Car man, any news on your assumptions for your motnly payment calculation? It looks like the GMAC rate for an '08 tahoe went up to 7.4% but I am not sure if that will be static through the month.
Well - not what I wanted to hear, but I needed a dose of reality. Is there any way (that you might suggest) to get better positioning in another lease? Thanks!
The way I personally figure it, everytime I do a vehicle swap it costs me easily a couple grand.....so I keep my vehicles longer to minimize dealerships taking a profit out of every transaction.
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!!
Has anyone recently entered into a lease on a 2008 Chevy Tahoe LTZ. I am curious what residual value you recieved and money factor on a 60 month lease with 15k miles p/year or a 48 month lease with 15K miles p/year. Thanks
I have an expensive desire to trade into a Tahoe - here is the damages...
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! ____________________________________________________________ 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.
"What does the economy have to do with your buying now?"
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?
i have been offerd a fully loaded chevrolet tahoe ltz - the elctric running boards.. a sticker price of 53,140. if i can get a selling price of 49k with the 0% financing on an 07 is that a good deal or can i do better
CARMAN- Do you know that residuals are for the 07 Tahoe for the month of October, GM is giving $5000 in rebates and I am thinking of leasing one for either 36 or 39 months 15k per year. Can you help me out.
CARMAN- Do you know what residuals are for the 07 Tahoe for the month of October, GM is giving $5000 in rebates and I am thinking of leasing one for either 36 or 39 months 15k per year. Can you help me out.
i have been offerd a fully loaded chevrolet tahoe ltz - the elctric running boards.. a sticker price of 53,140. if i can get a selling price of 49k with the 0% financing on an 07 is that a good deal or can i do better
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.
Hi, I am new to the board and looking for some guidance on what to expect for a new Tahoe LTZ 39 month 10k/yr. lease.... MSRP is 53,370 GMS 46,336 (which I qualify for) what kind of rebates or incentives are out there? I am clueless!!!
im looking for the best lease deal in southern california for a Tahoe LTZ. Has somebody recently leased one in the southern cal area? if so, what were the terms? Thanks.
A reporter seeks to talk with consumers who just purchased a new large SUV. Please send the make and model of your vehicle along with your daytime contact information to ctalati@edmunds.com no later than Thursday, November 8, 2007.
I'm new to leasing and need some help on leasing a 08 Tahoe LTZ 10k/yr and not sure on the length. What is the best way to go about getting the best deal on a lease.
Welcome jstewart48. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.
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.
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Car Man, I negotiating a lease on a 2008 Tahoe LT2 currently. 36 months, 12k miles per year. Dealer states the money factor (with waived sec. deposit) is 8.7% and that the Bonus Cash and Customer Cash do not apply. Is this accurate?
In case anyone is interested, here are the current lease details for Dec 07. Residual for 36 - 47 months is 60% for 15K and 63% for 12k. APR = 7.2% with sec. deposit or 7.7 without. The $1,000 customer cash is applicable to the lease, but not the $750 bonus cash.
My deal: MSRP: $40,750 (Tahoe 2WD LT2) Lease pmts (nothing down) $499/mo for 39 months before tax.
I received a down payment assistance voucher that I can use towards a new 2008 tahoe that is valued at $3000 and any manufacturer rebates are in addition. Does anyone know what the catch is to this offer?
Hi rapbanker. GMAC's current base lease rate for the 2008 Chevrolet Tahoe is only 7.2%. It sounds funny to say "only" with a terrible lease rate like that, but it is less than the 8.7% that you were quoted. The dealer that you are working with may be trying to mark your truck's money factor up to add additional hidden back-end profit to your deal. The $2,000 customer cash that GM is offering on this truck is not compatible with this lease program.
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O.k. Just want to get your opinion on these numbers as this is the site I do all my research on. 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.
Hi longtom. The market for large SUVs, like the Chevrolet Suburban is generally pretty weak right now. As a result, if you are in an area that has a decent level of competition, I suspect that you will be able to negotiate a great deal on one. I don't know the exact dealer invoice price of the specific unit that you are interested in (you can look it up in the New Vehicle Pricing section of Edmunds.com), but I suspect that there is a gap of over $5,000 between its full MSRP and its dealer invoice price. Add the $1,000 bonus cash that General Motors recently introduced on this truck to that and you have a total of $6,000 to play with during your negotiations. I suspect that you will be able to do better than the $3,200 discount that you were quoted. I personally would shoot for a discount of $5,500 to $6,000 and see what happens.
