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Chevrolet Silverado Lease Questions

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Comments

  • fueledupfueledup Member Posts: 64
    Now is a great time to buy a truck or suv is absurd. Unless you have an oil field in your back yard, now is possibly the worst time ever to even consider purchasing or leasing a new truck or suv. Even if you could purchase a new truck or suv at 50% off msrp theres a great possibility that your looking at the newest thing in lawn ornaments. We have people coming in everyday looking to trade in there used (trucks& suv's). Our sales manager is quoting them rediculously low trade values and people are jumping at the offers to walk away. We have brand new 07' sitting on the lot. Eventually (in the very near future) manufactures will have to kick in to rid the new inventory. The used market has so many available trucks and suv's that are being taken in trade (in many case practically brand new) that now are for sale at a fraction of the cost of new. Even with the scale back in production the new truck&suv market will remain dead.
  • ocautoseekerocautoseeker Member Posts: 425
    Not arguing with you on the truck and suv market being "dead."

    My point was simply... for those that need or even want a truck or suv and can afford the fuel expense, awesome deals can be had right now with big rebates and/or low financing.

    Rebates are up to ~$4500 on most Silverdo models right now as compared to ~$1500 a year ago at this time. Economically it may be a poor decision, but the cost to own is the business of the buyer, and cannot be made as a generality.

    You are certainly entitled to your opinion, and it is welcomed as this is a public forum, but my point was and still is that... regardless of the oil market, very aggressive deals can be had on large trucks and suv's right now.
  • hotrod1965hotrod1965 Member Posts: 21
    You guys are correct. I am in the market to lease a Silverado for our business. The dealer told me yesterday that the best deals are yet to come, so just hang on for a little while. That's after a quote for $208 per month with zero down for a ext cab LS.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey cmiz. General Motors' lease program for the Silverado is the same post-Memorial Day as it was pre-Memorial Day. Its cash incentives have changed though.

    Car_man
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  • hotrod1965hotrod1965 Member Posts: 21
    My lease quote went down $20 per month! $225 for 39/10k on a $28,210 ext cab truck. That is with GMS and loyalty cash.... I could get a WT for under $200 per month.
    My dealer told me that the 2008's that they have is all that they will get because GM is done making 08's now... not sure how true that is though...
  • asylum575asylum575 Member Posts: 72
    I think that's right. They stop taking orders some time in May, so they finish up in early June. I think they take 6-8 weeks for "training" and refitting equipment for the new model year. That puts the 09s rolling off late August- early September.
    There are still several 07s out there and the deals aren't that hot on those either.
    American axle strike has been settled, so the 09s should be able to roll off on time.
  • crewcabbcrewcabb Member Posts: 13
    I am turning in my leased truck in July ,leased thru US Bank and am wanting to get a new 1500 Silverado Crew Cab,but,cannot decide on the Smart Buy or just buying it outrite,is SMart Buy a decent deal,I really don't understand if I would be losing money(depreciation) on something like this, any help would be appreciated.,
  • indianajohnsindianajohns Member Posts: 89
    Car_Man

    What are the current residual, lease rate for 08 Silverado 1500 Ext Cab 2WD for 36 month 10,000 miles in SE MIchigan area?

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi crewcabb. If I was getting a new Chevy Silverado, I personally would finance it through GMAC. Rumor has it that General Motors is introducing 0.0% financing for up to 6 years on a number of trucks this morning. That's a much better deal than GM's lease program is on this model right now.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi indianajohns. I just saw your movie last weekend. I give it a B- :). Here's 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 Silverado Extended Cab 2WD with 10,000 miles per year are 4.75% and 62%, respectively.

    Car_man
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  • crewcabbcrewcabb Member Posts: 13
    well,dealers are calling me alot these last few days,more rebates,up to 6 grand or 72months,wouldn't taking the rebates be a better deal than the no interest? Also was looking at a SmartBuy,they said they have some great residuals rite now,but,interest rate ain't that hot,8.75%.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey crewcabb. I personally would go with the 0.0% financing for 72 months rather than a SmartLease or SmartBuy on the Silverado right now.

    Car_man
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  • indianajohnsindianajohns Member Posts: 89
    CAR_MAN,

    What are the current lease numbers for a 2008 Silverado 1500 Crewcab 4X4 24 and 36 month leases 10,000 miles per year? My zipcode is 68101. THanks.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi indianajohns. Unfortunately, General Motors is no longer providing lease support on the Chevrolet Silverado. If you want to lease one, you would have to do so through an independent bank and chances are its lease program would not be very good.

