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2013 and earlier GMC Acadia Lease Questions
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my first post on the forum but I've been browsing around edmunds for the last month. I love the good info you can get here. But everything is so new to me and there is so much to learn that I'm not able to put all this info together to make it useful right away. Can you help me?
I have this deal in my hands, what do you think about it?
2007 Acadia SLT-2 FWD, 500 miles odometer
MSRP: 42470
Invoice: 39940
Selling Price: 38730
Money factor: 0.00309 for 39months/12000mi
Residual: 26703 (is it approx 62%???)
$4000 out the door
$454/mo tax included
My worries are:
1) probably doesn't include gap insurance (still waiting for an answer)
2) it has 500 miles on it.
3) isn't the down payment a little high considering it has 500 miles on the odometer?
If you dont think it's a good deal, what should my counter offer be?
Please carman, I know you are busy but if you have a minute I would appreciate your input too
Thank you
2008 GMC Acadia SLT-2, AWD, Nav, DVD Ent, Trailering, 8-Pass, Pearl White Diamond Tricoat.
MSRP - 44,625
Selling Price - 42,500
Conquest - 500
$2500 out of pocket (I'm sure some of this is going to cap cost reduction)
$683 per month w/NYS Tax
Also, does anyone have any information about the $450 or so package which protects against a 2000 mile overage?
Is it better to purchase an Acadia and finance it or lease it? Anyone have a quick answer? Thanks!
1) I believe that all leases through GMAC automatically include gap insurance at no additional charge, but you should check with your salesperson to be certain.
2) The selling price that you were quoted on this truck looks pretty good to me. You are getting a vehicle that does not currently have any cash incentives available on it for less than dealer invoice. This is a reasonable price, even after taking the fact that it has 500 miles on it into account.
3) You really should not make such a large down payment when leasing. I always advise consumers against making big capitalized cost reductions on leased vehicles. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be a little higher, you would be better off going with a zero down lease.
Car_man
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Let's take a look at the selling price that you were quoted. The Acadia that you are interested in probably has a spread of a little over $3,200 between its full MSRP and its dealer invoice price. That puts the selling price that you were quoted at a little over $1,000 over dealer invoice. That's not bad, but you definitely should stop by the "GMC Acadia Prices Paid and Buying Experience" discussion to see how much other community members have paid for similar trucks lately.
If you think that you will drive more than 15,000 miles per year, you should be able to purchase additional miles on a per-mile basis. It is usually less expensive to do so at lease signing than it is to pay an excess mileage penalty at lease-end.
Car_man
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Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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I have an Acadia on order but I don't know when it will be delivered -- so, hopefully, some better lease rates or financing incentives will come out before that time!
Thank you!
All the other factors in the lease are good.
I do plan to call another dealer tomorrow, the trouble is there is only 1 GMC dealer in my area.
Thanks for your help.
I had the vehicle about a week and absolutely love it. Very nice ride.
Beutlerd, thanks for the info on your lease!
You pay a $250 deposition fee on a Smartbuy to turn in the vehicle if you don't want to keep it and pay the balloon payment. The rates are exactly one point higher than the GMAC Smartlease rates for any vehicle, and the residuals mimic the Smartlease. The advantages to a Smartbuy are that you're Auto insurance rates are less since you technically are not leasing it, you're buying it. And there is no security deposit on a smart buy, which can save you a few hundred bucks.
Also, if you've financed or leased anything through GMAC Financial Services before you don't have to pay a security deposit on your next lease, GMAC waives it.
Smartbuy's typically any better than standard financing/buying unless GM is running an Incentivised rate special, which they do from time to time, just not on hot merchandise like the Acadia, Sky, Corvette, Enclave.
Car_man
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Car_man
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Thanks for the update. I was actually able to get the base rate from other dealers and get the dealer I was working with down to 8. I know it is not terribly attractive, but for my buying situation, a lease works well and this is the vehicle I wanted.
Can you provide the January Lease numbers for the Acadia(I'm posting in the Saturn Outlook forum too)? I have a lease calculator, just need the MF/lease rate and residuals. I am specifically interested in a 36-39 month lease w/ 12k miles in New Jersey.
Thanks a lot for your help.
