Chevrolet Silverado Lease Questions

CarMan@Edmunds

Hi everyone. Please use the following discussion to post any questions that you have about leasing a Chevrolet Silverado. Thanks.

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coppertop1

I finally decided to finally talk to a salesman about a new vehicle. I pick out a Silveraldo 1500 2X4 LS2 crew cab at Harry Browns Chevrolet in Fariabult, MN. The offer I receive was $25,710 minus a $2500 rebate and another $1000 the offer is $22,210. Now he throws in a lease option that I never thought threw before this. I dont have much information concerning the deal yet but I'm getting information from Edmunds to go back to the dealer with. Maybe you can inlighten me with the information I do have. The salesman said there is $4000 in incentives with the lease so I guess that means the cost of the truck is now $21,210 with a 48 month lease that allow up to 48,000 miles over the term the cost per month is $320 a month, with a option to buy for $12,800 after the term. I do the simple math and multiply 48x$320 that comes to $15,360 add this with the $12,800 if I decide to buy and I'm looking at a cost of $28,160. I dont see how this is a good deal if I do decide to buy it after the term can you make any suggestions or let me know what details I should ask the salesman.

steine13

Hiya Car_Man,
My GM Card earnings have been "topped off" to $2,000, which is mighty nice of them... I've got the old blue card, so I get to use all of it.

There are $2,500 in incentives for buying the truck, plus the $250 coupons as electives... I may buy one just for the heck of it.. always wanted a fs truck.

I wouldn't be opposed to leasing, though. Do you know what the residual and the interest rate are on the 1500 series Silverados? I'm interested in low mile -- 10k or 12k, whatever they've got -- and 24 months or 36 if need be. I should mention my rebate expires March 31, so I've got some time.

Thanks in advance,
-Mathias

CarMan@Edmunds

Hey Mathias. This truck's lease program varies by trim level, i.e. the numbers for a Silverado Regular Cab 2WD are different than the numbers for a Crew Cab 4WD, etc... For now, I will assume that you are interested in the most common version of this truck, the Crew Cab, and that you want 4WD. Let me know if you want something different. If you were to lease a 2006 Chevrolet Silverado 1500 Crew Cab 4WD through GMAC right now for 24 months with 12,000 miles per year, its base lease rate and residual value should be 5.6% and 61%, respectively. The lease rate for an otherwise identical 36 month lease would be the same, but the residual value would drop to 55%. The $2,500 customer cash that you mentioned is not compatible with leases through GMAC, but GM is currently providing $1,500 lease cash on this model that you can use to help you negotiate an attractive capitalized cost.

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badazzboat

I have a 2006 hd 6.0 with a u engine that gets 7.8 miles per gal.can anyone tell my this is because the dealer tells me this is normal????????

CarMan@Edmunds

Hi badazzboat. This particular discussion is for community members to discuss leasing a Chevrolet Silverado. You will have better luck finding an answer to your specific question by posting it over in the following discussion: "Chevy Silverado: Problems & Solutions". Thanks.

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hunter67

I have an 2003,6ltr,411 rearend hd1500. I get 12 hwy on a good day. chevy says it is normal. If so why does the listed mileage show 14 in town??
A bud has a hd2500 2002,6ltr,411 ect he gets 15-16 on the why.
Me thinks its luck of the draw on vehicle quality / performance :lemon:

jericho88

Does anyone have the current offers for a lease on the 2006 Silverado 1500 crew cab 4X4 with leather? looking for money factor, residual, lease rebates, if any. Also, would the 1500HD apply to the rates as well?

Thanks

CarMan@Edmunds

Hi jericho88. This truck's lease program varies depending upon how long you lease for and how many miles per year you need to be allowed to drive. For now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. If you were to lease a 2006 Chevrolet Silverado 1500 Crew Cab through GMAC right now for 36 months with 15,000 miles per year, its base lease rate and residual value should be 5.6% and 52%, 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. When negotiating your lease on this truck, keep in mind that GM is currently providing $1,500 lease cash plus an additional $1,000 bonus for models that have been in dealer inventory since mid-November on it. Make sure to take this cash into account when negotiating your truck's capitalized cost.

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huntdakota

Hi...new to this forum so I'll cut to the chase. I'm a US serviceman overseas and when I get back to the States in June/July I plan to either buy or lease a Chevy Silverado Crew Cab.

The issue is cost and only cost. I will have to buy a home when I get to Fort Carson and am not anxious to have a truck payment much over $300.

Can someone please give me the straight scoop on this lease program please? I am willing to lease for 48 months and 12-15000 miles per year sounds about right. I don't care what the residual value is because when I turn it in, I will buy. What is meant by base and residual value by the way?

Showing my ignorance all over the place, but before I have to listen to some dealer harangue me about this, I'd like to have the answers I need in hand before I have to confront a saleman.

