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Saab 9-7X Lease Questions

CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
edited April 2014 in Saab
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Saab 9-7X. Thanks.

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  • gmar1gmar1 Member Posts: 3
    Hi Carman,

    I am in the market to lease the 9-7x. The following deal is what I have been offered:

    MSRP: $39,240
    RESIDUAL: 70% for 12K miles per year
    RESIDUAL VALUE: $27,468
    INITIAL CAP COST: $36,156.23
    ACQ FEE: $595 (I'm not sure why they are using this in the calculation)
    CAP REDUCTION: $2028.02
    REBATE: $1500
    TOTAL CAP REDUCTION: $3,528.02
    ADJUSTED CAP COST: $33,223.21
    APR: 4.2%
    TERM: 24 Months
    SALES TAX: 8.25%
    BASE MONTHLY RENTAL: $349.18
    SALES TAX: $28.81
    TOTAL MONTLY: $377.99

    TOTAL DRIVE: $2995
    INCLUDES THE FOLLOWING:
    CAP REDUCTION (FROM ABOVE): $2028.02
    FIRST MONTH PAYMENT: $377.99
    LICENSE: $298
    CAP. RED. TAX (8.0%): $282.24
    ACQ, DOC, TIRE DRVOF: $8.75

    I think this is a great deal, but would like to know what you think. Thanks in advance for your help.

    gmar1
  • imariquinnimariquinn Member Posts: 96
    carman, what are the base lease rates and residuals for the v6 and v8? looking at a MSRP $40500 and selling price of $36000 with rear DVD option. They are advertising $399 a month for 24 months with some money down, i don't want to do the money down. thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi gmar1. A base 2006 Saab 9-7X has a spread of a little over $3,000 between its full MSRP and dealer invoice prices. This means that the price that you were quoted before the subtraction of any incentives is right around dealer invoice, which is good. The lease rate that you were quoted for this truck is a little higher than Saab's base lease rate for it right now, 3.7% vs. the 4.2% that you were told. Make sure to insist that the dealer you are working with uses the 3.7% rate to calculate your truck's lease payment.

    I notice that you are making a down payment on your lease. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Saab would be exactly the same, regardless of whether you had put $3,500 down, or had made absolutely no down payment at all.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey imariquinn. If you were to lease any 2006 Saab 9-7X through its captive finance company right now for 24 months with 12,000 miles per year, its base lease rate and residual value should be 3.7% and 70%, respectively. The numbers for an otherwise identical 36 month lease should be 3.7% and 59%. When negotiating your lease on this truck, keep in mind that Saab is currently providing $1,000 lease cash on it. This money will help you to negotiate an attractive capitalized cost.

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  • pegasus17pegasus17 Member Posts: 536
    Carman, Pls provide March rates for the 9-7x for both 24 and 36 month leases. Is the 1000 lease cash still available? THX
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here's the latest, coppamc. If you were to lease a 2006 Saab 9-7X through Saab Financial Services Corp. right now for 36 months with 15,000 miles per year, its base lease rate and residual value should be 3.7% and 57%, respectively. The numbers for an otherwise identical 24 month lease should be 3.7% and 69%. Saab is still providing the $1,000 lease cash that you mentioned on this truck.

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  • eschuleeschule Member Posts: 10
    Carman:

    Where are these base lease rates and residual values obtained from. I am looking at the 9-7X and am being offered a "month end deal". The "deal" is based off $33,000 sales price and $40,040 MSRP.

    Despite the reduced price, the lease includes 6.9 APR and 50% residual (20,020) on a 36 or 39 month lease. Thus, the monthly rates with zero down seem way overpriced according to your numbers (like 50% higher).

    How do I negotiate for the proper APR and residual without quoting a poster on a website?

    Thanks for your help.
  • asr515asr515 Member Posts: 30
    I'm looking to lease the 9-7x soon -- probably within the next month. Any new lease deals out there? What the current base lease rate and residual? I'll probably have a trade-in. Is it harder to negotiate a good deal with a trade-in?

