Lease Assignment on a 2020 Chevrolet Silverado 1500 Custom

AmaineAmaine NY, NY 10001Member Posts: 20
edited February 2021 in Chevrolet
Hi. I'm looking for advice on a potential lease swap / takeover. 2020 Silverado 1500 Custom 4.3L V6, 36 months, 36,000 miles, w/ remote start and hitch. No other extras. Sticker price of $39,290.

Is a lease price of $345 (taxes included in price) considered a good value? Original lessor did not put any money down and rolled taxes into payment. Residual value needs to be verified but is assumed to be $26,870.

Anything else to look out for? I'm thinking of buying in 25 months at end of lease.

Thanks in advance.
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Best Answer

  • kyfdxkyfdx Moderator Posts: 210,201
    Answer ✓
    Amaine said:

    Hi. I'm looking for advice on a potential lease swap / takeover. 2020 Silverado 1500 Custom 4.3L V6, 36 months, 36,000 miles, w/ remote start and hitch. No other extras. Sticker price of $39,290.

    Is a lease price of $345 (taxes included in price) considered a good value? Original lessor did not put any money down and rolled taxes into payment. Residual value needs to be verified but is assumed to be $26,870.

    Anything else to look out for? I'm thinking of buying in 25 months at end of lease.

    Thanks in advance.

    $345 would be a cheap payment for that truck.

Answers

  • AmaineAmaine NY, NY 10001Member Posts: 20
    kyfdx said:

    Amaine said:

    Hi. I'm looking for advice on a potential lease swap / takeover. 2020 Silverado 1500 Custom 4.3L V6, 36 months, 36,000 miles, w/ remote start and hitch. No other extras. Sticker price of $39,290.

    Is a lease price of $345 (taxes included in price) considered a good value? Original lessor did not put any money down and rolled taxes into payment. Residual value needs to be verified but is assumed to be $26,870.

    Anything else to look out for? I'm thinking of buying in 25 months at end of lease.

    Thanks in advance.

    $345 would be a cheap payment for that truck.
    Thanks for the feedback.

    I asked the guy to share his lease document with me and it seems that the sticker was ~$39,000 but with incentives the Adjusted Capitalized Cost was $35,360. The residual is listed as $24,360 with $11,000 as the depreciated value.

    The interest free monthly payment would be ~$305, and the monthly financing charge works out to ~$40 which is approximately 8.4% annually.

    Am I not looking at this right, because to me it seems like I may be stepping into a lease from a guy with really tough credit and a high financing charge, but that seems to be somewhat offset by some aggressive incentives applied to the sticker price.

    I guess, it boils down to - is a $4,000 incentive on a sticker price of $40,000 a deal I can replicate in a dealership today? Thanks in advance.
  • MichaellMichaell ColoradoModerator Posts: 209,713
    Amaine said:

    kyfdx said:

    Amaine said:

    Hi. I'm looking for advice on a potential lease swap / takeover. 2020 Silverado 1500 Custom 4.3L V6, 36 months, 36,000 miles, w/ remote start and hitch. No other extras. Sticker price of $39,290.

    Is a lease price of $345 (taxes included in price) considered a good value? Original lessor did not put any money down and rolled taxes into payment. Residual value needs to be verified but is assumed to be $26,870.

    Anything else to look out for? I'm thinking of buying in 25 months at end of lease.

    Thanks in advance.

    $345 would be a cheap payment for that truck.
    Thanks for the feedback.

    I asked the guy to share his lease document with me and it seems that the sticker was ~$39,000 but with incentives the Adjusted Capitalized Cost was $35,360. The residual is listed as $24,360 with $11,000 as the depreciated value.

    The interest free monthly payment would be ~$305, and the monthly financing charge works out to ~$40 which is approximately 8.4% annually.

    Am I not looking at this right, because to me it seems like I may be stepping into a lease from a guy with really tough credit and a high financing charge, but that seems to be somewhat offset by some aggressive incentives applied to the sticker price.

