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2013 and earlier Cadillac CTS Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, Pete. Cadillac is no longer providing $2,000 dealer cash on this car. It's now $3,000 customer cash. It doesn't really matter through because I don't believe that either of these incentives were compatible with leases through GMAC. Having said this, GM is providing $3,000 lease cash on leases of '06 CTS 3.6L models right now. Just because this lease cash is out there does not mean that you are automatically entitled to it. The dealer that you are working with may be counting on you not realizing that this cash is available and is hoping that they will be able to keep it. Make sure that it is being taken into account. For now I will assume that it is. OK, according to my calculations, if you were to lease a 2006 Cadillac CTS 3.6L with an MSRP of $40,075 and a selling price of $34,236 through GMAC right now for 39 months with 10,000 miles per year, your zero down, pre-tax monthly payment should be around $406. You can use part of the $3,000 that you get from your trade to pay this car's first month's payment, security deposit, and acquisition fee, but you would be better off using the rest to make a couple of your payments or to supplement them because if you use it as a capitalized cost reduction you risk losing it if your leased vehicle is totaled in an accident or stolen and never recovered.

    Car_man
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  • cwrealcwreal Member Posts: 4
    I'm looking at a 2006 CTS, 3.6L with Luxury Pkg & Auto. List $35,990. with $3,000 cash back & my trade-in @$2,000, payments is $578.00 for 48 months with residual of $12,236.00.

    Is this a good deal for me?
  • cwrealcwreal Member Posts: 4
    :shades: P.S. This price is for 15,000 mile per year, and is a true lease, not a GM Smartbuy.
  • jr32jr32 Member Posts: 23
    How does this sound:

    06 CTS 3.8 sport
    39 month
    12k
    sticker $40,060, sale $36k and change
    $0 down, taxes rolled in (8.5%)
    $3000 in rebates

    $492 month
  • cwrealcwreal Member Posts: 4
    What is the residual?
  • jr32jr32 Member Posts: 23
    53% resid
  • roman371roman371 Member Posts: 1
    I have a supplier discount available, and there is also 3000 cash back. Can I use both of these on a lease? If yes, and the lease amt financed is 44k after all that, what would the lease pmt be for 36mo, 15K miles? Thanks
  • maizeandblue7maizeandblue7 Member Posts: 3
    I am looking to trade in my 2002 VW Passat GLX (80K, but in great looking shape). I would like to get the CTS V6, but am not sure whether to lease or buy. I put more than 15K a year on a car, but could probably get below that. What are your thoughts. If I purchased, I would pay over 4 or 5 years and put another $7-8K down. What would be the lease price for 36 months?

    Thanks.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello cwreal. You never mentioned the selling price of the car 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 car 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 this car's selling price is.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jr32. It appears to me as though you are getting this car for fairly close to dealer invoice. If so, and if this price is before the lease cash that is available on it is deducted, you are getting a good deal. Just make sure that the dealer you are working with uses GMAC's current base lease rate of 3.95% to calculate your car's lease payment and you're all set.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Yes, roman371, the lease cash that General Motors is currently providing on the Cadillac CTS is compatible with the discount that you would receive on it if you were to lease one through GM;s supplier purchase program. I would be happy to estimate what your lease payment should be on the car that you are interested in for you. However, in order for me to do so I need you to provide me with its full MSRP. Let me know and I'll do some calculations.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi maizeandblue7. Nothing is more annoying than being hesitant to drive your vehicle because you do not want to go over your mileage allowance. You can always purchase additional miles at a discounted rate at lease signing if you think that you will need to drive more than 15,000 miles per year. GM's lease program on the Cadillac CTS is pretty good right now, but if you are not completely sold on leasing you can always take advantage of the outstanding finance rates that GM is providing on this car right now. You can finance a 2006 Cadillac CTS through GMAC at 0% for up to 5 years at this time. It doesn't get much better than that.