MSRP: MSRP: $34,745
ACTUAL PRICE - $32,900
Down payment $1133.00 due at signing
39 month / 15k - $518 month - Residual value - 23401.90
39 months / 15k - $499 a month - Residual Value- unknown?
39 month 12K miles per year
7.25 GMAC lease rate (new today Jan. 8)
62% Residual Value
MSRP: 40660
Invoice: 37562
Conquest Rebate: - $500
Dowpayment on Order: - $200
$595 lease aquisition fee (GMAC)
$150 Doc. fee
$120 (tax, title, license blah, blah, blah)
$525 Lease protection plan (protects up to $2000 worth of damage)
Payment is $568 per month with nothing down except first payment. Sound good?
Interesting -- this is the exact same monthly payment I had on a 36 month lease on a 2002 Yukon which I purchased 6 years ago in 2002 for around $33000. Weird!
48 month 15K miles per year
MSRP: 35000
Conquest Rebate: - $500
selling price 33,000
To acquire vehicle:
$499 first month payment
$90 Doc. fee
$80 (tax, title, registration)
Payment is $499 per month with nothing down except first payment.
Buy out vehicle price at end of lease $18,000.00
Sound good?
Also, I personally typically don't lease vehicles past the warranty period. I did lease my Acadia for 39 months which means the warranty will expire 3 months before the end of the lease.
I basically just want to go into the dealer and say, "If you can give me the car for $XXX per month including taxes, consider it done." And if not, I'll walk out the door. I just need to figure out how much $XXX should be.
BTW, I can get a family discount (not valid on Saturn Outlook) b/c someone in my immediate family worked for GM for 30+ years. Plus, I have a GM Card (also not valid on Saturn) with a flyer stating that I can get $3000 earnings top-off (I have $2800 actual earnings) off select vehicles (Acadia is on the list) in January. How can I figure out what the best monthly payment is based on all of this?
7.25% lease rate
62% residual value
You need to look at the invoice price on Edmunds for the vehicle you are look at with all options included, then make a deal on the car. Subtract your GM card earnings and anything other incentives you may qualify for -- if you currently have a non-GM vehicle in your household, you can qualify for the $500 Conquest rebate. I think there is also a $1000 GM loyalty rebate if you currently own a GM vehicle.
After you have figured out the capitalized cost that you will pay on the car, you need to add in any other fees and calculate the lease priced based on the numbers above. You may have to research Edmunds to figure out how to calculate a lease as it is rather complicated but not hard to do once you know the procedure. I also found an online lease calculator that was very helpful on another site. I'm not allowed to post other sites here but you can google "lease calculator." Good luck!
Pretty much a fully loaded Acadia- MSRP- $46,465
Negotiated price- $40,027
Lease- $521/mo for 39 mo at 12k a year.
Due at signing- $550 security deposit, $521 first payment, $168 license and reg for a total of $1239.
I was only able to get a 8% factor...I asked about the 7.25% but they said they was no such thing. Residual = 62%
Also, I received the $500 loyalty rebate. They planned to include the conquest rebate but the computer wouldn't let them 'stack the rebates', does anyone know anymore about this. I have both a GM and non-GM vehicle. They even called the regional guy who said they couldn't be together.
Anyway, any input would be great.
Car_man
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Car_man
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Car_man
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As far as the interest rates that are used to calculate leases go, banks like GMAC publish a list of base rates for the vehicles that they lease. GMAC's current base lease rate for the 2008 GMC Acadia is 8.0%. Dealers can not charge less than this rate, but they are often allowed to mark it up to add additional, hidden profit to deals. This is why it is important to make sure that the dealer you work with uses your vehicle's base rate to calculate your lease payment.
Car_man
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Car_man
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I see that you are considering making a $2,000 down payment on your lease. I always advise consumers not to make down payments on leases. Those who do risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be a little higher, you would be much better off going with a zero down lease.
Car_man
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Car_man
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Yes, I bought the Acadia from a dealer in Ohio that sells every GMC, Pontiac and Buick at $49 over invoice plus they honor any incentives available so often you can buy under invoice. I think it is an excellent deal for a vehicle that is currently popular and the dealers in my area were offering $1000 over invoice in Oct. '07.
