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2013 and earlier Chevrolet Equinox Lease Questions

245

Comments

  • slem1842slem1842 Posts: 1
    Hello Car Man,

    I am interested in leasing a 2010 Chevy Equinox LT2 FWD with Rear DVD Entertainment. I read your earlier posts referencing lease rates (In most states it is running a special lease through GMAC featuring a lease rate of 3.0% again for 36 to 39 months.) and residuals (40%-44% depending on trim line). I was wondering if the lease rates have changed for September and what the residual would be for the LT2? I could potentially be interested in leasing for 36 - 48 months and definitely need 15,000 miles.

    Thank you,
    James
  • CarMan@Edmunds[email protected] Posts: 38,515
    Hello James. GMAC's current base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Equinox LT2 FWD with 15,000 miles per year are 2.25% and 41%, respectively. The numbers for an otherwise identical 48 month lease are 2.55% and 33%.

    Car_man
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  • Karen_SKaren_S Posts: 5,092
    A reporter is looking to speak to consumers who recently leased a GM or Chrysler vehicle in the past two months . Please send your daytime phone number to [email protected] by Thursday, October 8, 2009.
  • djhalptertdjhalptert Posts: 115
    CarMan,

    Can you please provide the current 36 month, 15,000 mile lease numbers for a 2010 Chevy Equinox LT2? Thanks.
  • CarMan@Edmunds[email protected] Posts: 38,515
    I sure can, djhalptert. GMAC's current base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Equinox LT2 AWD with 15,000 miles per year are 2.6% and 42%, respectively.

    Car_man
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  • sean43sean43 Posts: 2
    Hey CarMan -- could you please post the numbers for 12k miles, 36 mo? Many thanks!
  • scrappy_jackscrappy_jack Posts: 2
    Car_man - Thanks very much for your assistance. I wish there was an easily accessible way to access various captured finance lease information on our own (maybe a premium Edmunds subscription?).

    I am curious about current residual and MF for a 2010 LT1 2.4L with the Vehicle Interface Package. 36 months, 12k per year.
  • bonesazbonesaz Posts: 6
    Car_man could I get the latest residual and money factor for a 2010 LT2, 36months, 12k a year, I'm in AZ. Thank You
  • CarMan@Edmunds[email protected] Posts: 38,515
    Here you go, sean43. GMAC's December base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Equinox LT2 AWD with 12,000 miles per year are 2.6% and 44%, respectively.

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

    Car_man
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  • CarMan@Edmunds[email protected] Posts: 38,515
    You're welcome, scrappy. GMAC's December base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Equinox LT1 FWD with 12,000 miles per year are 2.6% and 42%, respectively.

    Car_man
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  • CarMan@Edmunds[email protected] Posts: 38,515
    Here's the information that you're looking for, bonesaz. GMAC's December base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Equinox LT2 FWD with 12,000 miles per year are 2.6% and 42%, respectively.

    Car_man
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  • bonesazbonesaz Posts: 6
    Thanks car_man, I appreciate the help
  • CarMan@Edmunds[email protected] Posts: 38,515
    No problem, bonesaz.

    Car_man
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  • roho1roho1 Posts: 318
    I went to my local dealer yesterday and asked about any lease programs available on Equinox's. I was told there is no leases available for a 2010 Equinox.

    Why would that be? I see ads on TV for the Cadillac SRX all the time. I even asked the question on the chat line on the GM web site and they said no. Is this how our bailout is working?

    If this is the case I will just have to eliminate the Nox from my list. Looks like a Honda or Toyota now.
  • terexterex Posts: 26
    US Bank or GMAC offer leasing for the 2010 Equinox to qualified customers. The current programs are applicable for sales thru February 1.
  • CarMan@Edmunds[email protected] Posts: 38,515
    Hi roho1. What you were told is incorrect. Either the salesperson who you were working with was very uninformed or for some reason they were not interested in leasing an Equinox.

    As the previous poster helpfully mentioned, both GMAC and US Bank have special lease programs available on the Equinox right now.

    GMAC's current base rate for a 36 month lease of a 2010 Equinox is 2.6%. In addition to this special lease rate, there is a $400 cash incentive on leases of this truck through GMAC.

    Car_man
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  • roho1roho1 Posts: 318
    Thanks for the info. I thought it was odd.

