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Unique Chevy Trax Lease situation; please advise

thedad21thedad21 Posts: 2
edited December 2015 in Chevrolet
Chevy Trax LT 2016:
  1. Adjusted Cap Cost 24,745
  2. Residual Value: 12476
  3. Lease End Value ratio: 53%
  4. Money factor: .0004
  5. Monthly Payment: 329.48

    no money down, first payment on the house, 39 month term. The unique aspect is the trade-in. My 2012 Sonic needs a new radiator and tires. When I brought it in, they offered me a lease in lieu of doing the repairs. They are claiming my trade in value is $5500, but I am underwater on its auto-loan (currently owe $6,700). I am sure this is built back into the lease some how, but I don't know how to reverse the finance to understand the price.

    I am not in any way a finance person. Is this a reasonable deal? Is there negotiation room on the Adj Cap Cost?

    Thanks greatly in advance

Comments

  • kyfdxkyfdx Posts: 128,296
    thedad21 said:

    Chevy Trax LT 2016:

    1. Adjusted Cap Cost 24,745
    2. Residual Value: 12476
    3. Lease End Value ratio: 53%
    4. Money factor: .0004
    5. Monthly Payment: 329.48

      no money down, first payment on the house, 39 month term. The unique aspect is the trade-in. My 2012 Sonic needs a new radiator and tires. When I brought it in, they offered me a lease in lieu of doing the repairs. They are claiming my trade in value is $5500, but I am underwater on its auto-loan (currently owe $6,700). I am sure this is built back into the lease some how, but I don't know how to reverse the finance to understand the price.

      I am not in any way a finance person. Is this a reasonable deal? Is there negotiation room on the Adj Cap Cost?

      Thanks greatly in advance
    Adjusted CAP Cost should include the selling price + any additions (like your negative equity) minus any CAP cost reduction. What selling price did you agree to?

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • thedad21thedad21 Posts: 2
    edited December 2015
    Thank You for responding. I haven't agreed to anything, but the "dealer price" of the vehicle is $24000.
  • kyfdxkyfdx Posts: 128,296
    thedad21 said:

    Thank You for responding. I haven't agreed to anything, but the "dealer price" of the vehicle is $24000.

    Ask them to reconcile the selling price with the adjusted CAP cost. (What is added and what is subtracted to come up with the adjusted CAP). That should make everything clear

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

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