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi eschule. It appears as though the dealer that you are working with is attempting to mark-up Saab Financial Services' Corp.'s buy rate lease money factor for this truck to add additional back-end profit to your deal. SFSC's current base lease rate and residual value for a 36 month, 15,000 mile per year lease of an '06 9-7X are 3.7% and 57%, respectively. Unfortunately, I am not aware of any source that provides this sort of information to the general public, but I can assure you that this info is 100% accurate. Both you and the dealer know it. If they insist that the 6.9% rate is the best that they can do they are lying, unless your credit is in really rough shape. Make sure that this lease rate is being used to calculate your truck's monthly payment.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello asr515. Saab's May lease program for the 2006 9-7X is scheduled to run through July 5th. I doubt that it will make any significant revisions to this truck's lease program for the month of June, but only time will tell if this is definitely the case. It is not that difficult to negotiate an attractive lease when you want to trade your current vehicle in. Just keep the transactions separate. Negotiate the lowest possible selling price on the 9-7X that you want then the best possible price for your trade. If you don't like the amount the dealer is willing to give you for your current vehicle, you always have the option to sell it on your own. If you do trade it in, have the dealer cut you a check for it rather than using the proceeds as a capitalized cost reduction for your lease. I always advise community members against making large cap cost reductions on leases because if their leased vehicle is totaled in an accident or stolen and never recovered, the money that they put down essentially disappears.

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  • dsharkeydsharkey Member Posts: 4
    Hi Car Man,

    Saw an ad in the Chicago Tribune for a new 9.7x at $239/month for 24 mos. Miles are 10K/year. Residual value is $28,252 with $3,484 due at signing. Would rather not put any money down. Can you tell me what the money factors should be on this vehicle. Says the offer ends May 30th and includes all factory incentives.

    Thanks
    Don
  • asr515asr515 Member Posts: 30
    Hi CarMan, I've started shopping around for my new 9-7x. Here's one quote I received - this is for the V6 with nav. option. I'm just not sure if it's a great or even good deal:

    27 Month lease;
    15,000 miles;
    68% residual
    4.2% interest rate.

    He claims he's giving it to me for $500 over invoice. Invoice is $38244 + $500= 38744. He's also giving me the $1k factory rebate. According to his calculations, with $1966 down (includes security deposit), it'd be $519/mo. which includes tax.

    I called him on the 4.2% and he gave me some line about he could give me the 3.7% if I wasn't going to pay my security deposit up front. Honestly, I didn't quite understand what the heck he was talking about.

    So, what do you think?

    Thanks.
    Amy
  • asr515asr515 Member Posts: 30
    One more question Car_man: I get a GM Supplier discount through my company, of course, I haven't a clue what exactly that means. Any idea yourself?

    Thanks.
    Amy
  • asr515asr515 Member Posts: 30
    One dealer said they are giving $4500 off '06 models but, the deal doesn't apply to leasing. Do you think this is true? I haven't gotten any final number from him yet but, I will soon and I'll be sure to post them.

    Thanks.
    Amy
  • asr515asr515 Member Posts: 30
    Okay, this is one that I actually think is a good deal:

    MSRP: $40,040
    Negotiated price: $36,866
    Residual: 68%
    Interest Rate: 3.7%
    27 Month lease
    15,000 miles/yr.
    2,023 due at signing: includes 1st mo. pymt, bank fee, doc fee, security and small NJ tire tax.
    Comes out to about $450/mo.

