Edmunds dealer partner, Bayway Leasing, is now offering transparent lease deals via these forums. Click here to see the latest vehicles!
Options
Popular New Cars
Popular Used Sedans
Popular Used SUVs
Popular Used Pickup Trucks
Popular Used Hatchbacks
Popular Used Minivans
Popular Used Coupes
Popular Used Wagons
Comments
Thanks
You are 1 year into a 4 year deal, and will be upside down on that transaction for the life of the lease. IMO, probably the worst thing you could is roll that upside down difference into your next lease, by exiting early. You roll the difference, plus the cost of the dealer profit from another transaction.
I'd suggest riding out your current lease to the end. What you could calculate as a financial exercise, is figure out how much upside down you are, add in a couple more grand of transaction fees(exiting old, entering new), taxes, etc..... and figure out what that would amount to with interest as an increment to some clean new lease. Lets say it adds 200 per month to whatever a clean lease would be. Force yourself to put that 200/month into a kitty for your next vehicle (in three years). You'd have about 7K in the kitty, which could totally change how you approach the next vehicle acquisition.
MSRP of $53,320
Net cap cost $45,500 (includes $1,000 from GM and $1,000 in dealer coupons)
39 month lease
12k miles/year
62% residual
lease APR 7.9% (this is where I have an issue, several dealers in Delaware are stating that the rate is now 7.2% but this dealer says that to avoid acquisition fee of $595, they bump the rate. I could pay the acq fee and keep the rate lower)
monthly payment including tax $613.34
down including tax, tags, title $2,113.54
Please let me know if you have any feedback...thanks!!
2007 Tahoe, LT2 Package + Entertainment ($800 value)
MSRP: $40485
Residual: $25100
Buy rate: 7.4
Dealer Cost: $35586
Selling Price: $36386 (Includes $800 for Ent. System)
Cash Rebate: $3000
Total Cap Cost: $34218
They want $2800 down and the payment will be 454/mo (inc. tax) on a smartlease 39mo/12000yr
What do you think. Is there any room for negotiations?
Thank you
Thanks
I financed a 2005 Bonneville SE and owe $15,977.33 (upside down from a previous car marriage)
KBB says
Excellent $11,100.00
Good $10,335.00
Fair $9,010.00
Going with the middle ground I am $5,642.33 upside down...
A beautiful Tahoe LT3 4WD I found is...
MSRP $50,470.00
GMS $43,982.33
Offers $4,000
Net Price $39,982.33
Added upside down effect $45,624.66
So my post is two part..
A) With the way the economy is, is *NOW* the time to buy an '07 Tahoe?? There are two 07's on the lot right now. Are '08's out? Would December be a better time to buy an '08 or is 11k off MSRP the best it will ever be?
What would my break down be for due at signing (as close to zero as possible) and monthly payments?
Aside from if this is a good idea or not, I don't know. I can absorb the upside down into 11k off MSRP. I can lease and never be upside down again, nor will I have to keep a car for four years... I REALLY want this...
Good news and bad news please! TIA!
____________________________________________________________
What does the economy have to do with your buying now? Are you afraid of losing your job? If so don't make things worse by going deeper into debt. If you never want to be "upside down" again then bite the bullet and pay off your current vehicle and start fresh, or at least keep the current ride until it is worth what you owe. REALLY wanting a new car is how people get in $$$ trouble. Buy a new car when you can make the right deal...and the right deal does not include rolling over an unpaid balance of your current car into a new contract/lease/whatever.
Has to do with the cars prices, I am not going anywhere, however if GM and Ford continue to sell less and less cars, will they introduce more incentives?
If they start selling more and more cars, do these incentives go away?
That is what I was getting at.
You can do better. There are ads in the Tampa, FL area for $10k off MSRP (that's w/the special financing). We recently bought an 07 Suburban and had other financing so we received the rebates and got about $14k off MSRP. Check all the dealers in your area for any ads and maybe negotiate w/the internet dept instead of a regular salesman.
MSRP is 53,370
GMS 46,336 (which I qualify for)
what kind of rebates or incentives are out there? I am clueless!!!