    Car_man
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  • autoboy19autoboy19 Member Posts: 152
    Car_man,

    Do you have the current lease rates and CCR for the Silverado LT and LTZ Crewcab 4WD for 36 months and 15k miles per year? Is GM still waiving the security deposit on leases of this vehicle?

    Thanks.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I sure do, autoboy19.

    Ally's current base lease rate for 36 month leases of any 2011 Chevrolet Silverado 1500 is 2.8%.

    Its residual value for a 36 month, 15k lease of a 2011 Silverado 1500 Crew Cab LT 4WD is 47%.

    The resid for an otherwise identical lease of an '11 Silverado 1500 Crew Cab LTZ 4WD is 45%.

    General Motors is currently providing a $3,200 cash incentive on leases of these trucks through Ally.

    Car_man
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  • snowman5921snowman5921 Member Posts: 2
    Car_man,
    Do you have the current lease rates and residuals for a 2011 Silverado LT Extended cab 4WD for 39 months, both 12K and 15K miles through Ally Bank?
    Also is the $3,200 incentive still good on Ally leases?
    Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi snowman5921. General Motors is scheduled to introduce its new November lease program some time today. Please feel free to post a reminder in this discussion for me and I'll gladly provide you with the details of the new program when I have them.

    Car_man
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  • snowman5921snowman5921 Member Posts: 2
    Hi car_man. Have you heard anything about the November programs for the 11 Silverado? Residual value, money factor, cash incentives...anything you can provide is most appreciated. Thanks
  • snow26snow26 Member Posts: 24
    My local dealer is giving me. 39 month lease, 10000 mi per year, msrp 39640, allstar and conveneience and Z71 packages, off road package and rear view camera. My up front is 150 for tags, tax and first month. Payment is 428 per month. Program is with Ally bank.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi snowman5921. Ally's residual values for the 2011 Chevrolet Silverado vary depending upon which one of the myriad of trim levels you go with. If you provide me with the exact truck that you want I can give you an idea of what its residual value is like.

    For now I can tell you that Ally's current base lease rate for a 36 month lease of any '11 Silverado is 3.05%.

    Also, General Motors is currently providing a whopping $5,050 cash incentive on leases of the '11 Silverado through Ally.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi snow26. The easiest way for me to evaluate this deal would be to look at this truck's selling price in relation to its MSRP. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, it is more difficult to tell how large a dealer discount you are being given and in turn if there is any room left to negotiate. Let us know what this truck's selling price is and I'm sure that either myself or another knowledgeable community member will gladly tell you what they think.

    Car_man
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  • snow26snow26 Member Posts: 24
    MSRP was 39640. Selling price was $38,500 Silveraso crew cab, LT with allstar and convenience and Z71.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks for the additional information, snow26. This truck has a spread of at least $3,200 between its full MSRP and its dealer invoice price. In addition to that there is a massive $5,050 cash incentive on leases of this truck through Ally. That's a lot of room to play with during your negotiations. I personally would want a much larger dealer discount than this if I was in the market for this truck.

    Car_man
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  • hutchy68hutchy68 Member Posts: 1
    I'm in a similar situation looking at an extended cab, 1500 LS, with the few extras. 36,645 MSRP, with the first number $3000 at signing, $465/mo. I actually laughed out loud at the dealership because Chevy's example is a LS, 32285 MSRP at 269/mo, with 1729 at signing 39months/39,000 miles. I am assuming the 1729 includes first month payment as traditional with leases. I knew right off they were using the MSRP as selling price.

    Of course they're trying to tell me Chevy's example is a stripped down 2 wheel drive LS, which I knew to be untrue. Something didn't jive with me. Then they came back with $3000 at signing and $410/month, with the price at dealer invoice, 34,000 and change. Still doesn't sound right to me, which I am now guessing they are still holding back the incentive of $5050 which will allow them to go way below invoice. Is that correct?

    In my math, and I may be off base. I am thinking if I pay the 1729, pay the taxes and the tags, I am thinking it should just be less than $300/month, roughly $290. If I roll in the taxes and give them $1729, $305/month.