Grateful for any advice or assistance you can offer.

CarMan@Edmunds

Hi huntdakota. You can find out everything that you ever wanted to know about leasing, including that residual value means, by checking out the following informative articles that are available here at Edmunds.com: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

Your lease payment for this truck depends a great deal on how much you pay for it. The selling prices of leased vehicles are negotiable, just as if you were paying cash for them. Let me know the exact MSRP of the truck that you are interested in leasing (you can find that here: Edmunds.com New Vehicle Pricing) and its approximate selling price (you may be able to get an idea about what that should be by going here: "Chevrolet Silverado: Prices Paid & Buying Experience") and I will gladly estimate what your lease payment should be for you.

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ddown

Yesterday I got a 2006 Z71 4X4 with 0 down even put taxes and plates on it. Just paid 1st payment 259.00. This was GMS + Military and Total incentives were 5250.00 vehicle was 4100 off sticker GMS. 27 month lease includin g road hazzard for tires and wheels.

BTW Leave for Afgghanistan in the AM

Hooah!!!! and I love the Truck

CarMan@Edmunds

Congratulations on your new truck, ddown. Take care in Afghanistan. Stop back when you get back to the states to tell us how you like your new truck.

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formula280ss

Carman,

Can you please give me the money factors and residual for a 2500 HD Ext Cab 4x4 diesel? I think the LT3 package. The terms would be 27 months 10k per year.

Thanks.

CarMan@Edmunds

Hi formula280ss. 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. According to the latest information that I have seen, if you were to lease a 2006 Chevrolet Silverado 2500 HD Extended Cab 4WD through GMAC right now for 24 months with 12,000 miles per year, its base lease rate and residual value should be 5.25% and 61%, respectively. I haven't seen this truck's 27 month program, but its lease rate for this term is probably the same.

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filly

Does a cash allowance, for example, the $4000 one good thru 10/2, apply to leases, or only when buying? How do you know?

CarMan@Edmunds

Hi filly. Unfortunately, the customer cash incentive that you mentioned in your post is only available on cash purchases of the Silverado. General Motors is providing special lease cash incentives on it right now though. I would be happy to tell you what they are if you tell me the exact truck that you are interested in and what state you are in.

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bluewater70c

I've been looking at a new body 2007 Silverado LTZ. Sticker is 41,500 and best price dealer selling price is 38,500. I am thinkin I may want to lease and then buy at the end of the lease term. Can you give me some figures on what I might be looking at in terms of a 24 or 30 month lease with 15k miles per year. I am also willing to put down 5k. I can't seem to find any info on rates, residuals etc.

At the end of the term the residual value is what I can purchase the truck for? New to leasing.

Thanks

chevyman14

I would like to lease the new chevy silverado, but i would like the residual values for a 27month lease low milage. 24 month 12k, 24 15k, 36 12k and 36 15k this will help me calculate my best deal. also what are the interest rates going on the new trucks. thanks guys

CarMan@Edmunds

Hi bluewater70c. GMAC's current base lease rate and residual value for a 24 month lease of a 2007 Chevrolet Silverado Classic 1500 Crew Cab LTZ 4WD with 15,000 miles per year are 5.6% and 60%, respectively. The lease rate for an otherwise identical 30 month lease would be the same, but the residual value would be 56%. In answer to your second question, your vehicle's residual value (the aforementioned percentage times its full MSRP) is the price that you would have to pay to purchase your truck at lease-end if the bank that you are working with is not willing to negotiate with you.

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kfranci2

Hi Car-Man, is there any lease cash available in the Mpls area on an 07 Silverado crew cab classic? I am looking to lease a silverado with a MSRP of 32250. The invoice is 29283 from which i would subtract any rebates and 2750 from GM card as the selling price. I am looking for a 30-month lease with 12,000 miles. Thanks for you rhelp!

CarMan@Edmunds

Hi kfranci2. General Motors is currently providing $500 lease cash on all 2007 Chevrolet Silverado Classic 1500 Crew Cab models.

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bluewater70c

Hi Carman. My question was in relation to the New 900 Chevy Silverado, not the classic series. Any information would be great. I am getting the standard line of "we can only lease at the MSRP and not our best price" line. How can I get them to move to lease at the best price #. Thanks

chevyman14

does my question get answered? If there is no info regarding residuals that i have requested, then just say so!
quit leaving me in the dark.

CarMan@Edmunds

Ahhhh, so you want a new redesigned Silverado. The fact that GM is making two different versions of the same truck for the 2007 model year is going to cause a lot of confusion. I am not surprised that the dealer you spoke with wanted to charge you full MSRP for the redesigned Silverado. Consumers who want to the the first on their block to have a new vehicle usually have to pay full MSRP, or fairly close to it. Eventually the prices for the new Silverado will come down, much like they have started to with GM's new redesigned SUVs, but if you want to get one now MSRP may be the best that you can do.