    What do you think?
    Amy
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'd be happy to give you an idea of what this truck's lease program is currently like, Don. If you were to lease a 2006 Saab 9-7X Linear through Saab Financial Services Corp. right now for 24 months with 10,000 miles per year, its base lease rate and residual value should be 2.69% and 71%, respectively. As you can see, SFSC 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. When negotiating your lease on this truck, keep in mind that Saab is providing $1,000 lease cash on it. This incentive will help you to negotiate an attractive capitalized cost.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Amy. $500 over invoice is a good price for this truck if it is before the deduction of the $1,000 lease cash that Saab is currently providing on it. Once this incentive was taken into account, it would put put your truck's selling price at $500 under dealer invoice. It's good that you called him on trying to mark your truck's lease rate up. You definitely should be able to get this dealer to use Saab's 3.7% lease rate without too much trouble. Just make sure to pay a security deposit on your 9-7X at lease signing. The deposit is equivalent to your vehicle's monthly payment rounded up to the nearest $25 increment. It is annoying to have to pay, but it's better than throwing money away on a higher monthly payment.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey Amy. General Motors' supplier purchase program allows you to purchase a new vehicle for a set price. This price is usually pretty good, but I would not be surprised if you were able to match or beat GM's supplier purchase price on your own. This program is good for people who don't like to negotiate.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Amy. As I mentioned in an earlier post, you should be able to get a 9-7X for fairly close to dealer invoice, say $500 over, before the deduction of any cash incentives. The reason why the dealer you spoke with is willing to give you a bigger discount on one that isn't leased is that Saab is currently providing $3,500 dealer cash on the 9-7X. This dealer cash can be used on trucks that are financed through Saab, through an independent bank, or paid for with cash. This dealer cash is not compatible with Saab's special lease program, but a $1,000 cash incentive is.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey Amy. A base 4.2i Saab 9-7X has a spread of just over $3,000 between its dealer invoice price and its full MSRP. You are getting a $3,174 discount on the model that you are considering. This is a decent price, but I personally would not be surprised if you were able to negotiate another $500 off of its price. The lease rate that you were quoted looks good.

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  • asr515asr515 Member Posts: 30
    I just wanted to say Thanks Car_man. I took this deal. They also gave me exactly what I wanted for my trade. I'm finally cruising around in my new 9-7x! AND surprising, I didn't feel like I needed to shower after leaving the dealership!!

    Thanks to you and Edmunds.com for making me an informed buyer!

    Amy
  • huma2huma2 Member Posts: 24
    car man any idea if the incentives will get better as the summer goes on b/c of the poor sales gm is having. thanks for any thoughts on this matter
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, Amy. Congratulations on your new truck. Enjoy!

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi huma2. It is difficult to say what manufacturers' future incentives programs will be like. Saab's current lease program is scheduled to run through September 5th. I don't expect its lease program on the 2006 9-7X to get much better than it is now, but only time will tell what will happen for certain.

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  • sbr3500sbr3500 Member Posts: 6
    I currently have a Saab 9-3 with 5 payments left at $332.

    The dealer said Saab will pull me ahead on 3 of those payments and the dealer will eat the other 2. I was told I also get some loyalty credits, etc.

    2006 9-7X 4.1
    Has NAVIGATION & DVD (does not have the touring package) MSRP $42,535

    27 month lease (71% residual)
    $1264 due at signing ($177 Registration, $275 dealer fee, $670 bank fee, and $142 sales tax) my sales guy told me they are waiving 1st month’s payment and no security)

    Monthly payment $440

    He said he can put me in a 5.3 with Navigation for $465 and a 5.3 with Navigation and DVD for $479.

    Seems to me these are all great deals? I know many who have bought/leased from this dealer and felt they were honest. Please advise if these are bad/decent/great deals.

    Thanks a lot.
  • mister_markmister_mark Member Posts: 8
    I just leased a 9-7X yesterday. That does sound like a good deal, although you should find out some other important numbers: The actual selling price, and the money factor. Tell him to put together a contract and fax it to you before you go to his store. It's MUCH easier to study a contract at home than it is at a car dealership.

