plus 22.09 sales tax) is $337.69
at closing used $2,930 of GM Card points and $350 cash for security deposit.
includes CCR $6425;
let me know, if anyone wants additional information
Bob W
Of course, it only makes for a cheap lease, if the dealer passes that amount along to the buyer, in the form of a lower selling price... You still have to negotiate the best deal you can..
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I see the 24 month rates, but please let me know about the 36 month 2010 Base CTS and Luxury CTS with 12K mile lease rates. Also, can the conquest cash be combined with the $6425 cash incentive? Are there any restrictions? Thanks!
Carman, can you confirm the lease rates, residuals etc on the CTS Base and Luxury? Thanks!
Thanks for the great service you do!
Can you help me get close to what my lease payment will be upon leasing?
2010 CTS Premium
MSRP=$48,685
Selling Price=$46,685
36 month lease, 10k per year, 1st payment [can I buy the lease down at inception with $1500 cash to drop payments?]
I understand about the $6425 CCR from GMAC.
Thanks again!
Alex
I am trying to take advantage of the 2010 lease deal that was advertised as $1,999 due at signing, 27 months, $349 per month, 10K miles. I notice a lot of people mentioning GMAC offering cash incentives. How does this factor into the lease deal? Would these cash incentives be above and beyond the specifics of the lease deal? Thanks!
Car_man
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Through September 7th, GMAC's base lease rate and residual value for a 36 month lease of a 2010 Cadillac CTS-V with 12,000 miles per year are 1.8% and 49%, respectively for consumers who quality for its top credit tier.
GMAC's lease rate for an otherwise identical lease of a 2011 CTS-V drops to 1.0%.
When negotiating your deal on these cars, make sure to take the massive $6,425 cash incentive that is available on leases of the 2010 model and $1,600 that is available on leases of the 2011 model through GMAC into account.
Car_man
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Through September 7th, GMAC's base lease rates and residual values for a 36 month lease of a 2010 Cadillac CTS Sedan AWD Luxury with 15,000 miles per year are 1.8% and 47%, respectively.
Unfortunately, I don't believe that General Motors is currently providing any owner loyalty cash incentives on this car.
Car_man
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Through September 7th, GMAC' base lease rate and residual value for a 36 month lease of a base 2010 Cadillac CTS Sedan with 12,000 miles per year are 1.8% and 43%, respectively.
The numbers for the 2010 CTS Sedan Luxury are the same.
Car_man
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According to my calculations, if you were to lease a 2010 Cadillac CTS Sedan Premium 2WD that has an MSRP of $48,685 and a selling price of 40,260 ($46,685 - $6,425 lease cash) through GMAC right now for 36 months with 10,000 miles per year, your zero down, pre-tax monthly payment would be around $557.
Car_man
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If I was interested in leasing a 2010 Cadillac CTS right now, I personally would shoot for a selling price of around $500 over dealer invoice minus the $6,425 cash incentive that is available on leases of it through GMAC.
Car_man
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Do you have the current money factor, residual and CCR for the 2010 and 2011 CTS-V for 27 and 36 months with 15k miles per year?
Thanks
Car_man
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When negotiating your deal on this car, make sure to take advantage of the $2,000 cash incentive that is currently available on leases of it through Ally.
General Motors is not providing lease support on the 2010 CTS any longer, but it does have the always attractive 0% financing for up to 6 years on the '10 model.
Car_man
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Is there no current 27 month lease program?
Also, do they still have a $1,000 conquest cash? I live in Georgia.
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Thanks for the clarification. It looks like GMAC became Ally over a year ago, but were using the GMAC name until very recently.