Hummer H3 Lease Questions

1234579

Comments

  • yingxiongyingxiong Member Posts: 12
    Thanks for the response Car_man. I do need to get out of the Chrysler - it's out of warranty and is starting to need some repairs. This is my second Chrylser vehicle in a row that has started to cost a lot of money after the warranty was over.

    I'm looking at the H3 for several reasons - the 48 month lease will mitigate - a little bit anyway - ridiculously high payments due to the upside down money. The bumper-to-bumper warranty is 48 months/50k miles, so the lease terms work well with that. I have about 38 months left on the Pacifica, so using the repair money for a down payment gets me out of a potential money pit and into a new warrantied car for just a little bit past that term. And, from what I read on GMAC Financial's website, the SmartLease includes Gap Insurance - which I do not have now.
  • yingxiongyingxiong Member Posts: 12
    I think I figured something out. 3 other Hummer dealerships have only put $11,500 on my car as ACV. I think this dealership is hiding some money in the trade against the selling price. So, the ACV might actually be $11,500, which brings me to the $500 over invoice they're quoting.

    They're quoting my APR at 3.95%, stating the buy rate is 3.45% (taking 1/2 a point). I've never heard of a customer paying the actual buy rate, so 1/2 point is probably fair, right?
  • yingxiongyingxiong Member Posts: 12
    Looking at the SmartLease Programs offered, there is a Standard Program requiring a security deposit, first month's payment, and some other fees (??), and Program 07-34B-6 which only requires the first month's payment up front. What's the story here? Are certain dealerships using one and not the other? Is there an eligibility requirement for the 07-34B-6?

    How do I know which one I'd be getting? Bottom line, what will I be required to put down up front for a SmartLease in the Northeast? :confuse:
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    You're welcome, yingxiong. Let me know if you have any other questions.

    Car_man
    Host
    Prices Paid Forum
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hey yingxiong. I personally would try to make the Hummer dealer use the base lease rate to calculate my vehicle's lease payment. Most consumers who know what their vehicle's buy rate is and who are in areas that have a decent level of competition are able to get dealers to use it to calculate their monthly payments.

    Car_man
    Host
    Prices Paid Forum
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Yingxiong, at lease signing consumers are usually required to pay their vehicle's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 or $50 increment, the acquisition fee that is charged by the bank that they are leasing through - GMAC charges $595 in most states, any down payment that you choose to make - ideally this should be zero, and any required state taxes or fees.

    Car_man
    Host
    Prices Paid Forum
  • ryano1ryano1 Member Posts: 1
    I've gotten 3 quotes and 3 different prices for an H3 lease this week. The msrp is $33,500. I get the gms pricing. We plan to do a 36-month 12,000/yr lease. The only out of pocket would be the 1st months+tax, title etc. So far the best deal is $345/Month with $550 due at signing. Is this a reasonable deal. My wife's uncle quoted us at $377/mth and at a 5.10 lease rate. The other dealers are using 4.65 for the rate. I think her Uncle is on the take. Any help would be great. Thanks.
  • extech2extech2 Member Posts: 120
    Here in Orange County, (Los Angeles area) H3s are advertised for $ 299 a month with $ 2999 down, and if you want the luxury package it is $ 360 a month, same down payment. I think it was a 39 month lease. These are for the manual transm. model, automatics might be a bit higher.
  • seagull1seagull1 Member Posts: 2
    Mike,
    I saw your info on the Edmonds Hummer Lease board. Can you tell me who you used for this scenario:

    I'm also in the Philly area. I went to 4 dealers in the area and only one would I recommend. I about an 07 H3X about 6 weeks ago, I don't think the lease rate has changed it should still be 3.45. If you want you can email me at sugmikeyahoo.com and I'll give you all the details and who I dealt with. You shouldn't pay sticker mine listed at 43,800 and I got it for a little under 39k. I have 39 month lease with 15k a year, I put 800 down(first payment, tax, title tags). My payment was 480. Do you live in Jersey? Theres some fees if you do. Like I said if you want email and I'll tell you where I went and who I dealt with, it was a very easy transaction....Mike

    I went to a dealer and tried to get the same and was told 510. They indicated the money moved from 3.45 to 4.6 can someone tell me if this is accurate.

