2013 and Earlier Chevrolet Malibu Lease Questions

CarMan@Edmunds

This discussion is dedicated to lease questions about the Chevrolet Malibu, model years 2013 and earlier. To discuss the latest lease deals for the current model, please join us in our 2015 Chevrolet Malibu Lease Questions forum.

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meuseman

Hey Car_man,

Just wondering what the RV's and MF's are for the following...
'06 Mailbu LS Sedan 36mo/12k and 36mo/15k
'06 Malibu Maxx LT 36mo/12k and 36mo/15k

Also, with deep discounts on the '05 models ($3250 rebate) are leases on the 05's worth it? (MSRP $23,345, probably looking at $19,500 as a Cap Cost)

Thanks in advance.

CarMan@Edmunds

Hey meuseman. If you were to lease either a 2006 Chevrolet Malibu Sedan or a Chevrolet Malibu Maxx through GMAC right now for 36 months with 15,000 miles per year, its base lease rate and residual value should be 4.0% and 53%, respectively. The lease rate for an otherwise identical lease with 12,000 miles per year would be the same, but the residual value would be 3% higher. As you can see, GMAC publishes lease rates instead of money factors for the vehicles that it leases. You can convert its lease rates into approximate money factor equivalents by dividing them by 2400. When negotiating your lease on either of these cars, keep in mind that GM is currently providing $500 lease cash on these models that will help you to negotiate an attractive capitalized cost. This lease program is really nothing to write home about. If I was in the market for a new Malibu I personally would probably finance a 2005 model at 0% for 5 years or take advantage of the $3,250 customer cash that is available on the '05 rather than lease an '06 model.

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gerardm

Hey car_man,

I was wondering when you get a chance if you'd be able to post the numbers for a 15000/36 month lease on a Malibu LTZ and an LTZ Maxx. I'm in Michigan if you need that for any incentives that may be in effect for the month of December.

Thanks!

gerardm

Car_man, I was wondering if you had a chance to look at the December lease numbers ^

CarMan@Edmunds

Hey gerardm. Here is the information that you are looking for. If you were to lease a 2006 Chevrolet Malibu LTZ through GMAC right now for 36 months with 15,000 miles per year, its base lease rate and residual value should be 4.0% and 53%, respectively. The numbers for an otherwise identical lease of a Malibu Maxx would be exactly the same. I don't believe that GM is currently providing any cash incentives on leases of this exact model, but it does qualify for "Red Tag Event" pricing.

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jpatrick1

HI Car_man
Living in Zip Code 14072 NY
Looking for the residual values and money factors for the following:
2006 Malibu Maxx LT, 36mo/12k and if there are any Lease incentives.
Thanks for all your help.
Patrick

CarMan@Edmunds

Hello jpatrick1. GMAC, General Motors' captive finance company, does not use money factors to calculate vehicles' lease payments. It publishes lease rates instead. You can convert its published lease rates into approximate money factor equivalents by dividing them by 2400. If you were to lease a 2006 Chevrolet Malibu Maxx LT through GMAC right now for 36 months with 12,000 miles per year, its base lease rate and residual value should be 3.7% and 56%, respectively. I do not believe that GM is currently providing any cash incentives on leases of this car right now.

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fuelcellguy

Are there still lease deals on '06 malibu LT sedan? What are the residuals and Money factors for 27 and 36 months. Any lease or bonus cash?
Also, can anyone let me know what they are for an '07 Malibu Maxx SS. I am looking at 27 and 36 months, 15K miles a year.

CarMan@Edmunds

Hello fuelcellguy. Unfortunately, General Motors is no longer providing lease support on the 2006 Chevrolet Malibu. It may still be possible to take advantage of its current cash incentives and lease one through an independent bank, but if you really want to lease you are probably better off going with a 2007 model. GMAC's current base lease rate and residual values for a 27 month lease of a 2007 Chevrolet Malibu V6 with 15,000 miles per year are 3.7% and 58%, respectively. The numbers for an otherwise identical 36 month lease are 3.7% and 49%, respectively. As you can see, GMAC publishes 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.

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ws01

Car_man, any idea if I could get GM SmartBuy option on 2006 Malibu Maxx LT in NJ? If I can do you know how it works and what would be residual value and financing rate for this car right now?

ws01

CarMan@Edmunds

Greetings ws01. GMAC's SmartBuy program is what is known as a balloon note. Balloon notes are very similar to leases in that they provide consumers with a low monthly payment and the option to purchase their vehicles after a specific period of time for a predetermined price. The main difference between balloon notes and leases is that with leases the bank's name is on your vehicle's title, while with balloon notes yours is. Leases are much much more popular than balloon notes. I believe that most consumers in your area use GMAC's SmartLease program instead of its SmartBuy program. Given the lack of popularity of balloon notes, I personally do not keep tabs on the details of them. Why do you want to go with the SmartBuy instead of a lease? Either way, GMAC is no longer offering leases or balloon notes on leftover 2006 models.