    I will have to find another Chevy dealer. The dealer I talked to(first time I'd been there) said he was running a new streamlined dealership where most of his sales were from the internet. He had the ability to sell direct since their was no Gen Mgr or mgr. so low overhead. If you wanted to buy, his prices were the best in the area. He specialized in Camaros and had a lot. He claimed people from all over the State came to him. I guess he just didn't want to mess with leases since he could sell all he wanted.
  • roho1roho1 Posts: 318
    Follow up,

    I called my nearest Chevy dealer and asked about Equinox leases and was told they don't offer them since there isn't a program at the moment. I asked what about GMAC and US bank and was told the rates weren't very good so most people don't want them so they don't offer them.

    I also asked about the new rebate for Toyota owners and was told it doesn't apply to Equinox and Camaros.

    No matter how hard I try I can't seem to deal with GM.
  • purchasingsoonpurchasingsoon Posts: 74
    I was told this week by a dealer that leasing support won't improve in February, bummer...I was hoping for better support. Maybe they were wrong though who knows, we'll have to wait to be certain.
  • CarMan@Edmunds[email protected] Posts: 38,515
    You're welcome, roho1.

    Car_man
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  • CarMan@Edmunds[email protected] Posts: 38,515
    Hi roho1. What you were told about the offer for current Toyota owners is correct, the Equinox is one of the few vehicles that it is not available on. According to what I have heard, the Equinox is actually in fairly short supply. As a result, General Motors doesn't feel the need to provide much in the way of incentives on it right now.

    Car_man
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  • jp0933jp0933 Posts: 5
    I'm looking at leasing a LT2 FWD 4 cyl Equinox for 24 or 36 months with 15,000 miles/yr. What would the rates be on that?

    Also, I've never leased before, and have been doing research. I'm trying to make sure I get a fair deal. So with the lease rate and residual, what calculations can I make? The residual is the amount the car will be worth when I turn it in? I am paying for the total price - residual, and then interest on that (lease rate). Is that how it works? Tax is just added onto each payment, not the total cost of the car, right?

    Any help is appreciated.
    Thanks
  • djhalptertdjhalptert Posts: 115
    It is a simple mathmatical equation. Don't get too worried.

    MSRP X residual % = Residual Value
    Sale Price = Cap Cost
    Sale Price + fees - money down/trade = NET Cap Cost

    Net Cap - Residual divided by term (36) = Depreciation
    Net Cap + Residual X money factor = Rent Charge (if money factor/lease rate is given as 2.5% then you must divide by 2400 to get the money factor in order to figure the lease)

    Depreciation + Rent Charge = Base Monthly Payment

    Base Monthly Payment + Sales Tax % = Total Monthly Payment

    Simple. Acquistion fee is the only fee I would ever pay. Ask for their lowest price and tell them you aren't paying their b.s. "dealer fees." Don't put money down, EVER. (some backward states apparently require you to pay DMV and taxes upfront. In this case NEVER LEASE or just move to a state that doesn't.)
  • CarMan@Edmunds[email protected] Posts: 38,515
    Hi jp0933. General Motors is not providing support on two-year leases any longer. GMAC's current base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Equinox LT2 FWD with 15,000 miles per year are 2.6% and 40%, respectively.

    Since you are new to 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.

    Check them out and let me know if you have any other specific questions.

    Good luck.

    Car_man
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  • jp0933jp0933 Posts: 5
    Thanks for the info. One last thing, can you give the numbers on a 36mo, 15k miles, LT2 AWD and LTZ AWD. Thanks
  • CarMan@Edmunds[email protected] Posts: 38,515
    No problem, jp0933. GMAC's March base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Equinox LT2 AWD with 15,000 miles per year are 2.6% and 41%, respectively. The numbers for an otherwise identical lease of a '10 LTZ AWD are 2.6% and 40%.

    Car_man
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  • ngeorge75ngeorge75 Posts: 1
    Car_Man,

    Can I get the base lease rate and residual for May on a 2010 Equinox LT2 AWD 4 cylinder for both 12k and 15k miles? Thanks in advance!
  • CarMan@Edmunds[email protected] Posts: 38,515
    I'd be happy to help you out, ngeorge75. According to the latest information that I have seen, GMAC's current base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Equinox LT2 AWD with 15,000 miles per year are 2.6% and 43%, respectively.

    If you were to lease this truck with only 12,000 miles per year, I believe that its residual value would be 2% higher.

    When negotiating your deal, make sure to take advantage of the $400 cash incentive that General Motors is currently providing on leases of this model through GMAC.

