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2013 and earlier Chevrolet Equinox Lease Questions
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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
Car_man
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Can you please provide the current 36 month, 15,000 mile lease numbers for a 2010 Chevy Equinox LT2? Thanks.
Car_man
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I am curious about current residual and MF for a 2010 LT1 2.4L with the Vehicle Interface Package. 36 months, 12k per year.
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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Car_man
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Car_man
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Car_man
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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.
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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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.
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.
Car_man
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Car_man
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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
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.)
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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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!
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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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.
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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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.
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.
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.
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I drive a ford edge now and need a less expensive suv with better gas mileage.
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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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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.
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Thanks.
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)
The residual value for a lease with 12,000 miles per year would be 2% higher.
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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
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
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?
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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.
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.
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