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tgp1810

Car_man, can you help me with these lease numbers.

Using an MSRP of 24595 and a purchase price of 22470 can you verify my lease calculations…

I used the following residual and interest numbers provided by my dealer: 54% for 36 months, 53% for 39 months and 3.75 money factor.

I get the following payments:

36 months: 329.68 (311.02 + 18.66 Michigan sales tax)
39 months: 315.15 (297.31 + 17.84 Michigan sales tax)

Thanks for your help!

CarMan@Edmunds

I'd be happy to help you out, tgp1810. GMAC's current base lease rate and residual value for a 36 month lease of a 2007 Saturn Aura XR with 15,000 miles per year are 3.75% and 60%, respectively. Using the prices that you mentioned in your post, an MSRP of $24,595 and a purchase price of $22,470 and the aforementioned lease program I estimate that this car's zero down, pre-tax monthly payment should be around $273.

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tgp1810

Car_man, thank you for your help! I know that the current lease program expires today, and was wondering if you would let me know of any changes for the new year once you get them.

Thanks again!

Travis

tgp1810

Car_man,

I just e-mailed the information you provided me to the dealer and their response was: "These numbers are wrong; because you don't have access to a GMAC lease program, you don't have all the necessary informaiton to properly calculate a payment."

They're quoting me $345 a month for 36/15K using a residual of 54% and a lease rate of 3.75.

tgp1810

Car_man sorry for sounding impatient, but I'm just wondering was changes January brought to the Saturn Auras lease program.

Thanks!

CarMan@Edmunds

No problem, Travis. GMAC's lease program for the 2007 Saturn Aura was extended through February 28th. Its base lease rate and residual value for a 36 month lease of a 2007 Saturn Aura XR with 15,000 miles per year still are 3.75% and 60%, respectively.

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tgp1810

Car_man,

I have just one more thing. I e-mailed the dealer again and they're insisting that this cars residual value for 3 years/45000 miles is 54%. They told me that 60% is unheardof.

Any advice?

Thanks!

CarMan@Edmunds

Hi tgp1810. I believe that 54% is this GMAC's 39 month residual value for this car. I am pretty sure that its 36 month residual value is indeed 60% with 15,000 miles per year. Have you tried getting a quote from a different dealer?

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bmac

Car man,
Can you provide the residual and GMAC base lease rate on a 2007 Chevy Malibu LT, 10,000 mile, 39 month lease? The dealer is saying the residual is 54% and the base rate is 5.7%.

Thanks!

CarMan@Edmunds

Here's the information that you're looking for, bmac. GMAC's base lease rate and residual value for a 39 month lease of a 2007 Chevrolet Malibu LT with 10,000 miles per year are 5.0% and 53%, respectively.

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jaxs1

What are the money factors and residuals for a 2008 Malibu 2LT V6 and 2LT 4 cylinder for 2 and 3 years with 12K and 15K miles included each year?
What do they charge for excess mileage and other lease related fees?

ddelise

Car_Man -

While you are at it - what are the lease rate and residual for the LTZ model for 36 months, 12k/miles year, in FL?

Thanks - Damon

jaxs1

40yearfan

Anyone have any idea on what kind of residual values the 2008 Malibu LTZ will have for 24 and 36 months?

CarMan@Edmunds

Here's the information that you're looking for, jaxs1. GMAC's current base lease rate and residual value for a 24 month lease of a 2008 Chevrolet Malibu with 15,000 miles per year are 2.3% and 63%, respectively. The numbers for an otherwise identical 36 month lease are 2.3% and 51%. If you were to lease this car with only 12,000 miles per year, its 24 month residual value would be 1% higher and its 36 month residual value would be 3% higher.

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CarMan@Edmunds

Hey Damon. The lease program for all Malibu trim levels is exactly the same. Please see my previous post for the info that you need. Thanks.

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CarMan@Edmunds

Greetings 40yearfan. I just posted the latest lease program in for the 2008 Malibu to messages ago. Please check there for the information that you're seeking. Thanks.

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jaxs1

That actually sounds pretty good. Residual looks good. I think you may be able to lease a Malibu with a competitive payment to a comparably equipped Camry or Accord.

What does 2.3% convert to a money factor?

40yearfan

Thanks Car_man. You are a scholar and a gentleman.

40yearfan

Divide the annual interest rate (2.3%) by 2400 to get the money factor (.00096).

jaxs1

What are the full lease details for the new Malibu including the dollar amounts of lease startup and return fees and deposits required? What do they charge per mile for mileage overages and for prepaid extra mileage over 15K per year?