    A couple of things, though: The bank fee seems high. I (and most people) are paying a $595 bank/acquisition fee. And a $275 dealer fee? That's a load of crap, trust me.
  • sbr3500sbr3500 Member Posts: 6
    Hey Mister mark,

    What did you pay for your lease and what did the car have on it?
  • mister_markmister_mark Member Posts: 8
    Here's what I got:

    27-month lease on a 2006 9-7X 5.3i with Navigation

    MSRP: $43,235

    Negotiated sales price: $40,234 (the invoice price)

    Residual value: $30,696.85 (71% of MSRP)

    Money factor: .00154 (3.7% APR)

    $750 rebate

    10,000 miles per year (I chose this lower number to get a higher residual value. I work at home and never drive more than this in a year.)

    No down payment

    No security deposit

    No disposition fee

    First month's payment waived (a.k.a. A free month!)

    Drive-off cost: $66.88. This is made up of the sales tax on the rebate ($58.13) plus the California tire fee ($8.75). They said this was the lowest drive-off cost they've ever seen at their store.

    Registration ($326), acquisition fee ($595), and document fee ($45) were included in the total cost of the lease.

    Monthly payment: $510.27 (again, the first month's payment was waived, which is great)

    My only concerns about the lease I signed:

    1. The salesperson/assistant manager/finance manager cannot explain how my finance charge was calculated other than to say, "I entered it in the computer and that's what I got." She suggested I call GMAC to have it explained. I did that, but they said they couldn't help me until my contract is "in their system", which will take 3-4 weeks. It's not a big deal, really. They say I'm paying 3.7% APR; I see it as being close to 3.8%. The difference amounts to about $3 extra per month.

    2. Although the salesperson/assistant manager/finance manager said I was not being charged sales tax on the registration, I'm sure I am. I don't see how I couldn't be. The registration fee, acquisition fee, and document fee were added to the price of the car, and in turn, to the amount of depreciation that I have to pay over the 27-month lease. When you make lease payments, every payment is taxed. I called the DMV to ask about the legitimacy of this. They said (with a regrettable sigh), "Yeah, they can do that." This amounts to about $2 extra per month.

    Considering, however, that if I had paid the registration fee, acquisition fee, and document fee up-front, that would have been $966 more out of my pocket. Interest rates are decent enough that makes keeping the money in a bank account nearly negates the extra few dollars per month that I believe I'm paying.

    I would still say that this was a decent experience and transaction. The salesperson was incredibly patient and helpful over the 2-day period that I took to work this out. We must have exchanged at least 30 emails and several phone calls before coming to an agreement (I had lots of questions), and even then I asked to have a copy of the agreement faxed to me before I came to their store. You probably won't be surprised to hear that some dealers refused to even talk with me about the details of a lease unless I came to see them in person, and some ignored my emails entirely.
  • sbr3500sbr3500 Member Posts: 6
    Sounds like you got basically the same deal I did. Had you paid the 966 up front, your payment would have almost the same as the $465 i was quoted on that car. I chose the smaller engine with nav and dvd for $440. I drove my other saab 8,000 miles over 31 months. I take the train from CT to NYC everyday. It's basically a train car and I use it on the weekend. Sounds like we both did well.
  • mister_markmister_mark Member Posts: 8
    Yeah, I would have gone for the smaller engine too, but apparently, there were no more '06 black/black 4.2i with navigation anywhere to be found. I'm happy with what I got.

    Did you calculate your rent charge to the penny as I did? (I know I'm more interested in precision than a lot of people. I think I drove my salesperson nuts.)
  • sbr3500sbr3500 Member Posts: 6
    Picked up the car last night (black with Tan).

    The rent charge was 3.7% and the car price was just a hair over $39,000 (I think). I called my salesman (same one as other Saab I had) and told him 2 things: 1.) sharpen the pencil on the numbers as tight as possible so I don't get tempted to call other Saab dealers in the area & 2.) If I don't like the deal I am going to wait until my lease is up and drive everything before making a decision(MDX, Tourag, Etc.) I had 5 payments left and the dealer paid the last 2 and Saab pulled ahead on the other 3.