    Car_man
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  • radioative2006radioative2006 Member Posts: 15
    Hi Car_man or others,

    Here is teh offer I got for a 2006 CTS 3.6L Auto trans demo car with 3k miles on it

    Selling price: $30900
    Residual value: $18011
    Monthly payment: $299 + 7.75% tax in IL
    Cap cost reduction: $2899
    Milage allowance: 12K
    Lease : 39 Months
    Please tell me if this is the good deal or not
  • aphaph Member Posts: 4
    What I'm having trouble understanding is how these dealer incentives work in conjunction with credit scores. I understand that the manufacturer can offer either a financing incentive for the upper-tier credit scores such as 0% for some time. What happens if they offer say, $3000 back in lieu of the 0% financing? Does that require the same upper-tier credit score and, if so, how much would the amount decrease with a lesser credit score.

    I am looking to take advantage of the $299/mo, 39 mos., $0 down, $1939 at signing listed here at Edmunds.com but I can't figure out if I'm eligible with my credit score, which was 626 a month ago. How would this offer be affected by a mid-tier credit score like mine?
  • aphaph Member Posts: 4
    I spoke with a dealer here and he offered me the following:

    2006 Cadillac CTS
    4dr Sedan (2.8L 6cyl 6M)
    $33,635 MSRP (Edmunds shows $32,390)
    $31,800 invoice (Edmunds shows $30,080)
    39 months
    3.95% base lease rate
    .53 Residual = $17,826.55
    Cost reduction -$2,800 (Edmunds shows -$3,000)
    Administrative fee "charged by GMAC" $780

    All for $32,678 (he says it's invoice + administrative fee + $500 + his cost of sending a driver to get the car from another dealership).

    Is he lying about the MSRP and invoice here? I understand these things can change, and he said that this car is >200 days old so has the "older MSRP". I am willing to give him $500 but only if he is giving me accurate information in regards to MSRP, invoice, and that the administrative fee is really charged by GMAC.
  • aphaph Member Posts: 4
    Forgot to include that that MSRP and invoice includes:

    M82 5-Speed Shiftable Automatic Transmission ($1,200 MSRP, $996 invoice)
    CF5 Power Glass Sunroof w/Express Open ($1,200 MSRP, $996 invoice)
  • cwrealcwreal Member Posts: 4
    I really don't know. The 'agreed upon value" in the lease contract is $36,494. and the gross capitalized cost is $37.450.
  • dman090dman090 Member Posts: 4
    Does anyone know the money factor that Cadillac is using for its 299/mo setup?
  • cme2ccme2c Member Posts: 7
    Carman,