Of course, the did try to mark the lease rate up to 9% but when I said that I heard GMAC's current rate was 8%, the finance manger quickly agreed to honor it. I really doubt that they see many customers who actually know the rate. Then they said they just received new info on a 7.25% rate. My lease rate went from an original quote in October of $628 on a 36 month 12K mile lease to $568 on a 39 month 12K mile lease. I'm pretty happy about that.
Carman, another question: how does the average consumer find these lease rates without your help? Also, it is strange that I got a lower rate than 8% if that is the published rate that you have seen. It is difficult to get the true info from the dealers. Also, the lease rate appears nowhere on my paperwork so my rate still could have been slightly marked up.
Thanks again for all your help and advice!
FYI for others who are thinking of leasing GM vehicles. I was offered a $525 Lease Protection plan which I bought instead of doing the $550 Security deposit. The Lease Protection plan basically is like insurance that covers any damages up to $5000 -- door dings, scratches etc. It does not cover excess mileage. After getting hit with a big bill on my last leased vehicle, I know that I will have some small issues so it was worth it to me with 2 kids and all their carpooling buddies along with a garage that seems to be attracted to the side of my car!
The deal I got was advertised at $49 (for any GMC for that matter) over net invoice (invoice-advertising-holdback-rebates). The dealership wasn't that close to me (2 hours drive) so I asked my local dealerahip to meet it...and they did.
A great lease should be around 1% of the MSRP for a standard-type comparison. Naturally, the shorter the term and the fewer the miles, the lower the payment.
Volvo, for example, was running a lease program around here recently. On a $42k MSRP vehicle, the payment was $385 per month with $3k due at signing. Even with the $3k, you are still around 1%.
By next year, no doubt, these new GM vehicles will be leasing for around 1% of the MSRP and certainly 1.25%.
I know that there is a lot of talk about cap reductions, interest rates, lease factors, and residuals, but if you just follow the 1% rule, then none of that other stuff really matters. At the end of the day, all a leaser cares about is the payment anyway.
I'm using the Edmund's calculator to figure a lease payment, but can't get the same payment the dealer is quoting. Here are the details:
MSRP 41,410
Invoice 38,307
My Price 38,895
Conquest Rebate 500
Down @ signing 2,311 for tax, fees etc (plus 1st month's payment)
Residual 62%
Money Factor 6.5% (they quote APR, not factor...not sure why it's not the 8% I've been seeing from other posts)
Sales Tax (Nassau County NY) 8.625%
I plug this all in and get a 471.47 payment for 39 months.
Dealer quotes it as $517/mo.
So what am I missing? And are those terms considered decent?
Thanks....
I was quoted MSRP of $41,130 and a sales price of $37,986 on a particular vehicle, but I believe the sales person only thought about outright sales vs. leasing on this quote. After calling back to the sales person and asking for a quote on a 39 mos, 15k miles/year lease, I got back a quote of $650 + tax/ month.
I need for you to please check my logic on the way I do math in constructing a lease deal.
MSRP * Residual (59%) = $24,266
Sales Price - $24,266 = $13,720
$13,720/ 39 = $351
$351 * .08 (Interest) = $379
$379 * .075 (tax) = $408/ month in lease payments.
Is it that simple, or am I totally off base in the calculations? I haven't seen a lease payment that low on this board so what am I doing wrong?
Thanks.
You pay interest on the outstanding balance of the lease.. more or less, just like a car loan...
So, your balance starts with the selling price, and ends with the residual amount. Your average amount financed is the average of the selling price (or cap cost) and the residual.
(Cap cost + residual) / 2 = Average balance.
Average balance X 8% interest = annual finance charge
Annual finance charge / 12 = monthly finance charge
That equals about $250/mo..
Add that amount to $351 to get your monthly pre-tax payment.
That is a simplified way of looking at it.. the actual calculation is a little different, and will probably result in a slightly higher payment.
Regards,
kyfdx
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So.....
I now have come up with a payment of about $600.00/month for this vehicle applying .075 in monthly county taxes. Would this be a good deal in your opinion, or could I grind it down more? If I can squeeze more out of the deal which levers do I pull.....Cap Cost, Residual, Interest Rate???
I thank you all for your advice and opinions!
For actual prices paid, not just lease numbers, check out this discussion:
GMC Acadia Prices Paid and Buying Experience
regards,
kyfdx
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