    After that, I felt confident I was getting a good deal based on information on the internet and I trust the guy. My sales guy spent 10 minutes on this deal. I am in Greenwich, CT ... they got the car from a dealer in Mass ... was the only left in the northeast.

    It's a cool car, I like it so far. I drove it 1.2 miles to the train this morning!
  • mister_markmister_mark Member Posts: 8
    Sounds good.

    Yeah, I was told the rent charge was 3.7% too, but the only way to really know what you got is to calculate it yourself. It's a little complicated, but certainly doable.

    Here's the formula to use according to leaseguide.com (the info can be found at http://www.leaseguide.com/lease08.htm):

    Rent Charge ÷ ( (Adjusted Cap Cost + Residual) x Term ) = Money Factor

    To convert the money factor into your interest rate, multiply the money factor by 2400.

    This is the only way to make sure their math is correct. If you calculate it, let me know if it looks correct to you. Mine appears to be more like 3.79%.

    If you need help, let me know. ;)
  • sbr3500sbr3500 Member Posts: 6
    I signed the lease on the dotted line. I don't live in the past and Math is not my specialty. Do you really care at this point knowing if it was exactly 3.7 or 3.79?

    What I care about is that I forget to ask of the NAV replaces the 6 disc DC and I think the car only has 1 CD ... Am I wrong??? ... Need to play with it tonight on my 1.2 mile drive home.
  • mister_markmister_mark Member Posts: 8
    Well, I do care about my money, so if I'm told something is going to cost a certain amount and it turns out that there were hidden charges, then yeah, it would bother me.

    I'm not "living in the past". I just like to understand the contracts I sign, not only for my own benefit, but so I can help others in the future.

    Even the finance manager told me that she didn't understand how the lease was put together! Something's wrong with that. I think a business should be able to explain their charges.

    About your question, yeah, the NAV can only hold 1 CD at a time. The NAV replaces the 6-disc player.
  • sbr3500sbr3500 Member Posts: 6
    I hope I didn't appear confrontational, not my intent. I was simply focused on the $440 number for 27 months ... after that, didn't really care how they got to the number.
  • kyfdxkyfdx Moderator Posts: 235,188
    ...is just a rough calculation... It doesn't come out exactly the same... Generally, when converting from the money factor and multiplying by 2400, you will overstate the interest rate charged...

    The conversion assumes that the same amount is subject to interest over the life of the lease, but if it were a true loan, the balance would be higher in the early part of the lease, and lower later...

    Of course, leases don't work exactly like that, so the conversion isn't exact.

    regards,
    kyfdx

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  • mister_markmister_mark Member Posts: 8
    Nah, I didn't take it as confrontational at all. I just wanted to fully explain my reasoning.

    Most people do focus on the monthly payment. It's understandable.
  • mister_markmister_mark Member Posts: 8
    Thanks, kyfdx. I really appreciate your speaking up.

    So, is there any way to really know what your rent charge should be on a lease? And if so, how do you calculate it?

    I was told my interest rate would be 3.7%, so I assumed the money factor would be 3.7 ÷ 2400 = .0015417. If I wanted to know the exact rent charge ahead of time, should I have asked them for the money factor instead?
  • kyfdxkyfdx Moderator Posts: 235,188
    I'm not really sure exactly how it works with GM...

    Possibly, there is a formula that takes the cap cost and residual, and applies that exact interest rate over the life of the lease... Just as if you were doing a balloon note... (this is my guess)..

    So, it is possible that they add up the payments calculated this way, and divide by the number of months to get an average payment...

    In other words, you may not be able to calculate it using a simple formula, like a money factor..

    Sorry I can't be of more help...

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  • mister_markmister_mark Member Posts: 8
    No problem. I really appreciate your responses. Just knowing that there's more than one way to calculate it and that each company might do it a little differently makes me feel better about my situation.