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CarMan@Edmunds

Hi chevyman14. You only asked your question a day or two ago. I just hadn't gotten to it yet. Are you talking about the new redesigned 2007 Silverado? General Motors has not published a lease program for it yet. So I doubt that even Chevy dealers know what this truck's lease program is going to be like at this point.

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bluewater70c

CarMan. I was looking for an Avalanche price/lease page but the only one has not been posted since last year. Can you give me an idea of what kind of lease payment/incentives I would see on a 2007 LT3 Ave MSRP 41,200 and priced by the dealer at 38,500 I do have 1k in loyalty for my current lease but I have seen 3k rebates on Ave right now. Lease would be 24mo 15k per year. Thanks

chevyman14

I have been given some residuals for the new silverados as follows, please verify and or pass on, thanks :shades:

24 30 36 48
12k 73 68 64 57
15k 70 65 61 54

pdurant

Hey Car_Man,

Could you please provide the current residual and money factor for a 2007 GMC Sierra Classic SLE 4WD Extended Cab? This would be for a 36 month 15k/year lease. Also I am in the SouthEast region. Is there any lease/bonus cash available for leasing this vehicle? Thanks!

CarMan@Edmunds

Hi bluewater70c. Unfortunately, General Motors' normal customer cash incentives are not available on vehicles that are leased through GMAC. As a result, the $3,000 that is available on this truck in your area cannot be used to reduce the capitalized cost for a special lease of it. GM is not providing any cash incentives on leases of the '07 Chevrolet Avalanche at this time. Let's work up a lease payment on this truck and see what we come up with. According to my calculations, if you were to lease a 2007 Chevy Avalanche with an MSRP of $41,200 and a selling price of $37,500 (the price that you were quoted minus $1,000 loyalty) through GMAC right now for 24 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $600.

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CarMan@Edmunds

Hi pdurant. There is a specific discussion for questions about leasing the GMC Sierra. Please post any future messages about this model there: "GMC Sierra: Lease Questions". Here's the information that you're looking for. GMAC's current base lease rate and residual value for a 36 month lease of a 2007 GMC Sierra Classic Extended Cab 4WD with 15,000 miles per year are 5.25% and 53%, respectively. GM is providing $500 lease cash on this model in its Southeast region. It also has additional cash incentives on leases of this model in certain cities. If you let me know where you are, I can tell you if there is any additional lease cash available on this model in your area/

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paqman

Hi Car_man i am in the boston area and am looking for current residual, money factor and cap cost reduction money and dealer cash on a 2007 silverado classic crew cab 2wd. 24 months/15k year. Also I am looking for the money factor on the new 2007 sierra. thanks.

CarMan@Edmunds

Here's the information that you're looking for, paqman. Through January 2nd, GMAC's base lease rate and residual value for a 24 month lease of a 2007 Chevrolet Silverado 1500 Classic Crew Cab 2WD with 15,000 miles per year are 5.6% and 60%, respectively. General Motors is scheduled to introduce its new January lease program for this truck tomorrow. I would be happy to give you an idea of what its new program is like if you're interested.

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swish1

1) If I were to lease a 2007 Silverado 1500 2WD EXT list 22,065, negotiated 17,550, 36 months, 15K/year, what would be an expected/good lease amt to pay?

2) Can you make a single upfront lease payment for the whole term, and how would much would that be?

Thanks!

jstran

What is the money factor and residual value for an '07 Silverado 1500 LT2 Crew Cab 4WD? This would be for 36 month 12k or 15k lease. If it matters I live in Des Moines, Iowa. Also, is there anywhere online that these numbers are posted? Thank you

CarMan@Edmunds

Greetings swish1. In order to give you an idea of what sort of lease payment this truck will have I need you to provide me with its full MSRP, in addition to the selling price. Let me know what this number is and I'll use GM's current lease program to estimate what your lease payment should be.

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CarMan@Edmunds

Hello jstran. GMAC's current base lease rate and residual value for a 36 month lease of a 2007 Chevrolet Silverado 1500 Crew Cab 4WD with 15,000 miles per year are 7.75% and 61%, respectively. The lease rate for an otherwise identical lease with only 12,000 miles per year would be the same, but its residual value would increase to 64%. I am not aware of any resource that provides accurate information on manufacturers' actual lease programs to the general public.

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swish1

Thanks for the help Carman, here is the info:

MSRP $22,065, Selling price $17,550, 36 months, 15K/year, what would be an expected/good lease amt to pay? Also a single upfront lease payment.