    Thnaks Seagull Mike
  • extech2extech2 Member Posts: 120
    Congratulations on the new Hummer. I'd love to hear from new buyers: how do you like it, how is the gas mileage in heavy city traffic, how is the drive on city streets and on the highway. It would help to include the name of your other car, obviously someone driving a Cadillac might find the Hummer too harsh, while coming from a small truck the new Hummer must be truly comfortable.
  • ppete1ppete1 Member Posts: 2
    How does this sound?

    H3 Base with automatic
    MSRP - $31,640
    Selling Price - $28,500
    Residual - 59%
    APR - 4.6%
    $2,000 cash down
    Tax 8.75%
    39 months - 32500 miles

    $350.88 per month including taxes etc.
  • monkey145monkey145 Member Posts: 6
    i talked to a local dealer today and they mentioned the national deal for $299 with 2429 down w/ 5 speed manual. with all fee's it was around $2800 due at signing. I mentioned that I can get supplier pricing and they came back that it would drop my price to $294 a month. not a deal to me. supplier pricing is 1800 off and that should be more than $5 dollars a month. Also like someone else mentioned, there are two lease programs listed. One shows no down payment other than the 1st payment.
  • monkey145monkey145 Member Posts: 6
    hey Ryano1, i'm in the same boat looking for what you are doing. the dealer i talked to dropped the price from $299 to $294 when I mentioned gm supplier discount, and still wanted the whole 2800 up front. 345 a month and 550 down sounds good to what i've gotten so far. Did you say you didnt want to put that much down or did that go away when you mentioned gm pricing?
  • sinnombresinnombre Member Posts: 4
    Hello,
    Anybody know if the Lease rate (ie money factor) is still 3.43% and also if the current residual for a 2007 H3 base, automatic is still 59% for 12,000 miles? Still negotiating a final price but they are including a $950 cap cost reduction off MSRP.

    Thanks
  • monkey145monkey145 Member Posts: 6
    i just got my official quote yesterday from a local dealer. base H3 with automatic and the dealer had installed tube step bars. with supplier pricing it 29960 +/-. With putting $612 down the payments were 416 a month including tax. that doesn't seem competitive compared to what other people with supplier pricing are getting. they did say their was 950 in cap cost applied as well. too bad all hummer dealers in WI are through bergstrom.
  • sinnombresinnombre Member Posts: 4
    Monkey,
    Does your hummer have a sunroof? I think the $950 is a rebate for the sunroof, per hummer incentives, also what money factor and residual are you getting?
  • felbie1felbie1 Member Posts: 14
    I went to my dealership today to look at the H3 and was interested in a base with automatic. When it came to numbers they said they were doing the National ad (299 39mos/10k miles/year) but with the automatic and the step bar on the side included. (they said total due was 3500, which seemed very high)

    when it came down to it. We wanted 12k miles a year, just inceptions down. and I have 850 to roll in from a GMAC lease.

    the price came to 423+tax with like 1300 for in inceptions. way too high I think. Any opinions or ideas of where I SHOULD be. I would think they would take all the incentives(3000 down in FL) off of that price, I also have GM points of about 1750 to use, as well as getting GM supplier discount, But I want to find a good price first and then use my discounts.
  • monkey145monkey145 Member Posts: 6
    no it didn't have a sunroof. they only let you demo one H3 with sunroof and adventure group. the one I wanted didn't have those options though.

    Seems that the person in post #313 found the best deal. amazing that we are all trying to use supplier pricing and getting different quotes.

    I also questioned how the supplier website shows leases with only 1st payment down. the guy i talked to said, the websites are never right. I guess dealers make their money by just saying the website is wrong and here is what we want you to pay.

    The H3 is nice, but too bad the dealer was a putz and I left uneasy knowing that they couldn't meet what other people had posted for deals that they got with supplier pricing. I told him to let me show him this site and he just said that those vehicles are built different, that dealrs add options on after they get to the lot etc, that makes the price way off.

    I didn't bother checking what the money factor etc. was, just wanted to leave at that point.
  • rich50rich50 Member Posts: 12
    Monkey145,

    If the dealer was such a putz that they would expect you to believe the GM couldn't produce an accurate ad I would find another dealer. Although it is possible the salesperson is the problem.
    I leased mine at Dew Hummer and they were great- no games or gimmicks. I'm sure I didn't get the cheapest price around but they made the purchase an enjoyable experience.