    I guess, it boils down to - is a $4,000 incentive on a sticker price of $40,000 a deal I can replicate in a dealership today? Thanks in advance.
    You won't know the answer to that last question unless you go into a dealership and negotiate. There are no lease programs in place for the 2020 Silverado, however. You'll have to find a comparable 2021 model.

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


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    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • AmaineAmaine NY, NY 10001Member Posts: 20
    Michaell said:

    Amaine said:

    kyfdx said:

    Amaine said:

    Hi. I'm looking for advice on a potential lease swap / takeover. 2020 Silverado 1500 Custom 4.3L V6, 36 months, 36,000 miles, w/ remote start and hitch. No other extras. Sticker price of $39,290.

    Is a lease price of $345 (taxes included in price) considered a good value? Original lessor did not put any money down and rolled taxes into payment. Residual value needs to be verified but is assumed to be $26,870.

    Anything else to look out for? I'm thinking of buying in 25 months at end of lease.

    Thanks in advance.

    $345 would be a cheap payment for that truck.
    Thanks for the feedback.

    I asked the guy to share his lease document with me and it seems that the sticker was ~$39,000 but with incentives the Adjusted Capitalized Cost was $35,360. The residual is listed as $24,360 with $11,000 as the depreciated value.

    The interest free monthly payment would be ~$305, and the monthly financing charge works out to ~$40 which is approximately 8.4% annually.

    Am I not looking at this right, because to me it seems like I may be stepping into a lease from a guy with really tough credit and a high financing charge, but that seems to be somewhat offset by some aggressive incentives applied to the sticker price.

    I guess, it boils down to - is a $4,000 incentive on a sticker price of $40,000 a deal I can replicate in a dealership today? Thanks in advance.
    You won't know the answer to that last question unless you go into a dealership and negotiate. There are no lease programs in place for the 2020 Silverado, however. You'll have to find a comparable 2021 model.
    Thank you for the response. I should have clarified, can a similar deal ($39,290 MSRP / $35,360 Adjusted Cap Cost) be had on a 2021 Silverado Custom when combined with any current or upcoming incentives? Thank you in advance.
  • MichaellMichaell ColoradoModerator Posts: 209,713
    Amaine said:

    Michaell said:

    Amaine said:

    kyfdx said:

    Amaine said:

    Hi. I'm looking for advice on a potential lease swap / takeover. 2020 Silverado 1500 Custom 4.3L V6, 36 months, 36,000 miles, w/ remote start and hitch. No other extras. Sticker price of $39,290.

    Is a lease price of $345 (taxes included in price) considered a good value? Original lessor did not put any money down and rolled taxes into payment. Residual value needs to be verified but is assumed to be $26,870.

    Anything else to look out for? I'm thinking of buying in 25 months at end of lease.

    Thanks in advance.

    $345 would be a cheap payment for that truck.
    Thanks for the feedback.

    I asked the guy to share his lease document with me and it seems that the sticker was ~$39,000 but with incentives the Adjusted Capitalized Cost was $35,360. The residual is listed as $24,360 with $11,000 as the depreciated value.

    The interest free monthly payment would be ~$305, and the monthly financing charge works out to ~$40 which is approximately 8.4% annually.

    Am I not looking at this right, because to me it seems like I may be stepping into a lease from a guy with really tough credit and a high financing charge, but that seems to be somewhat offset by some aggressive incentives applied to the sticker price.

    I guess, it boils down to - is a $4,000 incentive on a sticker price of $40,000 a deal I can replicate in a dealership today? Thanks in advance.
    You won't know the answer to that last question unless you go into a dealership and negotiate. There are no lease programs in place for the 2020 Silverado, however. You'll have to find a comparable 2021 model.
    Thank you for the response. I should have clarified, can a similar deal ($39,290 MSRP / $35,360 Adjusted Cap Cost) be had on a 2021 Silverado Custom when combined with any current or upcoming incentives? Thank you in advance.
    My previous answer still applies - I’m not in the market for a truck, so I don’t know what’s possible.

    Edmunds Price Checker
    Edmunds Lease Calculator
    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

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

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