    Car_man, could you help me out? All I know is when I leased my wife's Jeep a few years ago, they wanted $2000 down and $495/mo. By the time I put my jacket on to walk out they scrambled. Ended up, I gave them first payment & tag costs, $500. The "new" payment was $325/mo. and this is why I hate car shopping.

    Thanks

    Hutchy
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Hutchy. If the dealer is leasing you this truck at invoice then yes, they probably are pocketing the massive $5,000 cash incentive that is currently available on leases of it through Ally. If I was interested in leasing a Silverado right now, I personally would want a selling price of at least $4,000 below invoice.

    Car_man
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  • just_askjust_ask Member Posts: 1
    CarMan,

    Can you elaborate on the mentioned $5,050 incentive? Is this in lieu of any other incentive (i.e., $2500 or 0% Financing) or is this in addition to other incentives? Either way, that much of a Cap Cost Reduction makes for an incredible deal on a lease payment assuming the Money factor is still at 3.05%. How long is this in effect? I'm salivating right now...can you tell?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi just_ask. I certainly can. You are correct, the $5,050 cash incentive that General Motors is currently providing on leases of this truck is the only cash that is compatible with the special lease program through Ally. GM's normal consumer cash is not available on leases.

    The 3.05% lease rate is still in effect through the end of the year.

    Car_man
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  • db192psudb192psu Member Posts: 1
    Today I stopped by a chevy dealer in PA to speak with them about leasing Silverado LS Extended Cab MSRP 32960 with a money factor of .0005. Trading in a car to cover the 1700 odd dollars down.

    First asking price from the sales man was 378, last offer was 348. He used to US bank , not Ally and would not explain why he wouldn't use Ally when questioned. He also stated that I didn't qualify for all the incentives a mailer for GM owners, and USAA.

    Any help Car_Man would be appreciated. Are the lease incentives through Ally still available, and could you give me a price where you think i should shoot for. I was thinking 269+ Tax and Tags would put me around 295-300.

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi db192psu. General Motors is supporting leases through US Bank as well as through Ally. Its lease cash is a little bit lower for deals through US Bank, $4,300 vs. $5,050, but its lease rate is better as well 1.2% vs. 3.05%. I can see why a dealer would want to run a lease through US Bank. Either way, GM is scheduled to introduce new incentives...including a new lease program some time tomorrow. Please feel free to check back with me later in the week for an update.

    Car_man
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  • mgm227mgm227 Member Posts: 1
  • dextercdexterc Member Posts: 2
    edited January 2011
    Hey Car_Man

    Any update on 2011 Crew Cab LT or LS Lease Details. Did the $5050 carry over in to the new year. Any major changes to the interest rate and residual value? I am looking for a 15K lease. I'm currently in a 2008 Ext Cab LTZ with 4 payments left on my lease.

    Thanks.
  • dextercdexterc Member Posts: 2
    Hey Car_Man

    Any update on 2011 Crew Cab LT or LS Lease Details. Did the $5050 carry over in to the new year. Any major changes to the interest rate and residual value? I am looking for a 15K lease. I'm currently in a 2008 Ext Cab LTZ with 4 payments left on my lease.