    H3 Luxury with Offroad package and all options except DVD and GPS, only dealer installed option was chrome step bars:
    27 months/27k miles for $465 a month with only first month, tax, and tags down.
  • kris18kris18 Member Posts: 1
    hi everybody,
    went to dealer in fl.was quoted an msrp of 37550 (Base Price + Luxury Pkg + Sunroof + Side Bars) a price of 35,850. ACQ fee 595 DEL fee 347 . A Rebate of 950 . A rate of 5.10% (Seems high based on posts ..is 3.45 reasonable ?) Downpayment 2800 +625 total =3425 residual .61 10k miles /year for a monthly payment on a 39 month lease of 416.55 .
    Is this reasonable ? appreciate any feedback..
  • johnnyd5555johnnyd5555 Member Posts: 2
    Car Man,
    I posted back in Oct. 2006 about a H3X that I leased. Here is the deal to refresh your memory:
    MSRP $43,815
    Lease Price $41600
    Cap Cost Reduction $1228.81
    Length 36 Months
    Lease Rate 4.45
    Residual Value $25412.70
    Rent Charge $4602.20
    Total Money down $2500.00
    Monthly Payment $604.51

    About a month later in November, I went back to the dealership and asked them why I was paying a point higher on my lease rate since I have excellent credit. The sales manager at first said that I was mistaken and that I was paying 3.45. I showed him my original notes from the deal and he ran the numbers and he then agreed that I was paying 1 point to high. I asked him if he could give me a break down as to how they came up with the lease payment. He said that it was a complicated formula and that he would have to get the breakdown from GM. I gave him my cell number and fax number and asked him to contact GM and get the formula and break it down for me by plugging in my deals numbers and then we could get an idea of how much money would be refunded back to me. He then said that he would do that, however, he could not change the deal through GM. He said that I would have to continue paying GM the incorrect (larger) monthly payment and the dealership TURNERSVILLE HUMMER in NEW JERSEY, would simply refund me the balance in one lump sum. Well it has been 4 months and I have not even received a phone call, let alone a refund check. Can you help me with this? I feel like I have gotten ripped off. What should my next step be?
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi ryano1. If you are able to take advantage of GMS pricing, I am surprised that the lease payments that you were quoted by these dealers were not all exactly the same. GMAC's current base lease rate for the 2007 Hummer H3 is 4.6%. Shame on your wife's uncle for trying to mark up your truck's lease rate :mad: .

    Car_man
    Host
    Prices Paid Forum
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi ppete1. The lease rate that you were quoted for this truck is right in line with GMAC's current base rate for it. this is a good sign because it means that this dealer is being straightforward with you about this aspect of your deal. The dealer invoice price of the truck that you described is right around $29,100. Plus GM is currently providing $950 bonus cash on it. That brings us down to $28,150. The selling price that you were quoted is only a couple hundred dollars above that, which is a good deal. If you like the truck, I personally don't see any reason not to go for it.

    Car_man
    Host
    Prices Paid Forum
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hello sinnombre. GMAC's current base lease rate and residual value for a 36 month lease of a 2007 Hummer H3 with 12,000 miles per year are 4.6% and 61%, respectively. The $950 reduction that you are being given on this truck is bonus cash that is being paid for by General Motors. You should be able to negotiate an additional dealer discount on top of that.

    Car_man
    Host
    Prices Paid Forum
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi felbie1. Unfortunately, the customer cash that General Motors is currently providing on the '07 Hummer H3 is not compatible with leases through GMAC. GM is providing $950 bonus cash that can be used to reduce the capitalized cost of leased vehicles though. The fact that you are able to purchase this truck through GM's supplier purchase program is helpful. So is the $1,750 GM card credit that you've earned. Have the dealer use a capitalized cost of the supplier price minus the $950 bonus cash minus the $1,750 GM card credit to calculate your truck's monthly payment. Also, make sure that the dealer is using GMAC's base lease rate of 4.6%.

    Car_man
    Host
    Prices Paid Forum
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi kris18. The lease rate that you were quoted for this truck is slightly high. GMAC's current base rate for the '07 Hummer H3 is only 4.6%. Make sure that the dealer that you are working with uses that rate to calculate your lease payment. As far as the price that you were quoted goes, the truck that you described has a spread of around $3,350 between its full MSRP and its dealer invoice price. That means that you are probably at around $1,650 over invoice or so right now. That's enough room that it wouldn't hurt to try to negotiate with this dealer a little more or to comparison shop with another dealer or two to see if you can beat this price.

