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How does this lease on a new Colorado look?

carmeldlcarmeldl IndianapolisPosts: 8
edited January 10 in Chevrolet
Would someone be able to give me some advice on a lease quote I received below? This is for a 2019 Chevrolet Colorado Crew Cab Long Box 4-Wheel Drive WT. I already plan on trying to talk the money factor down, but wasn’t sure about how much I should try to negotiate the actual selling price. I told them to give me pricing without factoring in any down payments or trade ins. Additionally, I do not qualify for any GM employee pricing, but is there anyway to obtain a supplier discount?

Here is what the dealership sent me for a 36 month lease,10k miles per year in Indianapolis:

Gross capitalized costs: $32,000

Capitalized cost reduction: $31,356.25

Adjusted capitalized cost: $1,500(Rebate)

Residual value 69%: $22,697.55

Depreciation amount: $8,658.70

Rent charge: $123.78

Total of base payments: $389.80

Money factor: . 00229

Amount due at signing :$389.80

Comments

  • kyfdxkyfdx Posts: 107,577
    carmeldl said:

    Would someone be able to give me some advice on a lease quote I received below? This is for a 2019 Chevrolet Colorado Crew Cab Long Box 4-Wheel Drive WT. I already plan on trying to talk the money factor down, but wasn’t sure about how much I should try to negotiate the actual selling price. I told them to give me pricing without factoring in any down payments or trade ins. Additionally, I do not qualify for any GM employee pricing, but is there anyway to obtain a supplier discount?

    Here is what the dealership sent me for a 36 month lease,10k miles per year in Indianapolis:

    Gross capitalized costs: $32,000

    Capitalized cost reduction: $31,356.25

    Adjusted capitalized cost: $1,500(Rebate)

    Residual value 69%: $22,697.55

    Depreciation amount: $8,658.70

    Rent charge: $123.78

    Total of base payments: $389.80

    Money factor: . 00229

    Amount due at signing :$389.80

    .00229 MF and 69% residual
    $1500 customer incentive

    You can't talk that money factor down. It's the base rate.

    What is the MSRP?
    Your second line is the Adjusted CAP cost

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • carmeldlcarmeldl IndianapolisPosts: 8
    website says MSRP is 31,570. and yes I think the sales rep was confused when I asked about the adjusted cap cost, but that is what she provided and just said it was for a $1500 rebate so I'm waiting for clarification on that cause with a $1500 rebate that would bring the cap cost down to $30,500 correct or am I doing that wrong?
  • kyfdxkyfdx Posts: 107,577
    carmeldl said:

    website says MSRP is 31,570. and yes I think the sales rep was confused when I asked about the adjusted cap cost, but that is what she provided and just said it was for a $1500 rebate so I'm waiting for clarification on that cause with a $1500 rebate that would bring the cap cost down to $30,500 correct or am I doing that wrong?


    With that residual, the MSRP would have to $32,895.
    With that MSRP and the adjusted CAP given, $364/mo.+7% tax = $389/mo.

    So, we have that right.

    I'd guess the adjusted CAP doesn't reflect the whole rebate, as some of it is being used for upfront costs.
    $595 acq.fee, $150 dealer fee, DMV fees?

    That's an $895 discount from MSRP.
    If you want a lower payment, the selling price is where to focus.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • carmeldlcarmeldl IndianapolisPosts: 8
    Okay that is what I was thinking too. Would you have any suggestions on what what I should try to get the selling price to or is there typical range off the MSRP to keep in mind for leases? I've seen some people get all the way up to 15% off MSRP so I'd assume that isn't typical, but the 2% I have been presented by this dealer seems like a weak offer.
  • MichaellMichaell ColoradoPosts: 96,840
    carmeldl said:

    Okay that is what I was thinking too. Would you have any suggestions on what what I should try to get the selling price to or is there typical range off the MSRP to keep in mind for leases? I've seen some people get all the way up to 15% off MSRP so I'd assume that isn't typical, but the 2% I have been presented by this dealer seems like a weak offer.

    Use this link to help with your price research:
    https://www.edmunds.com/tmv.html

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2016 VW Jetta 1.4T SE / 2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • kyfdxkyfdx Posts: 107,577
    carmeldl said:

    Okay that is what I was thinking too. Would you have any suggestions on what what I should try to get the selling price to or is there typical range off the MSRP to keep in mind for leases? I've seen some people get all the way up to 15% off MSRP so I'd assume that isn't typical, but the 2% I have been presented by this dealer seems like a weak offer.

    Expand your search to multiple dealers. I'd guess Indy has at least six Chevy dealers?

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

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