    Since the interest rate I calculated on my lease was so close to what they told me it would be, I'm sure there's just some little quirk about GM leases that causes them to arrive at a different number from mine.
  • sharonnjsharonnj Member Posts: 1
    Negotiated a price on a Grey 97x for 36,986
    after all is said and done -
    rolled over all fees - except the tire tax of $7.50
    I will be paying 417 a month.
    I don't think I can get much better.
    Is that alright for a 2006, when the 2007 are right around the corner?
  • pegasus17pegasus17 Member Posts: 536
    What about the lease acqusition fee?
  • frykmanfrykman Member Posts: 4
    Riddle me this...

    I am about to lease a 2006 Saab 9-7X 5.3i with Nav and DVD. The MSRP is $44,535 but I negotiated a price of $38,178. What’s more, Saab is providing $2000 cash to put towards the capital-cost reduction.

    The term of the lease is 27 months (15K miles/year) with a residual of .67 ($29,833). This means, in plain English, that I have to pay $6345 over a term of 27 months ($235 X 27 = $6,345) PLUS the interest rate and taxes.

    Here is where I get lost.

    They claim my “rate” is 4.2% (for those of you who like the term “money factor” - 4.2% is equivalent to 0.00175). If this were the case, my fee for that rate would equal $115 per month.

    I know my depreciation fee is exactly $235. I also know my tax (on the payment) is exactly 6%. However, I have been quoted a monthly payment of $399.54 (X+Y is not equaling Z).

    $235 + $115 = $350 AND $350 + 6% equals $371 How did GMAC come up with $399?

    I have also determined if my interest rate were actually 5.2 % (which happens to be exactly one percent higher than my quoted 4.2%), my payment comes out to $400 (which is essentially what they quoted me).

    Here is my question. Does anyone know if GMAC has a fee of 1% hidden behind their advertised rate, or is my dealer (who knows I have a great deal) trying to sneak some profit back into his end of the deal?
  • kyfdxkyfdx Moderator Posts: 235,188
    "sneak some profit back into his end of the deal?"

    But, that is the way the smart money would bet...

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  • frykmanfrykman Member Posts: 4
    That's a thought, but I don't think any acqusition fee is hiking the rate like that. Their payment quote is $371 ($29 per month higher than my math indicates it ought to be), which is a difference of $783.00. I'll let you know if I am able to figure it out and/or what "I am told".

    Take care and thanks for the reply.
  • frykmanfrykman Member Posts: 4
    Just when I thought it couldn’t get any better...

    Well, it turns out the figures my dealer quoted me were dead on. The reason my numbers failed to add up is this: GMAC charges interest, not only on the vehicle itself - but on the depreciation value as well. Nevertheless, I was happy when my dealer informed me (today) that Saab just added an additional $1500 cash off incentive as part of a Labor Day special. As a result, my payment dropped an addition $60

    Vehicle stats are in my post above:

    $670 down (includes first month payment) for Drive Off
    $368 per month
    18000 miles/year (I added $25 per month to the $342 payment quoted for 15000 miles/year)
    27 Month lease.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi sharonnj. I would be happy to give you my opinion of this deal if you provide me with this vehicle's full MSRP. This number will show me how much of a discount you are being given on it and will enable me to use Saab's actual lease program to estimate what its monthly payment should be.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi frykman. The method that was used to calculate the sales tax on your 9-7X has nothing to do with GMAC. The way that sales tax is charged on vehicles varies from state to state. Congratulations on getting such a good deal on your truck. The extra bonus cash that was available out there over Labor Day made for some excellent deals. I'm glad to hear that you were able to take advantage of it. Enjoy your new ride.

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  • frykmanfrykman Member Posts: 4
    Thank you Car_man.

    Indeed, The Labor Day bonus was a nice surprise (I'll take luck over negotiating skill everyday of the week). Nevertheless, I still do not fully understand the interest rate. It's more complex than I would expect. Even lease calculators I find on the internet don't arrive at the same figures as GMAC. I understand the sales tax (it's just 6% of the payment).
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, frykman.

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