CarMan@Edmunds

No problem, swish1. Thanks for the additional info. OK, so you're interested in leasing a new 2007 Chevrolet Silverado 1500 2WD EXT that has an MSRP of $22,065 and a selling price of $17,550 through GMAC right now for 36 months with 15,000 miles per year. According to my calculations, a lease through GMAC with the above parameters would have a zero down, pre-tax monthly payment of around $198. Something doesn't look right here. The prices that you mentioned look too low to be a redesigned Silverado. Are you interested in the "Classic" model? I don't believe that GMAC is offering leases on Silverado Classics any longer.

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ngunter

I have been looking at a 2008 crew cab 2 wheel drive loaded truck for MSRP $36,660.00. I have got the dealer to go to $1000.00 below invoice. $33,300.00. Is tis a good deal or should I get more. The above prices are with no rebates applied taking the 1.9% apr

thanks
Nick

omahawright

Hi Carman,

What are the current residuals and money factors on 08 Silveado's in the Omaha, NE area (KC region?)? I'm looking at an 08 Ext Cab with an MSRP of $31945 for 3yr/36k miles. Also, if you lease through GMAC, do you still get the incentives (currently $1000 if you buy)? I'm getting ready to talk numbers with a dealership and want an idea if whatever number they shoot me is fair or not. Thanks!!!

CarMan@Edmunds

Hi Nick. $1,000 under dealer invoice before the deduction of any cash incentives is a very good deal on a 2008 Chevrolet Silverado. If you haven't finalized this deal yet, you're in luck. Last week GM rolled out $1,000 bonus cash that is compatible with all programs on all 2008 Silverado models. This cash should help you to get an even better price.

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CarMan@Edmunds

Hi omahawright. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 Chevrolet Silverado 1500 Extended Cab with 12,000 miles per year are 4.75% and 60%, respectively. When negotiating your lease on this truck, make sure to take advantage of the $1,000 bonus cash that is currently available on it. Given this cash, the fact that GM has some additional dealer cash out there, and the fact that it's the end of the year, you should be able to negotiate a selling price that's well below dealer invoice right now.

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asylum575

Local dealer has a 2008 Silverado ext cab, Msrp $28500 on a 39 lease for 279 a month. $1600 due at lease inception and a buy out of $17200. How do you calculate what they are selling the truck for?

CarMan@Edmunds

Hi asylum575. One could probably back into this truck's approximate selling price, but a better way to find it out is to just ask. The dealer will tell you exactly what it is. If they won't, then don't give them your business. There is some intense competition in the full-size pickup segment right now. If I was in the market for a new Silverado, I personally would shoot for dealer invoice minus the $1,000 bonus cash that GM is providing on it right now.

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soliday

Asylum, can you tell me where your friend found that deal please? I am trying to negotiate a similar deal here in San Diego, but I need the particulars so that I can have some leverage. They told me that deal "never existed"

Any info would be greatly appreciated!

umbelwheat

Carman,
I'm looking for the MF and residual on a 2008 Chevy Silverado Ext. Cab 4WD W/T Std. bed for 36 and 48 months with 15k miles. I'm also a current GM owner. Thanks for all your help.

Jon

CarMan@Edmunds

Here you go, Jon. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 Chevrolet Silverado 1500 Extended Cab 4WD with 15,000 miles per year are 4.75% and 57%, respectively. The numbers for an otherwise identical 48 month lease are 4.75% and 48%. 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.

When negotiating your lease on this truck, make sure to take the $1,000 owner loyalty / conquest cash that is currently available on it into account.

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cmiz

The new programs came out today for memorial day. Did the lease program on the crew cab get any better? 7.75% is steep for a lease! Residuals look good. I have been shopping for a bit but I cant find a ext cab I like. There are more crew cabs but like I said the program was terrible.

fueledup

don't purchase, don't lease, any full size pick-up right now! With the uncertainty of the oil market anyone would be a fool to consider a vehicle that doesn"t easily obtain 30 mpg in the city. If you say, but yea I need it for work, or to tow, the used market is flooded with sooo many full size pickups and suv's. I see all manufactures soon dumping all new vehicles especially pickups and suv's at 50% off msrp. Even the tahoe hybrid is a purchase mistake at 22 mpg. Forget the Memorial Day sales. Wait for the cant sell ice cubes in the north-pole sale. Oh yea but global warming ! But you get my point. Dealers don't even want used vehicles right now. Carmax will be the first big boy to crash.

ocautoseeker

I see your point and it's well-noted, but remember, the manufacturer's also realize the current drop in demand and will scale back production to compensate.

I think saying that somebody is a fool to buy a truck or SUV right now is a bit harsh. Whatever reason somebody needs this type of vehicle for is his/her business and it's up to them to decide whether or not they can afford to "feed it."

Not very many vehicles on the market that can achieve 30 mpg (city) as you stated, other than maybe a few hybrids.

With big rebates and/or low financing, now is actually a great time to buy a truck or suv while the market is flooded with "current" overstock.