Seems like a 2 year lease would be a good way to experiment with purchasing the Malibu. You would be under the full bumper to bumper warranty even if you drive 15K miles a year and, if the actual resale value is not as high as they are speculating for this new model, the shortfall isn't your problem unless you try to turn it in early.

If you really like it, you can buy a 2010 Malibu at the lease end and, if it was problematic and develops a bad reliability reputation, you can switch to something else at that time with no repair costs or resale woes.

40yearfan

Jaxs1, I just leased one today. It's a 2008 Malibu 2LT with the engine package with bodyside molding and red jewel tint coat. Total MSRP is $25,140. I have it on a 24 month lease with 15,000 miles per year for $520 per month, including taxes. I put no money down, but had to pay almost full MSRP ($25,004.05) with license, documentation fees and admin fees of $1,383.35 for a total of $26,387.40.

I almost forgot that I added $259.00 to the contract for tire and rim insurance through GMAC, so you need to deduct $259 from the $25,004.05 to get the true cost of the lease. The original agreement was $508 for the lease before I added the tire and rim insurance. Now you need to know that they financed the whole thing and I didn't put one penny down.

MIleage overage is 15 cents a mile.

I got it at Power Chevrolet in Peoria, AZ. from Saul Aguirre and negotiated the whole deal before I went to the dealer. This guy really knew what he was doing but he was willing to do some bargining to get to my number. I would highly recommend him to anyone in the Phoenix area wanting a Chevrolet. Within one and one half hours, he had done a pull ahead on my Rendezvous and had all the paper work ready for the finance department for the new Malibu. I spent a half hour in there and was done.

I drove it home (some 35 miles away) and was truly impressed with how quiet this car is. With the 252 HP V6, hydraulic power steering, traction control and hugh 18 inch tires, it drove nicer than any BMW I've ever driven. The seats are comfortable, the dash is well laid out and the interior is as nice as the Acura Legend I used to own. I don't know how well this car will hold up, but GM has a real winner on their hands if first impressions mean anything.

40yearfan

Jaxs1, I just leased one today. It's a 2008 Malibu 2LT with the engine package with bodyside molding and red jewel tint coat. Total MSRP is $25,140. I have it on a 24 month lease with 15,000 miles per year for $520 per month, including taxes. I put no money down, but had to pay almost full MSRP ($25,004.05) with license, documentation fees and admin fees of $1,383.35 for a total of $26,387.40.

I almost forgot that I added $259.00 to the contract for tire and rim insurance through GMAC, so you need to deduct $259 from the $25,004.05 to get the true cost of the lease. The original agreement was $508 for the lease before I added the tire and rim insurance. Now you need to know that they financed the whole thing and I didn't put one penny down.

MIleage overage is 15 cents a mile.

I got it at Power Chevrolet in Peoria, AZ. from Saul Aguirre and negotiated the whole deal before I went to the dealer. This guy really knew what he was doing but he was willing to do some bargining to get to my number. I would highly recommend him to anyone in the Phoenix area wanting a Chevrolet. Within one and one half hours, he had done a pull ahead on my Rendezvous and had all the paper work ready for the finance department for the new Malibu. I spent a half hour in there and was done.

I drove it home (some 35 miles away) and was truly impressed with how quiet this car is. With the 252 HP V6, hydraulic power steering, traction control and hugh 18 inch tires, it drove nicer than any BMW I've ever driven. The seats are comfortable, the dash is well laid out and the interior is as nice as the Acura Legend I used to own. I don't know how well this car will hold up, but GM has a real winner on their hands if first impressions mean anything.

jaxs1

That sounds really high for a 2LT even for 24 months. Maybe because you paid around MSRP. Maybe you paid too much on doc and admin fees too and drove up the price. Do you know if you got the lowest lease interest rate or was it marked up?
When they start producing and shipping them in volume, there will be better supply and good discounts off MSRP.
Many dealers are still only getting a couple 2008 Malibus at a time, so supply is still tight.
I would just get an Accord if close to MSRP was the best price I could find on a Malibu when I was ready to buy.

40yearfan

The doc and admin fees are standard. The license was over $450 (they are really expensive here in AZ.). If you use one of the auto leasing calculators:

http://www.calculator.com/pantaserv/lease.calc

and you put in MSRP with 2.3% interest rate and 63% residual (thanks Car_man) on a 24 month lease with no money down, you will come up to the $508 figure when you add in the doc and admin fees and license cost. A 2 year lease is going to be expensive on just about any auto you drive.