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%.
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I have found a buyer for my leased Tahoe. I called GMAC and got the buyout or payoff amount for me to purchase the vehicle. Do I have to do anything different to sell the vehicle to a 3rd party? Can the buyer send the payoff amount to GMAC and have GMAC send me the title so I can sign the title over to the buyer?
I have a leased Tahoe thru GMAC. I called and got the buyout/payoff price for me to purchase the vehicle. I have found a 3rd party that wants to purchase my vehicle. Do you have to do anything special to sell a GMAC leased vehicle other than pay it off?
glockfan said: Do you have to do anything special to sell a GMAC leased vehicle other than pay it off? _____________________________________________________________________ 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.
Hi mandog12. Here is the information that you're looking for. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 Chevrolet Tahoe with 15,000 miles per year are 7.2% and 60%, respectively. The lease rate for an otherwise identical lease with only 12,000 miles per year would be the same, but the residual value would be 63%. The only cash incentive that is available on leases of this truck right now is $1,000 owner loyalty cash.
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.
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Hi Car_man. I am looking to lease a 2008 Tahoe 4wd LT1 this week. I only need 10K a year for miles. What would the residual be and is the rate still the same?
Greetings Mike. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 Chevrolet Tahoe with 10,000 miles per year are 7.2% and 65%, respectively. 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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What are the residuals and lease rates for 36 and 39 month lease 15k miles per year for 2008 Tahoe LT2- Also, is a price of $ 46,167 for the 08' Tahoe with Sun/Ent/Dest package, Z71, LT2, Bose and 3rd seat a good price? Is it normal to pay 1st payment, title, doc fee and tax on the $5500 (loyalty cash 4k plus 1500 GM points) upfront at delivery? Totaling about 1300.00? How do I get out of paying a security deposit?
Here is the information that you're looking for, pst2424. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 Chevrolet Tahoe (not the Hybrid version) with 15,000 miles per year are 7.2% and 60%, respectively. The lease rate for an otherwise identical 39 month lease is the same, but the residual value is 59%.
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.
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Need some help and need it quick, I am about to lease an 08 Tahoe with GMAC. Dealer tells me $5,000 of the $7,000 in rebates can be applied to the lease, which is fine. However, when they ran the lease numbers and I inquired about the terms, they said GMAC's lease rate is 7.7%???? I keep seeing 7.2% on the board, the lease is 36 months, 15k a year. Can anyone, CarMan, tell me why this dealer is saying 7.7? Is the dealer trying to make something on this. Thanks in advance! This board has helped me tremendously by the way!
Went looking yesterday at a lease on a 2008 Tahow LTZ with sun, ent, and dest package. 36 mths and 12,000 mi/yr. numbers quoted by the dealer seemed high (over $740/mth off of a selling price of slightly over $48,000).
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?
Hi thechairman1. GMAC's current base lease rate and residual value for a 36 month lease of a 2008 Chevrolet Tahoe with 12,000 miles per year are 7.2% and 63%, 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.
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.
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When you say base lease rate of 7.2% how does that apply to the monthly payment. Example: if a price is $48,000 and the base lease rate is 7.2% what is the monthly payment??? Thanks
Hi harper68. One can convert lease rates into approximate money factor equivalents by dividing them by 2400. So, for example, a lease rate of 7.2% would be equivalent to a money factor of around .00300.
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.
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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.
Hi dolphin5. While General Motors has begun leasing a number of models again, unfortunately the Chevrolet Tahoe is not one of them. It does not make sense to lease one right now.
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Because General Motors is not providing any lease support on it. If you were to lease one through GMAC right now, you would have to pay a really high interest rate. You might be able to find an independent bank that will step up to the plate with a decent lease program, but I doubt it.
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Im looking at a 2010 Tahoe LT its msrp with all the options is $50,000 and the dealership says they will let it go for $43,000 im wondering what my lease options would be. I would do anything between 36-60 months with 12,000 miles a year. just wondering about what my monthly payments should be . thanks
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?
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
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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
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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
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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
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Thank you,
Mike
Car_man
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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
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Car_man
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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
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thanks alot
Or... these articles on Edmunds: Leasing Tips
regards,
kyfdx
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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.
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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
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