    Thanks.
  • klrssklrss Member Posts: 28
    Incase someone was in the market for a new GM/Chevy product, I wanted to share some info for you to read before you buy.
    I bought a new 2010 Impala LTZ a few months ago. I have 6,000 miles on it now. I have been having this bad sulfur/rotten egg smell from the exhaust since about a week after I had it. I finally brought it into the shop and they said they found no issues, and it is probably bad fuel. I questioned the fact that I can run the same fuel in my 2011 Kia Sorento, and my 2009 Civic without the smell, so I don’t think it is the fuel. They told me there isnt anything they can do and again advised that I run a tank of quality fuel through it and see if that helps. So, I did what they said. I actually ran three tanks of Exxon through it, and one tank of shell, and the smell never went away. I called GM customer service and they asked if I was getting fuel at the same stations, or if the stations were close to each other. I told them yes, except the shell, which was across town. The gm customer service lady said " well, maybe the stations are getting the same fuel, and you might need to try other stations". I could not believe it! My car smells like rotten eggs...my two other cars run fine on the same gas, I tried higher grade gas like shell and Exxon and still no change, now they want me to drive all over town trying different fuels!!! I tried to get them to understand that I have NEVER had to worry about what fuels I use in any car that I have owned, and I have owned many GM cars in the past, and that they need to look at this Impala. So the customer service lady said to bring it back in and she would tell the dealer to look at it again. I take time out of my day, bring it in, I asked for a loaner and they didn’t provide one, which just added to the fun of it. They looked it over and called me and told me they still didn’t find anything wrong, and didn’t smell it this time at all. Wow! I can’t believe they didn’t smell it! ( or maybe it just looked better on the paperwork for them not to smell anything). I picked the car up and they gave me a TSB Bulletin that basically said that the smell is caused by high sulfur fuels and instructs the service dept not to replace parts because it is a fuel issue. I tried to get them to explain why my car smells, but other new GM cars do not, but they still said it was a fuel issue.
    So, my warning is that if you get a Gm car or truck that smells like sulfur/rotten eggs, GM will not fix this and you will have to endure the smell. I really didn’t expect to pay 25k for a car that smells horrible. I put my trust and money into GM/Chevy, and that was a mistake. Now I get to smell sulfur when I pull up to the drive-thu’s ( banks/Fast food), and have family/friends who follow me to places tell me my car stinks, and clients who I have in the car tell me " have that fixed, it is the catalytic converter"...etc.
    I would highly recommend that you go with a Kia, or Honda, or some other brand that actually can burn any fuel out there without it smelling. Gm seems to not want to disclose that their cars can not burn today’s fuel cleanly, because if they did, there would be many folks that would not buy...including me! I hope this helps someone who feels this service issue would be important to them if they purchased GM.
  • drlevdrlev Member Posts: 4
    edited January 2011
    Am looking for 36 and 39 mo residual %'s on '11 Silverado CrewCab LT based on 10K miles, 12K miles and/or 15K miles/yr leases. Also looking for current interest rates (money factors) for 36 and 39 mo leases.

    If I can get these figures, I can calculate my payments.

    Also, any current lease rebate info would be greatly appreciated...still wondering if it's $4300 thru Ally. Thanks.
  • drlevdrlev Member Posts: 4
    edited January 2011
    Answered my own question today:

    '11 CrewCab Silverado...36-mo lease = 49% residual on 15K miles, 51% on 12K miles; 53% on 10K miles/yr.

    39-mo lease is 1% lower on the residuals. Interest rate is 1.8% for now thru Ally bank.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello dexterc. General Motors' cash incentive on leases of the 2011 Chevrolet Silverado in January is now $4,400. The lease rate for a 36 month lease of this truck through Ally is 1.8%.

    Ally's January 36 month, 15k lease rate for an '11 Silverado 1500 Crew Cab LS or LT 2WD is 47%.

    Car_man
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  • stef3stef3 Member Posts: 25
    Hi Guys,
    I am trying to lease this truck for some time but I am tired already. My numbers never get close to what the dealer is asking.
    Here are the facts:
    VIN: 1GCRCSE0XBZ165202
    Sticker price including delivery $32460
    Terms: 36 months 15000 miles.
    In top of all rebates (would be good to know) I have an extra $1000 loyalty discount, and willing to put down $2000.
    No Credit score problems at all.

    The dealers offer after 1 week of back and forth is $497/mo with $1555 down - In my books this is a little too much and I am tired of negotiating.

    If somebody would guide me in the right direction I am ready to take this truck tomorrow.

    Thank you ..
  • stef3stef3 Member Posts: 25
    The truck is in california, sales tax 8.75%
  • drlevdrlev Member Posts: 4
    edited January 2011
    That number is CRAZY! I just got a $38.5K '11 LT for $379/mo, including the 9% tax...no extra money down.. I paid acq. fee, 1st mo, and title, registration, minor fees, up front....total $1445 at signing, 10K miles/yr, 36 mo.

    Are they taking the $4400 GM lease incentive off your capitalized cost?

    I did a rough estimate (taking $2K off MSRP), then another $4400 lease incentive, using 15K miles, 47% residual, 36-mo, 1.8% int and got $360/mo, with no extra down, using 8.75% tax.

    With an extra $1K off for GM loyalty, your payment should be around $329/mo, with tax, NO extra money down.