    Car_man
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  • cnote2cnote2 Posts: 136
    edited June 2010
    Looking at a 2lt fwd and awd for 39m 12k. thanks
  • roho1roho1 Posts: 318
    So has GM opened up their willingness to lease? A few months ago it was next to impossible to get a lease and if they did have one available the rates were awful. They were selling all the Nox's they could get so they say so leasing wasn't being pushed.

    Even though I keep reading it's a best seller I still don't see many on the road. When I bought mine the end of April there were at least 20 on the lot to choose from.
  • CarMan@Edmunds[email protected] Posts: 38,515
    Hey cnote2. GMAC's current base lease rate and residual value for a 39 month lease of a 2010 Chevrolet Equinox LT2 FWD with 12,000 miles per year are 2.6% and 42%, respectively.

    The numbers for an otherwise identical lease of a '10 Equinox LTs AWD are 2.6% and 43%.

    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.

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

    Car_man
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  • CarMan@Edmunds[email protected] Posts: 38,515
    Hi roho1. During the credit crunch General Motors essentially stopped leasing vehicles. Since then, it has been slowly getting back into the leasing game. Its lease program still isn't the best out there, but at least one can now lease many GM vehicles if they want to.

    Car_man
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  • altimatealtimate Posts: 72
    I'm somewhat dumbfounded by the prices people are apparently willing to pay to lease the likes of this vehicle. It all comes down to residual value and unfortunately Big Three vehicles still have horrid residual values. The Equinox is supposed to be extremely popular yet the residual value on a 36 mo., 15000 mi. lease is 43%.

    My Subaru Legacy lease expires next month and it's my understanding that a new Legacy will lease for 36-15000 with a residual of 60% or more. That represents thousands of dollars in savings on a 3 year lease with identical cap costs.

    It's far more about residual value than cap cost when it comes to leasing. Also waiving a low payment at someone is a joke when they require thousands in cap cost reduction. Do people really think they are getting a deal just because the payment is low. It's like me saying you can have this car for 200/mo just give me a third of the lease payments up front (cap cost reduction). Makes no sense to me.
  • mrmurphy22mrmurphy22 Posts: 1
    Car man,
    I haven't seen any lease rates or residual values for a 48 month lease.
    A local dealer is offering the following lease deal for an FWD LS:
    $254 a month for 48 months. Zero down except for first month's payment + taxes & tags. Does this sound like a good lease deal?
    Thanks.
  • CarMan@Edmunds[email protected] Posts: 38,515
    Hi mrmurphy22. GM is indeed providing support on 48 month leases right now.

    Its September program isn't out yet, but through 9/7 GMAC...er um Ally's (those tricky folks) base lease rate and residual value for a 48 month lease of a 2010 Equinox LS FWD with 15,000 miles per year are 2.95% and 37%, respectively.

    Car_man
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  • seeingred56seeingred56 Posts: 6
    Can anyone tell me the current lease price on a 2010 or 2011 Equinox? I do not want to put anything down except first month and required fees.

    I drive a ford edge now and need a less expensive suv with better gas mileage.
  • roboshaproboshap Posts: 2
    I've been quoted $368 (tax included) per month sign and drive on an LS base model w/ leather interior, 15,000 mi, 48 mo. lease, but this didn't sound like a great deal to me relative to the actual value of the car. Anyone have any thoughts?
  • chicago_carschicago_cars Posts: 4
    Does anyone have the current September lease finance rates and residuals for the Equinox? I would like to know the 12,000 mile and 15,000 mile 48 mos info.
  • CarMan@Edmunds[email protected] Posts: 38,515
    Hi seeingred56. I would be happy to give you an idea of how much it would cost to lease this vehicle right now. However, in order for me to do so I'm going to need some additional information from you first, including the exact trim level that you are interested in, how long you want to lease it for, and how many miles per year you need to be allowed to drive. Let me know and I'll crunch some numbers for you.

    Car_man
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  • CarMan@Edmunds[email protected] Posts: 38,515
    Greetings chicago_cars. I'd be happy to help you out, but you never mentioned the exact trim level of Equinox that you are interested in. For now I will assume that you want a 2011 Equinox 1LT AWD. Let me know if you want something different.

    Ally's current base lease rate and residual value for a 48 month lease of a 2011 Chevrolet Equinox 1LT AWD with 15,000 miles per year are 4.8% and 43%, respectively.

    The residual value for a lease with only 12,000 miles per year would be 2% higher.