BTW, I drove a late 90's Accord for about 6 months. Hated the car and got rid of it as soon as I could. Too small of an engine and very few of the gadgets I was used to in my other vehicles.

jaxs1

What are the standard doc and admin fees?
$450 is expensive for registration. California has expensive registration and it's probably about 1/2 that.
Maybe $1000 below MSRP would have lowered the payments quite a bit, but you would probably have had to wait another 3 to 6 months for the dealers to have a good supply of cars.

40yearfan

The documentation fee is $369 and the GMAC adminstrative fee is $595. These might be puffed up somewhat, but you have to remember that GMAC is financing this loan for 2.3%.

jaxs1

I think the $595 fee is the standard acquisition fee everyone has to pay nationwide and goes straight to GMAC.
The $369 doc fee is a dealer-specific fee that looks excessive. So, that means the dealer got a few hundred over MSRP in the deal when you add the sales price and doc fee together along with the tire and rim insurance that's probably almost all profit to them. That's why the payment looked high to me considering the Malibu has a good residual and low lease interest rate.
In CA the doc fee is limited by law to about $50 to prevent the dealers from price gouging on fees like that.
When there are only 24 payments to spread these costs out on, a few hundred extra dollars here and there will be quite noticeable in the payments.
Since I know that the supply is still very low on the new Malibus while they try to clear out 2007s and slowly ramp up production, I don't know that anyone else could have gotten any better deal than that at that dealer (other than passing on tire and rim insurance) at that time.
I will just wait and let others buy at MSRP and above in the meantime.

40yearfan

Yep, that's the way it always is. If you want the newest and greatest while it's still new and great, you have to pay the going rate. I normally don't do that, but in this case, it's for my wife. Guess you could just call it an early Christmas present.

ddelise

Just leased a Malibu LTZ.

Jewel Red, Sunroof, and Powerpack. $28,400 MSRP.

Sign and drive lease (no money out of pocket, not even first month payment).

Received $1000 Conquest Cash (good in FL and CA only right now), along with $1950 GM Card points.

2.3% interest rate.

$357/mo for 39 months, including sales tax of 7%.

Also took advantage of Lease Pull Ahead Program - so GM paid off my final two months payments on my Maxx.

I effectively paid supplier price and then rolled in acquisition fee of $595 + $800 in starts + $599 dealer fee (I know - I hate that fee too, but it is what it is in FL).

I also received a $100 gift card good towards service/parts/oil changes, etc.

So, overall, might not be the best deal ever, but a good one nonetheless.

Damon

40yearfan

Sounds like a good deal to me ddelise. The only question I have is how you managed to get a conquest rebate when it's obvious you were already driving a GM product. They usually don't give those out unless you are switching from a different auto maker. You must have done some teriffic barganing.

Hope you enjoy yours as much as we are enjoying ours.

ddelise

We actually have a Toyota in the household, and that is how I qualified. Probably not the intent of the program, but it worked for me!

Thanks for the feedback.

Damon

localcelebrity

I'm a College Student, Currently in my Second Year. I'm looking for a car to get back in forward from Campus and Off Campus. I am really interested in this new Chevy Malibu. I have saved 2,000 dollars for it and have a small job off campus. Does anyone have any suggestions on what I should do- I want the lowest monthly rate. What do you suggest I say when I walk into my local Chevy Dealership?

flygirldi

I'm in Detroit and I'm shopping the new 2008 Malibu 2LT w/power sunroof. I have a retiree code to use. I'm interested in finding out MSRP, Invoice and Employee Discount price. I am interested in leasing for 30 months at the best possible rate/price. They don't seem to be offering any rebates/incentives or deals here in the area yet on this car. I am also interested in the "Conquest Rebate" I saw on this forum. I have two payments left on my Chrysler Jeep. Any and all information provided would be greatly appreciated as I shop this week.
Thank you.

ddelise

If you have the retiree code, then you simply need to go to the dealer, tell them that, and they should show you the invoice, along with your retiree price (it should be listed on the invoice).

As for the Conquest rebate, it is only valid in Florida and California. There are not any other rebates on the Malibu as far as I know.

Finally, as far as the lease rate, it was 2.3% last month, so make sure they are not marking it up on you.

Damon

flygirldi

Thanks Damon for the response. Thank you for the clarification on the Conquest rebate. I had never heard of it and that explains why since it's not offered here in Detroit, MI.

I was given a GMS price for the 2LT w/power sunroof on 12/27/07 of $21,556. As of today, the GMS price has now gone up to $22,013.78. The dealer could not explain to me why the price has gone up after the first of the year.

Thank you for the 2.3% lease rate info.

40yearfan

Flygirl, check out this article of why GM is raising prices--

link title

flygirldi

Thank you so much for the article. Good info to know. I see that the base model of the Malibu wasn't effected but the 2LT was. Thanks again. I really appreciate this.

CarMan@Edmunds

You're very welcome, 40yearfan .

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