    Any idea what the dealer incentive and Residuals would be for a 2005 CTS. I would like to do a 39 or 48 month with 15,000 miles. A local dealer has a new 2005 CTS with Sport package and Auto Trans. MSRP is 42,000. I am hoping to get about 10,000 off MSRP, maybe more. Nobody was there tonight, gonna go back tomorrow to try to deal.
  • cme2ccme2c Member Posts: 7
    The 2005 CTS I mentioned above has the 1sc package, sport package, luxury package, autotrans. Just curious if they still offer the non-GM owner bonus?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi radioative2006. What is this car's full MSRP? I ask because this number will show me how much of a discount you are being given and it will enable me to use GM's current lease program to estimate its monthly payment. For now I can tell you that it is not in your best interest to make such a large down payment on this lease. Consumers can and should lease any vehicle that they are interested in without making any sort of down payment. I say this because if your leased vehicle is totaled in an accident or stolen and never recovered during your lease your down payment essentially disappears. Anyhow, let me know this car's MSRP and I'll tell you what I think.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello aph. Consumers' credit scores do not have any impact upon the cash incentives that are available on vehicles. They only impact the interest rate that you will be charged if you want to finance or lease. This is a moot point anyhow because I do not believe that the aforementioned dealer cash is compatible with GMAC's special lease program for this model. GMAC is usually fairly lenient in who it approves for its special finance and lease offers. While I cannot say for certain, I suspect that there is a very good chance that you will qualify for GM's special lease program for the CTS.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi aph. The 3.95% lease rate that you were quoted for this car is right in line with GMAC's current base lease rate for it. This is always a good thing. While GM is providing $3,000 customer cash on the '06 CTS right now, its normal customer cash incentives are not compatible with special leases through GMAC. GM has special lease cash incentives that are compatible with leases through GMAC. Its current lease cash allowance on the '06 CTS 2.8L is $2,800. The "Administrative Fee" that you were quoted is too high though. GMAC charges a $595 acquisition fee on every vehicle that it leases. You shouldn't have to pay any more than that. $500 over dealer invoice minus the $2,800 lease cash for a car that this dealer has to swap for is a very reasonable deal. I'm not sure why the prices that the dealer you are working with mentioned are different than the prices that you saw listed here though. The "older" MSRP excuse really doesn't fly. When GM reduced the MSRPs of its cars in mid-January it gave dealers dealer cash on their existing inventory to make up for the difference. Any '06 CTS 2.8L that this dealer has had in inventory prior to the price reduction would be eligible for $803 dealer cash.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi dman090. GMAC's current base lease rate for the 2006 Cadillac CTS is 3.95%. 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. So a lease rate of 3.95% would be equivalent to a money factor of around .00165.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi cme2c. Earlier this year General Motors provided dealers with a $1,750 final dealer cash payment for any 2005 Cadillac CTS models that they had remaining in inventory. GMAC is no longer leasing '05 models. You might be able to find an independent bank that would lease you this car, but this late in the model year I doubt it. If you really want an '05 CTS you will have to finance it through an independent bank or pay cash for it. If you want to lease, you would be better off going with a 2006 model. It has larger cash incentives available on it, a special lease rate, and higher residual values than an '05 model would.

    Car_man
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  • andre1andre1 Member Posts: 85
    Car_Man,
    It appears that GM is offering $4000 customer cash on all 2006 CTS-V's. How much of that customer cash is eligible to be used if I lease the vehicle? Also, what are the August lease rates(money factor, residual) on 2006 CTS-V for 24 and 36 months for 12K and 15K miles per year. Thanks.
  • carlaw1carlaw1 Member Posts: 3
    Car_man,

    I am looking for the same information on the CTS-V. Thanks again.
  • ctsordiectsordie Member Posts: 2
    Car_man

    Is it true that gmac REQUIRES a drive off? What is the best way to lease a CTS for $299/mo with $0 down...do you think that's possible or way off course?

    Here is the response from the dealership when I inquired about leasing a black 2006:

    OK I have one 06CTS blk on blk sunroof,luxury pkge 6cd,navigation, manager demo
    3 year lease
    1500 drive off
    376 + tax = 407
    its a Great Deal below invoice
    if not would you like a 2007 but it would be much more
    im trying to help
  • ctsordiectsordie Member Posts: 2
    This looks like a very good deal to me, especially since it's the 3.6L. How did you get them to give you such a high residual value, and cap cost reduction, was that incentive? Did you end up with the car and are you happy with it?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey andre1. Unfortunately, the customer cash that General Motors is providing on the 2006 Cadillac CTS is not compatible with special leases through GMAC. GM is providing $2,600 lease cash on the 2006 CTS-V though. GMAC's current base lease rate and residual value for a 24 month lease of a 2006 CTS-V with 15,000 miles per year are 3.95% and 63%, respectively. The numbers for an otherwise identical 36 month lease of this car are 3.95% and 52%. With 12,000 miles per year, its 24 month residual value would be 2% higher and its 36 month residual would be 3% higher.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi carlaw1. Check my previous post for the info that you're looking for. Let me know if you have any other questions.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey ctsordie. Like most banks that lease vehicles, GMAC does not require consumers to make a capitalized cost reduction when leasing. You can and should lease any vehicle that you want through GMAC without making any sort of cap cost reduction. You will have to pay GMAC's $595 lease acquisition fee at signing or roll it into your vehicle's cap cost though. You will have to pay your car's first month's payment at lease signing. I don't know how many miles are on the demo that the dealer that you are working with mentioned, but if it is a demo it better be below dealer invoice before the deduction of the lease cash that is available.