    Car_man
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  • 123charlie123charlie Posts: 1
    I'd like the October lease rates and residual value for the 20ll LT1 FWD Equinox that has a MSRP of $24,655. What fees should I have to pay and how much should the payment run for 36 and 39 months? low (10,000) miles Thanks!
  • CarMan@Edmunds[email protected] Posts: 38,515
    Hi 123charlie. Here's the information that you're looking for.

    Ally's October base lease rate and residual value for a 36 month lease of a 2011 Equinox LT1 FWD with 12,000 miles per year are 4.0% and 50%, respectively.

    The numbers for an otherwise identical 39 month lease are 4.0% and 48%.

    I'm not sure if Ally offers 10,000 mile per year leases on Chevrolet models, but if it does its residuals for them are likely 1% higher.

    Car_man
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  • chicago_carschicago_cars Posts: 4
    Do you have the October rates for a 2011 LT2 AWD V6? 36 mos 12k and 15k.

    Thanks.
  • swampdragonswampdragon Posts: 34
    Hi-

    I have been looking at Hondas and one the way back from the dealer stopped by to look at an Equinox. The size of the vehicle is really ideal for my family.

    I have heard that lease prices on GM car are not comparable to Hondas and Toyotas due to low residual values.

    I am interested in 3 year 36k mile lease with about $700 down - what is the monthly lease price.

    According to edmunds the TMV is for an Equinox Lt1 FWD is 23977 -
    CRV was 25,511 (and I was quoted $309 which includes tax with $750 down)
  • CarMan@Edmunds[email protected] Posts: 38,515
    I sure do chicago_cars. Ally's October base lease rate and residual value for a 36 month lease of a 2011 Chevrolet Equinox LT2 AWD with 15,000 miles per year are 4% and 49%, respectively.

    The residual value for a lease with 12,000 miles per year would be 2% higher.

    Car_man
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  • jmdjbc1jmdjbc1 Posts: 1
    HOW TO NEGOTIATE A GOOD LEASE? ARE THERE ANY GOOD DEALS NOW FOR LEASES IN THE GAINESVILLE FLORIDA AREA?

    I HAVE A VEHICLE AND THE PAYMENTS ARE TO HIGH! 697/MONTH I CANNOT DEAL WITH ANYMORE : (

    NEED AN SUV/CROSSOVER TO ACCOMMODATE THE FAMILY. I CURRENTLY HAVE A 2007 CHEVY TAHOE
  • carchic1carchic1 Posts: 22
    Carman or anyone else,
    Could you please provide the December leasing figures for a 2011 Equinox 2LT AWD, 36 mo. 10,12 and 15K -- residual, money factor and adj. cap cost, or basically what I should expect to be paying per month all rolled in? (NY state tax 8.625%)
    Many thanks.
    Carchic1
  • CarMan@Edmunds[email protected] Posts: 38,515
    Hi jmdjbc1. Since you are new to leasing, you definitely should check out the following informative articles on the subject that are available here at Edmunds.com: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    In short, the easiest way to get a good deal on a leased vehicle is to shop around for the lowest possible selling price and then have the dealer that you decide to go with calculate your vehicle's monthly payment using its buy rate lease money factor.

    You should easily be able to find a vehicle for less than $700 per month that will fit your entire family. The problem with leasing a new vehicle is that you may have a difficult time getting out of your old one at this point. Are you currently leasing your Tahoe? If so, when is the scheduled end of your deal?

    Car_man
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  • seeingred56seeingred56 Posts: 6
    Hi Car man,

    Sorry it took so long for my response. I was out of the market for a bit, but I have restarted my search once again.

    I am interested in a lease on a 2011 Equinox 1LT 4cyl FWD w/ drivers convenience pkg, 15k mi/yr, any time frame between 2-3 yrs. No money down at signing except TTL.

    Please let me know if there is any other helpful information you could provide - for example, what is the average reasonable amount able to be negotiated on the msrp? Should I aim for $1,500 for example?

    With only one lease under my belt (a friend helped) I am naive to the process.

    Thank you.
  • CarMan@Edmunds[email protected] Posts: 38,515
    Hi seeingred56. With most General Motors products, I'd say shoot for $500 or so over invoice minus any available cash incentives. However, the Equinox is one of the more in demand GM vehicles. That's a good target price, but you may find that you won't be able to find a dealer that is willing to let one go that cheaply.

    When negotiating your lease on this truck, make sure that the dealer uses Ally's current base lease rate of 3.0% to calculate your payment.

    Car_man
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