    Car_man
    Host
    Prices Paid Forum
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi johnnyd5555. It looks to me as though you caught the dealership marking up your lease rate to add additional hidden, back-end profit to your deal. This sort of thing is perfectly legal and actually happens quite frequently. This is why it is very important to research what the base lease rate is for the vehicle that you are interested in prior to finalizing your deal. Now that you have physically taken delivery of your truck this dealer is under no obligation to refund you any money. It sounds like they are just trying to put you off in hope that you will eventually get tired of hassling them and go away. If you make enough noise you may be able to get the dealer to do something for you, but I wouldn't count on it.

    Car_man
    Host
    Prices Paid Forum
  • hamilton4hamilton4 Member Posts: 1
    where did you get this deal? can you tell me the city, state and dealer name?

    thanks
  • ppete1ppete1 Member Posts: 2
    Hummer of Pleasanton, Pleasanton, California...
  • holsonholson Member Posts: 4
    Hello,

    For a 24 month 10k miles/yr lease on a base $29995 Hummer H3,

    I was quoted $4399 out of pocket. ($3000 cap cost reduction, $208 1st mo payment, $150 sales tax on the 3k, the rest is titles/regs/fees + acq fee)

    The monthly payment is $208 (incl. 5% tax).

    It seems decent to me, what do you guys think? I used the 4.6% rate for a car that costs $28k and a 72% residual and the numbers were very similar. Could I do better?

    I'm probably going to try and put $0 down.

    Rgds,
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hello holson. You never mentioned the selling price of the H3 that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the truck that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what its selling price is.

    General Motors is currently providing a $950 bonus cash incentive on leases of the 2007 Hummer H3. Make sure to take this cash into account when negotiating the capitalized cost for your lease.

    Car_man
    Host
    Prices Paid Forum
  • dognut2dognut2 Member Posts: 1
    Hello to all.This might be my 1st lease.My local florida dealer has 07 H-3 delux w/auto for msrp $35415. on sale for $30415. lease for $299.month, $3500. down,$1800.tax,tag,title etc. 39 month lease.10000 miles a year.If my trade in value is $13000. and I have done the math right,I show $101.a month.Did I do this right? Or am I missing something.Thanks, bob
  • akr11akr11 Member Posts: 1
    I wonder if this is a good deal: 2007 H3 with luxury package. 10k miles, 39 months. $410 per month. Paying nothing upfront but inception. Thanks!
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hello Bob. Since you are new to 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.

    I see that you are considering trading your current vehicle in when you lease your new Hummer. There's nothing wrong with doing this, but it would be in your best interest to have the dealer that you're working with cut you a check for your trade rather than using the proceeds from it as a down payment for your lease. I always advise consumers against making large down payments when leasing. Those who make them, risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered.

    Car_man
    Host
    Prices Paid Forum
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hello akr11. You never mentioned the selling price or MSRP of the H3 that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this truck's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to work up a sample lease payment on the car that you are interested in for you if you let me know what these numbers are.

    When negotiating the selling price of the H3 that you're interested in, make sure that you take advantage of the $950 (that's a strange number isn't it. Why not just make it $1,000?) bonus cash that is currently available on it.

    Car_man
    Host
    Prices Paid Forum
  • jhuffmanjhuffman Member Posts: 1
    Hey Car_Man,

    Thanks for taking my question. Does a residual value of 28,795 sound "kinda" high. Should'nt it be around 20-23,000 on a 39 mos lease w/no money down w/10000 miles a year, on a 07 Base model H3 w/tow package and xm radio. My salesman gave me this number before he even ran my application. I should know the Money Factor...right? I have a Chevy S-10 Zr2
    that I still owe 10,885 on and I figure I have close to 4500 in equity in it and they offered 12000 for it. Should I negotiate more for my trade? Fair market value for it is around 14,000-16,000

    Any advice would be greatly appreciated !

    Thanks,

    Jeff
  • debster5430debster5430 Member Posts: 1
    2007 Hummer h3 Base w/sunroof and side running boards...vehicle is Boulder Grey...they paid off $900-on my last veh leftover payments...MSRP $33,950
    Lease Price $32,400
    Cap Cost Reduction $1500.00
    Length 39 Months
    Lease Rate 4.0
    Residual Value $20030.50 Rent Charge $3502.96
    Total Money down $1687.40
    Monthly Payment $425.87...CAN ANYONE TELL ME HOW I DID AS A SINGLE GIRL GOING TO BUY A CAR BY HERSELF??? Thanks
  • piepiezzzpiepiezzz Member Posts: 2
    I was just quoted:

    H3 Black/Black Tactical Edition

    GM plan
    MSRP 35,135
    Sell 31,199
    Sign and Drive (other than plate transfer)
    39 months 39,000 miles
    $409/month

    I believe this is a good deal......