    Car_man
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  • futurecaddymanfuturecaddyman Member Posts: 1
    Is this a deal?!? I think so...
    loaner 2007 Cadillac CTS - basic (no sports package)
    Black on Black
    MSRP $31575
    Sale Price 28490
    Net 26345
    Tax (6.25%) 1646.56
    Vehicle Inventory Tax 65.52
    Documentary Fee 50.00
    Deputy Fee 5.00
    License, Xfer, Title, Registration fees 103.80
    Inspection 21.75
    Total Cash Price 28237.63
    Up front down $3000
    38 months
    10K miles/yr.
    4000 miles on car, get 32500 total
    282.86/month
    Also have $800 ish on GM card credits - that applies to sale price of vehicle?!?
    From Sewell in Dallas
  • caddyhovacaddyhova Member Posts: 5
    i got a similar deal but it was brand new with 6 miles on it with msrp of $31605 before all the rebates. i paid $2800 due at lease signing with 38 more payments of $263 + tax = $287 per month. i spoke with 5 different dealers in philly area and finally found one that made this deal. i love the car. goodluck.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi futurecaddyman. I believe that the dealer invoice price for a base 2007 Cadillac CTS 2.7L with an automatic transmission is around $29,473. As you can see, the selling price that you were quoted is around $1,000 under dealer invoice. The dealer was able to arrive at this price by using the $2,145 bonus cash that is currently available on all Cadillac models. So, this price is really more like $1,045 over invoice, which isn't bad for a brand new car, but I personally would want a little larger discount for one that already has $4,000 miles on it. Make sure to stop by the following discussion to see how much other community members have paid for similar cars lately: "Cadillac CTS: Prices Paid & Buying Experience". Any GM card points that you have can be used as a down payment to reduce the capitalized cost of the car that you want.

    Car_man
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  • caddyhovacaddyhova Member Posts: 5
    car_man, would you consider this a good deal? brand new with 6 miles on it with msrp of $31605 before all the rebates. $2800 due at lease signing with 38 more payments of $263 + tax = $287 per month. after i negotiated price i traded in my junker for $1500. i spoke with 5 different dealers in philly area and finally found one that made this deal. i love the car.
  • ddeliseddelise Member Posts: 353
    Car_Man -

    This is in Tampa, FL.

    Can you provide the lease factor, residual percentage, and incentives for a 36 or39 month lease at 12k miles/year?

    Thanks! Damon
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi caddyhova. You never mentioned the selling price of the car 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 car 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.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go, Damon. GMAC's current base lease rate and residual value for a 36 month lease of a 2007 Cadillac CTS 2.8L with 12,000 miles per year are 3.95% and 54%, respectively. The lease rate for an otherwise identical 39 month lease would be the same, but its residual value would be 1% lower. When negotiating your lease one this car, make sure to take the $2,145 bonus cash that GM is currently providing on it into account. This cash will help you to negotiate an attractive capitalized cost.

    Car_man
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  • bagsbags Member Posts: 12
    Hi CarMan,
    Really appreciate your honest and helpful answers. I have an 04 cts and 48 mo. lease. I love the car. I've been thinking of buying it when the lease is over...(17 months from now). Lots of people tell me that's not smart. The car will have about 40,000 miles on it at lease end. Would it be smarter to just lease a new one at that time?
    Thanks,
    Bags
  • caddyhovacaddyhova Member Posts: 5
    hello again car_man,
    the price was $29,500 + 595 gmac admin fee. please let me know what you think.

