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2013 and earlier Cadillac CTS Lease Questions
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Comments
Anyway, for GS350, G35, and CTS, could you please provide:
(1) Target deal relative to invoice+destination (and any rebate)
(2) If buy, available finance rates
(3) If lease, money factor or interest for 24mo, 36 mo for 12K, 15K annually
Any better MF or interest rate for multiple security deposits?
Thank you for this information. I'll also put on other forums, in case you guys see that first.
Thank you!
Car_man
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Car_man
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Let's see what the difference in lease payment would be between the jacked up 7.1% rate and the base 6.1% rate. According to my calculations, if you were to lease a 2008 Cadillac CTS that has an MSRP of $42,430 and a selling price of $39,370 through GMAC right now for 39 months with 10,000 miles per year using the 6.1% rate, your zero down, pre-tax monthly payment should be around $493. Using the 7.1% rate the payment for an otherwise identical lease rises to around $520. So the higher rate is costing you approximately $27 per month.
Car_man
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If you choose to finance your car through GMAC, you can do so at 1.9% for 3 years, 2.9% for 4 years, 3.9% for 5 years, or 4.9% for 6 years. If you decide to lease, you will have to use GMAC's base lease rate of 6.1%. I do not believe that GMAC offers a multiple security deposit program like a number of the European manufacturers do.
Car_man
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Car_man
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Car_man
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Can you post current residual values for the CTS? I am interested in a 27, 26, and 39 month lease terms at 10k miles a year. I searched through past threads and could not find this information.
Thanks!
-Spike
Is this still a good deal?
For cars that were already produced before January and on dealer lots, the invoice price did not change. Perhaps what happened is that the dealer was assuming you were going to buy a car already in stock that was produced before January, or did not pay close attention and quoted a newly ordered car based off of the pre-January cost.
The newly advertised lease special displays $33,990. Last month the add showed $33,490 for the same vehicle.
Invoice prices for the bast model Cadillac Automatic was $32,440 on Edmunds just this past month. Now the new price is $32,908. There has been an increase of $500 on the dealer website and an increase of $468 on Edmunds.com. This is all from March until now on the same vehicle.
Craig
Thanks!!
Car_man
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Car_man
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Was one of these posts a typo? Was the earlier post written based on the April program before the May program came out? Are both correct?
Also another question, if you could : I hate how GMAC quotes lease rates in interest rate instead of money factor. 6.1% equates to 0.00254, right? The further 1% that the dealership is allowed to mark that up equates to 0.00042? Alternately, could you provide me with a formula for calculating a lease using % rather than MF?
I dont have the formula to use a percentage but take the percentage and divide it by 2044 to get the money factor.
multiply by 2400 to get the MF
Multiply the MF by 2400 to get the %
Divide the % by 2400 to get the MF
regards,
kyfdx
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I am working under the assumption that the residual for a 24 month/15k mile lease is 69% with an interest rate of 6.1% (MF 0.00254).
The MSRP of the car is $50,285
My GMS (thank you Mom and Dad) price is $44,259.23
My tax rate is 5.5%
The dealer is quoting me $700 per month with tax and my calculations have me at $631.90. I could be missing a fee or two, but not by that much.
Am I screwed up?
Any help would be appreciated
If you do $0 at signing, your lease payment will be $700.
ZERO down is not the same thing as ZERO drive-off.
Car_man
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Zero cap cost dollars down (rolled the $595 acquisition fee in)
Paid the usual upfronts of 1st month and TT&L
With tax (5.5%), I am paing $665 on a 24mth/15K mile lease
MSRP $50,285
Love my new CTS!!
Car_man
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1. How is Residual Value calculated ? what does it include ?
2. What is MF ? lease rate ?
3. Tax rate ?
I am considering an option from the following scenarios, from the information the dealer has given me :
Facts :
2009 CTS : MSRP 51850; GMS 45878
Residual value = 32596
Lease 24 mths/12K per yr : $ 798/mth; Onetime payment of $ 18400
Purchase : 4.9% for 36 mths ( $ 1439/mth)
Basically, I am trying to determine the net cost to me if I Lease first, and then Buy this car, if I decide to keep it, VS buying it up front and taking a chance that it is the one I want to keep for a longer period of time.
Your assistance and advice is greatly appreciated.
Car_man
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In answer to your specific questions, vehicles' residual values are based upon a percentage of their full MSRPs plus the MSRPs of any options that can be residualized. GMAC's current residual value for a 24 month lease of a 2008 Cadillac CTS with 12,000 miles per year is a whopping 71%.
Banks also set vehicles' lease rates. GMAC's current base lease rate for a 24 month lease of an '08 CTS is an unattractive 6.1%.
Each state calculates sales tax on leased vehicles differently.
Car_man
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thanks,
No, it is not true that it is always better to buy. There is 2 cost component of owning a car, the depreciation and the finance cost. Even if you pay cash out of your pocket, you still run a finance cost which is equal to the money that you can make with the cash. Comparing leasing and owning boil down to what finance rate you can get with leasing vs buying. And what residual a manufacturer set for a car.
If a manufacturer is running special for leasing a car (i.e. lease cash, lower money factor e.g. right now you have cars that has money factor equal to 3+% interest rate..) or set residual artificial high than it is better to lease a car. If it is the other way around, then it is better to buy a car.
Thanks in advance...
Car_man
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The MSRP of the vehicle you priced is $45,200. The others in the inventory were more expensive some by a few hundred, others a few thousand.
I am selling it to you for $42,985. When it comes to leasing, there are no
rebates available. A 36 month lease with 12k miles a year with about $1,600
due at signing will give you payments around $715 plus tax a month. On a
purchase with excellent credit, $2,000 rebate and $1,600 down, your payment
will run about $845 a month. (not sure I understand why the monthly went up here)
To move to the far end of the scale with all the bells and whistles, the CTS
with an MSRP of $48,705 can be sold to you for $46,528 through the Internet
Department. A 36 month/12k mile a year lease with about $1,675 down gives
you payments of $775 plus tax a month.
After I told him what I wanted to pay a month (not really what I want but I wanted to see where he would go with the offer - I realize I will probably be paying over $600/mo at a minimum), this is what he wrote me:
My original quote to you was about $900 over invoice. I went down to about $500 over invoice (normally as low as I can go) . We were at about $763 including tax a month and with a bit more discounting, we are at about $740 a month including tax. To get below $600 a month means instead of about $1,600 down, you would need to come up with about $6,500 down. There is just not that kind of markup on a car like this. If you went down to 10k miles a year, you would move closer to the $700 mark. The only real choice would have to be find a less expensive vehicle or put more money down.
I am really sorry for the long post, but any thoughts on this would really be appreciated. I have read through most of this thread, but it does not appear as if some of the older post really apply presently.
Anyway, thanks again for any thoughts.
Their lots are filled to capacity. The reisdual value for leasing their vehicles is low and without their own financing arm, your at the mercy of the local banks which are tight with their lending on especially on GM, Ford and Chrysler vehicles.
Car_man
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Besides this site and the individual manufacturer sites, is there a good site to see current lease offers?
Thanks again.
It was a 36 month lease that took into account, employee pricing, a rebate, and an additional $4,000 reduction since I had a lease that was to expire within the next seveal months. MSRP around 38, 36 month lease for 412 plus tax with $1,000 total out of pocket. I'm very happy . . . so far
Car_man
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Thanks