    I think your dealer is forgetting the $4400 or not telling you about it. Without it your payment goes to $486/mo...$465/mo if only giving you the $1K in GM loyalty. You can crunch the #'s yourself at:

    http://www.leaseguide.com/calc.htm
  • stef3stef3 Member Posts: 25
    Thank you,
    Do you think the dealer will take $2000 off MSRP and give the $4400 lease incentive as well? That is a hard push but worth a try.
    The problem with car shopping is that we are not doing it often so every time is a new chalange.
    Sometimes I wish car shopping would be like shopping for shoes .... This is the price, take it or leave it so, we would not have to waste days to figure out if we get screwed or f~~~ed.
  • drlevdrlev Member Posts: 4
    edited February 2011
    It's NOT a hard push...that $4400 doesn't come out of dealer's pocket...comes out of GM's...the dealer couldn't care less, unless THEY are trying to screw you and pocket it for themselves. Offer UNDER dealer cost by $400 or so, use that as Cap Cost, then take the extra $4400 off. This is the deal I made. Don't let them screw you!

    Dealer cost includes invoice plus some BS advertising/training fees...anywhere from a few hundred to $800 over invoice...make them show you this! They have to if you ask...all of the dealerships did that I went to. If they don't, walk out. Remember, invoice on these trucks is about $2500 to $3K under sticker. Don't negotiation from sticker...negotiate from invoice (or dealer cost)....you can get UNDER dealer cost. GM sends the dealer a 3% check for the holdback after the sale, 3% of invoice to dealer...all profit. So they still make money if you buy a bit under their "cost." Good luck
  • greez82greez82 Member Posts: 13
    Carman,

    Can you provide the lease rates and residuals for feb. on the Lt and Ltz trim. 4x4 crew cab. 10k miles 36 months. Southern California.Can you also let me know if the lease cash is still available. I know this is asking alot but can you provide the rates form both ally and us bank if you have them. Thank you your help is always appreciated.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi greez82. Ally's current base lease rate and residual value for a 36 month lease of a 2011 Chevrolet Silverado Crew Cab LT 4WD with 10,000 miles per year are 1.8% and 52%, respectively.

    The lease rate for an otherwise identical lease of a Silverado Crew Cab LTZ 4WD is the same, but its residual value is 50%.

    The lease rate for US Bank is 0.84%.

    GM is currently providing a $4,400 cash incentive on leases of this truck through Ally and $4,050 on leases through US Bank.

    Car_man
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  • rman850rrman850r Member Posts: 14
    Carman,

    Do you have the 24/27 month rate and residual for the Silverado LT Crew Cab 4WD and LTZ Crew Cab 4WD with 15k miles per year.

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi rman850r. Ally's current base lease rate and residual value for a 24 month lease of a 2011 Chevrolet Silverado LT Crew Cab 4WD with 15,000 miles per year are 0.15% and 54%, respectively.

    The numbers for an otherwise identical lease of a 2011 Silverado LTZ Crew Cab 4WD with 15,000 miles per year are 0.15% and 52%.

    When negotiating your lease on this truck, make sure to take advantage of the $4,400 cash incentive that is currently available on leases of it through Ally.

    Car_man
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  • ttw2ttw2 Member Posts: 1
    Hello Car_man,

    ok, so I am looking to lease an LT crew cab 1500. my buddy owns the chevy dealership and said he is leasing me the truck at "his cost" could you confirm the following?

    his cost 36,417.26 (msrp 38,430.00) + 187.00 doc fee = 36,604.26

    minus trade 15,000.00 = 21,604.26- rebate 2,500.00= 19,104.26

    plus payoff 13,400.00= 32,504.26-gm card 3,000.00= $29,504.26

    payments 197.00/39 months

    is this really his cost and is it a good deal?

    thanks in advance!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ttw2. It's tough to determine exactly what this truck's cost is, but the definition that most people use is dealer invoice (the real "cost to the dealer is lower than that after one backs out holdback and other kickbacks from the manufacturer).

    You can look up the dealer invoice price of the exact truck that you want over in the New Vehicle Pricing section of Edmunds.com.

    As far as the cash incentives that are available on this truck go, while General Motors is providing $2,500 consumer cash on it that cash is for cash purchases. GM is actually providing more cash on leases of it. Specifically, GM is providing a $3,700 cash incentive on 39 month leases of it through Ally.

    Car_man
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  • rman850rrman850r Member Posts: 14
    Carman,

    Did this lease program change for March?

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi rman850r. The lease rates are exactly the same, but the residual values dropped by 1%. The lease cash for deals through Ally also dropped to $3,700.

    Car_man
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