    caddyhova
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks Bags. Whether it is a good idea to purchase your CTS at the end of your lease all depends upon what its purchase price is. If you can purchase a car that you know the history of at a price that is in line with or less than what you would have to pay for a similar car on the open market then you might want to consider buying your it. If your purchase option price is much higher than it would cost you to purchase an equivalent used CTS then you should just walk away from your lease and lease or buy something else. The contract that you signed when you originally leased your car will have its lease-end purchase price printed on it. When you are close to the end of your lease, place a call to GMAC or whichever bank you are leasing it through and see if they would be willing to negotiate your car's price. There's no guarantee that they will be willing to do so, in fact more often than not banks won't, but it's worth a shot.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks for the additional information, caddyhova. OK, so you are considering leasing a 2007 Cadillac CTS 2.8L that has an MSRP of $31,605 and a selling price of $29,500. Given the fact that Cadillac is currently providing $2,145 bonus cash on the '07 CTS, the $2,105 discount that you are being given on this car is not very attractive unless you are able to have any available cash incentives subtracted from it. If you are in an area that has a decent level of competition, I suspect that you would be able to negotiate a selling price that is $500 or so over invoice before any cash incentives are taken into account. Shoot for a price that is more in that range and then have the dealer that you are working with use GMAC's base lease rate to calculate your car's monthly payment. Through January 2nd, GMAC's base lease rate for the 2007 CTS is 3.95%.

    Car_man
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  • apocalypsoapocalypso Member Posts: 12
    Hi Car Man,

    Here's the lease I was offered today:

    2007 CTS

    Sticker 40,280
    Invoice 36,991

    Offer price 38,167
    less -2,000 lease incentive (cap cost reduction)
    Amount leased 36,167 plus tax, tags, docs

    $1,000 down

    12K miles/yr.

    $702 for 24 months
    $651 for 27 months

    What do you think?
  • vinnynyvinnyny Member Posts: 764
    apocalypso:

    You didn't ask my opinion, so I hope I won't offend you by offering it anyway. $702/month seems way out of whack unless the residuals on the 2007 have dropped through the floor. I'd be surprised if you couldn't knock $100/month off that deal.

    If you're not tied solely to the CTS, $700/month plus $1,000 will lease you a whole lot more than a $40k CTS. For example, you could get a loaded: BMW 335, Lexus IS350, or Mecedes C350 and probably get change back from your $1,000 bill. I've seen lightly optioned Corvettes lease for less. If you really love the CTS, you could actually buy it for less than the lease deal you were offered.

    Just my opinion, but I would run away from that deal...
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi apocalypso. The selling price that you were offered this car for is $1,176 over dealer invoice. This isn't bad, but there's still some room to play with so it wouldn't hurt to shop around with another Cadillac dealer or two to see if you could beat this deal. You also should stop by the following discussion to see how much other community members have paid for similar cars lately: "Cadillac CTS: Prices Paid & Buying Experience". The $2,000 lease cash that you were told about is correct. Just make sure that the dealer that you are working with is using GMAC's base lease rate of 3.95% to calculate your car's monthly payment.

    Car_man
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  • blinddateblinddate Member Posts: 3
    I'm new to leasing and was wondering what is the difference is between Lease cash and Bonus cash? How do they factor in to a lease deal? In other words, do you make the best deal you can, and then subtract each from that negotiated price?

    Also, where could I find the current lease cash, bonus cash, base lease rate and residual value for a 2007 3.8L CTS?
  • caddyhuntercaddyhunter Member Posts: 2
    MSRP 31330 2415 down 24 months 299 per month 10K do you think this is a good deal
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings blinddate. 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 answer to your specific question, both lease cash and bonus cash can be used to reduce the capitalized costs of leased vehicles. So for the purpose of calculating a lease payment, there essentially is no difference between these two types of cash incentives. Negotiate he lowest possible price that you can on the CTS that you are interested in and then have the dealer that you are working with subtract any available cash incentives from that.

    I can give you an idea of what the current lease program is like for the car that you are interested in. You never mentioned how long you want to lease for or what mileage allowance you need, so 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. GMAC's current base lease rate and residual value for a 36 month lease of a 2007 Cadillac CTS 3.6L with 15,000 miles per year are 3.95% and 51%, respectively. General Motors is currently providing $2,200 lease cash on this car. Make sure to take it into account when you are negotiating its capitalized cost.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi caddyhunter. You never mentioned the selling price of the car 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 car 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.

    Car_man
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