    Does anyone know the best way to get out of another GM lease with 11 months left?
  • mikeb10mikeb10 Member Posts: 8
    Sometimes they have an early lease exit if your buying another GM ask the salesman. They offered me an early exit when I bought my H3 but was under 6 months. 11 months is a little long.
  • steevosteevo Member Posts: 389
    Call gm and get the current buyout price for your car. Remember that a Dealer will not pay tax to buy so get that number if available. If the car can be sold for more than that number, you should be able to trade it in. Its essentially the same as trading in a car before the loan is payed off.
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    No problem, Jeff. The higher your truck's residual value is, the better because the lower its monthly payment will be. Naturally, the higher the price you can negotiate for your trade, the better. I am not personally familiar with how much a used Chevrolet S-10 is worth on the open market right now, but you may be able to get an idea by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values".

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi debster5430. You definitely are on the right track. You provided all of the important information in your post. As you may already know, the selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Shop around for the lowest possible selling price on the H3 that you want, making sure to take advantage of the $1,000 lease cash that is currently available on it. I am personally not all that familiar with what the market is like for the H3 in your area right now, but I suspect that you should be able to do better than the $32,400 that you were quoted. The 4.0% lease rate that you were given is right on the money.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi piepiezzz. General Motors will currently waive the final four payments for lessees who purchase or lease a new GM vehicle, but 11 months is a lot more than that. Why do you want to get out of your current vehicle so early? Chances are that it will be very expensive for you to get out of your lease almost a year early. You would be better off waiting until you are closer to the scheduled end of your current lease to get something new.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • roboshaproboshap Member Posts: 2
    Just wanted to know if I'm getting a good deal on an h3 luxury package w/ sunroof, 39-month lease, 12,000 mi/yr

    MSRP - $36,465
    $700 due at signing includes first month payment
    $400 per month including tax
  • joeycapjoeycap Member Posts: 3
    Hi Car man, can you tell me if this sounds about right?

    2008 H3 lease..

    MSRP: $33,030.00

    Selling Price: $31,500.00

    39 months, 12k miles per year $5,000 cash total out of pocket at signing

    monthly payment $379 per month
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi joeycap. The truck that you described probably has a spread of around $2,700 between its full MSRP and its dealer invoice price. Plus, General Motors is currently providing a $300 cash incentives on leases of it through GMAC. That gives you a total of around $3,000 to play with. You were quoted a $1,500 discount. If I was in the market for an H3 right now, I personally would try to beat this price by a couple hundred dollars. Give it a shot, you don't have anything to lose by trying. When you arrive at a selling price that you are comfortable with, make sure that the dealer calculates your monthly payment using GMAC's base lease rate of 4%.

    I see that you are considering paying $5,000 at lease signing. I always advise consumers not to make such large down payments on leases. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Even though your monthly payment would be a little higher, you would be better off going with a zero down lease.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • bktommybktommy Member Posts: 1
    Hi Car Man,

    I was just quoted on a 2008 Hummer H3 Luxury package, with white exterior and black interior, 10k miles/year, at 39mo lease.

    I was quoted at $400 per month with $1,400 due at signing (1st month payment included).

    They said the value of the car is about $38,000.

    Am I getting a good deal?
    Please let me know ASAP. Thanks
  • dbcrousedbcrouse Member Posts: 1
    Just leased a 08 H3 for 24mo @$470.00mo with 22,500miles per yr. This is the luxury pkg w chrome wheels and step up bar. Dealer says whatever miles are not used during my lease I will get refund. This does include a GM discount. Is this a good deal?

    ohhh car was bought at Bob Ross Hummer Centerville OH
  • merklmerkl Member Posts: 1
    Just picked up my Hummer H3x with sunroof and auto transmission. Here's the deal:

    - Carbon Flash Metallic
    - $0 Driveoff (Dealer absorbed all driveoff fees)
    - $474/month 39 months
    - 12k miles per year
    - $2500 addt'l cashback from GMAC to pay off existing lease (Had to pay tax on this rebate though)
    - MSRP was $42,495 with a 4% lease rate
  • iminincimininc Member Posts: 7
    Hello Carman,
    Do you have the current lease rates and residuals for 2008 hummers. Thanks.
This discussion has been closed.