In short, the best way to get a good deal on a lease is to focus on two numbers, the selling price of the vehicle that you want and the lease rate or money factor that is being used to calculate its monthly payment. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. If I was in the market for a 2008 Chevrolet Suburban and I was in an area that has a decent level of competition, I personally would shoot for a selling price of around $500 over dealer invoice before the deduction of the $1,000 bonus cash that is available on this truck and see what happens.
Once you have arrived at a selling price that you are comfortable with, have the dealer that gives it to you calculate your monthly payment using GMAC's current base lease rate of 7.2% and you're in business.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Thanks for all your help!
My deal:
MSRP: $40,750 (Tahoe 2WD LT2)
Lease pmts (nothing down) $499/mo for 39 months before tax.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
2008 Tahoe LTZ
Options, Enter. Pack, Nav, captains chairs second row.
MSRP = $52,275
Residual = 61%
Miles = 15000 per year
Selling Price = $49,016
39 Months
Money Factor = 8.2%
Sales Tax = 6%
Payment = $778
I think I need to do better on the selling price. I have $1000 loyalty money that is not factored in above but I think he is still selling the car to me a long ways from invoice. Can you tell me what invoice is on this truck and how close to it can i get? Also, are there any incentives I should be asking for? Thanks.
Once you have arrived at a selling price that you are comfortable with, have the dealer that you are working with calculate your truck's monthly payment using GMAC's base lease rate. Its current base rate for consumers who lease an '08 Chevy Tahoe and pay a security deposit at lease signing is 7.2%.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Thanks for the help.
I am trying to work out my numbers prior to going to the dealership and negotiating my deal... So in that note...
I needed to know the residual values on a 2008 Tahoe 1LT for a 36 Month Lease @ 12,000 and 15,000 p/ year.
Also, I have a 785 credit score so I'll qualify for the premier credit tier... What's the MF (rate) ?
and lastly... If there are any rebates or incentives from GMAC that I would qualify for...
I am in South Florida zip code 33064 if that is of any help...
After some Google research, I came up with these numbers but dont know how acurate they are...
MSRP: $37,610
Negotiated Price: $34,000 (Hoping to obtain)
Residual: 61%
MF: 7.2%
Down Payment: $500
GMAC Rebate: $1,000
36 Months
12,000 Miles
W/ 6% Tax: $457.74 P/ Month
Please let me know if this sounds about right?!
Any more information would be greatly appreciated!
Thanks!
_____________________________________________________________________
In most states you will have to have the title transfered as GMAC owns the vehicle. I assume the registration is in you name. Call whatever agency in your state handles titles, etc and ask them the easiest way to handle this.
Good luck in your quest for a new Tahoe. Let us know if you have any other questions and make sure to stop back to let everyone know how things turn out.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Thank you,
Mike
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
The market for large SUVs is absolutely dead right now. If I was interested in leasing one, I personally wouldn't pay more than dealer invoice minus the $4,000 owner loyalty cash (if you qualify for it). If you are a returning GMAC lessee you may be able to avoid paying a security deposit, otherwise you will have to pay one.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Was also told that the $2000 rebate on leases ended back on Jul 7. Is this true? And, if so, what are the current numbers on these Tahoe leases? Money factor, residual value. Are there any current incentives?
Many thanks.
What you were told about the $2,000 cash incentive on leases disappearing is correct. I do not believe that General Motors is currently providing any cash incentives on leases of this truck.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
thanks alot
Or... these articles on Edmunds: Leasing Tips
regards,
kyfdx
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
Example: if a price is $48,000 and the base lease rate is 7.2% what is the monthly payment??? Thanks
You can take this converted money factor and plug it, along with this truck's MSRP, selling price, and residual value, into the formula that is outlined in the following article to calculate an approximate monthly payment: Calculate Your Own Lease Payment.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Can you post the lease rates for 2009&2010 4WD LT2 lease rates for a 36 month with 15000 miles per year lease. Are there any incentives available on the lease? I'm in ny.
Thank you
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum