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2014 and Earlier Chevrolet Traverse Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go, ethandane. GMAC's current base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Traverse LT1 AWD with 12,000 miles per year are 1% and 46%, respectively.

    The numbers for the Traverse LT2 AWD are exactly the same. The lease rate for the Traverse LTX AWD is the same, but its residual value is 48%.

    In February General Motors is providing a $2,200 cash incentive on leases of this truck through GMAC plus $1,000 bonus cash and $1,000 conquest cash for current owners of select vehicles.

    I don't see why GM's supplier purchase program wouldn't bee available on leases. Any available cash incentives would be deducted from GM's low supplier purchase price.

    Car_man
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  • stormy111stormy111 Member Posts: 16
    Car Man - you've done good for us every time we've needed info on a lease, so here goes:

    Traverse LT2 AWD lease

    MSRP: $41,140.00
    -Lease Payment: $556.00 for 36 months
    -Due on Signing: $1316.00
    -Residual $19,335.00 (47% factor)
    Take delivery by end of February (Monday)

    I am also a Toyota owner (think that's worth $1k). I thought I had also seen GMAC lease cash $2.2k and $2k rebate for President's Day that expire Monday.

    Thanks in Advance,
    Leasing In Central CT
  • pmnypmny Member Posts: 2
    Traverse LT2 AWD lease

    MSRP: $40,615.00
    -Lease Payment: $550 for 39 months
    -Due on Signing: $1500.00
    -Residual - 46%
    -Interest rate - 0.96%

    Is this a good deal? What are the current lease rebates available in NYC area?
  • jrg1111jrg1111 Member Posts: 4
    Does anyone know the residual value and money factor for a 2010 Traverse LT1 AWD Lease? Figure a 36 or 39 month lease and 12,000 miles a year. Looking in NJ. Thanks.
  • stormy111stormy111 Member Posts: 16
    PMNY:

    I'm in the message b4 you on the board - I never heard from Car_Man but we took our deal - your's looks real similar. 0.9% leasing is thru US Bank, not GMAC. Ever since Traverse hit 2010 SUV of the Year in Consumer Reports the supply has been drying up and the price has been going up.

    --Leasing in Central CT
  • pmnypmny Member Posts: 2
    Thanks stormy. I've heard the same thing about the price actually going up due to limited supply. I'm going to take my deal as well. It really is a nice vehicle and roomier and better on gas than its competitors. Best of luck with yours.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey stormy111. GMAC's current base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Traverse LT2 AWD with 15,000 miles per year are 1.0% and 45%, respectively.

    General Motors is currently providing a $1,920 cash incentive for leases of this truck through GMAC.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello jrg1111. Here you go. GMAC's current base lease rate and residual value for a 39 month lease of a 2010 Chevrolet Traverse LT1 AWD with 12,000 miles per year are 1.0% and 45%, respectively.

    When negotiating your lease on this vehicle, make sure to take advantage of the $1,920 cash incentive that is available on leases of it through GMAC this month.

    Car_man
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  • jrg1111jrg1111 Member Posts: 4
    Thanks, Car Man. One other question -- does the rate/residual change if I go with an LT2?
  • stormy111stormy111 Member Posts: 16
    Car_Man:

    Took our lease deal but the Chevy Dealer leased us thru US Bank - 36 month @ 0.9%, 15k miles and a 47% residual. A couple of questions:

    1) Do different leasing firms offer different residuals on the same model?
    2) The dealer steered us away from GMAC due to a $2000+ lease inception fee - said US Bank only charged $695 - do lease inception fees vary this much?
    3) US Bank lease has gap insurance built-in - do GMAC leases?
    4) We turned back a 2008 Prius to Toyota that was going off a 2 year lease - in the process of closing out Toyota Motor Credit lease, they told us we could extend lease on month-2-month basis for up to a year at the same payment (about $500/month). At the end of the next year, the residual value would have gone from $16400 to about $12000. I didn't know leasing companies could extend lease month-2-month - is this common?

    Thanks,
    Stormy111
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome, jrg1111. The lease program for the LT2 AWD is exactly the same as the program for the LT1 AWD.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi stormy111. Yes it is entirely possible for two banks to have completely different residual values for the same vehicle. Having said that, GMAC's resids are very conservative so I suspect that they are probably fairly similar to US Bank's.

    The amount due at lease signing can vary from bank to bank as well.

    I believe that GMAC leases do include gap insurance.

    Many banks allow consumers to extend their leases past their scheduled end dates at the same payment. I've done this a couple of times in the past with different banks.

    Car_man
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  • autoboy19autoboy19 Member Posts: 155
    Car_man,

    Do you have the current lease rate, residual and CCR for the 2010 Chevrolet Traverse LTZ AWD and FWD for 36 months and 12k miles per year?

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I certainly do, autoboy19. Here you go.

    GMAC's current base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Traverse LTZ AWD with 12,000 miles per year are 1.0% and 49%, respectively.

    The lease rate for an otherwise identical lease of a '10 Traverse LTZ FWD is the same, but its residual value is 2% lower.

    When negotiating your deal on this truck, make sure to take advantage of the $1,920 cash incentive that General Motors is providing on leases of it through GMAC.

    Car_man
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  • starikstarik Member Posts: 3
    Hello Car_man!

    Thank you very much for your priceless info!
    Could you please provide May lease rate and residual% for 36 (or 39) month lease w/15k miles on a Traverse LT1 FWD?
    Any lease incentives in May?
    My current lease is up, and I need to pick up a new one this coming weekend...

    Thank you!
  • ccracinccracin Member Posts: 3
    Hi carman, I have to say the information you provide is outstanding. I currently have an Outlook XR AWD lease coming to an end in June. I am interested in the current lease factors and residuals for the Traverse LT2 and LTZ AWD's. I would be interested in 12K and 15K 36 month leases. We are able to use the GM employee pricing if it makes sense. Any information you can provide would be helpful. I am in southwestern PA. Any incentives? Thanks for any information you can provide. I will be posting the same questions in the Acadia forum.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem starik. GMAC's May lease rate and residual value for a 36 month lease of a 2010 Chevrolet Traverse LT1 FWD with 15,000 miles per year are 1.55% and 42%, respectively.

    The numbers for an otherwise identical 39 month lease are 1.55% and 40%.

    When negotiating your deal on this truck, make sure to take advantage of the $2,600 cash incentive that is currently available on leases of it.

    Car_man
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  • cartradingfoolcartradingfool Member Posts: 1
    Hello, carman...

    i'm sure you're getting tired of this, but i'm looking to confirm the 36-month and 39-month lease rates/residuals/cap cost red. for a 4wd LTZ traverse (12k and 15k.) i've been negotiating with two places, and am getting conflicting information - i just can't seem to get to a comfortable degree of transparency with these guys. i also would appreciate it if you could let me know when these lease rates are set to expire.

    thanks in advance!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    edited June 2010
    Hello cartradingfool. I'm not tired of helping at all. Tired in general, yes, but that's nothing that another cup of coffee won't cure :) . Here's the information that you're looking for.

    GMAC's June base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Traverse LTZ 4WD with 15,000 miles per year are 1.55% and 46%, respectively.

    The numbers for an otherwise identical 39 month lease are 1.55% and 44%.

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

    When negotiating your deal on this vehicle, make sure to take the $2,600 cash incentive that is available on leases of it through GMAC into account.

    These programs are scheduled to run through June 30th.

    Car_man
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  • cnote2cnote2 Member Posts: 140
    looking for 2lt fwd and awd MF and residual for 12k 36 and 39 month. I assume the 2600 still applies.
    Thanks
  • cnote2cnote2 Member Posts: 140
    Anyone?
  • hennessycomhennessycom Member Posts: 2
    this is a very basic version. AWD LS msrp is $32,439 due to bluetooth, leather on steering wheel and spare tire. Price they are offering in NY $31,758, Lease offer: Money factor .0004; residual 46%, 39 months, 15,000 miles. $438 per mo with nothing down except 1st month and mv. tax rate here is 7.325% "Bank fee" of $695(in payments) and there is a lease end fee of $395 (not in payments)...my brother's friend is in the leasing business and says that leasing with this money factor is better than 0% for 60 months which they are also offering. He says I should ask them to come down though -- to $400 a month b/c the dealer is making too much on us....do you agree?
  • just1114just1114 Member Posts: 1
    Hi where is the place where i can get this deal you mmean with no money down? thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go, cnote2. GMAC's current base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Traverse LT2 FWD with 12,000 miles per year are 1.55% and 44%, respectively.

    The numbers for an otherwise identical 39 month lease are 1.55% and 42%.

    The lease rate for the '10 Traverse LT2 AWD is exactly the same, but its residual values are 2% higher.

    The $2,600 cash incentive is indeed still available on leases of this truck through GMAC.

    Car_man
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  • eleven03eleven03 Member Posts: 17
    Hi Car_Man,

    I am interested in leasing a 2010 LT2 FWD Traverse for 36 months with 15k/year.
    Do you know GMAC's current money factor and residual rates for a 36 month lease?

    Additionally, what, if any, current incentives is GM providing for leases of this vehicle?

    Thank you!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey eleven03. General Motors' June incentives are scheduled to run through today, July 6th. I can give you the details of the June program now and you can check back with me in a couple of days for the details if the new July offers.

    Through July 6th, General Motors' 36 month base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Traverse FWD LT2 with 15,000 miles per year are 1.55% and 42%, respectively.

    As you can see, GMAC publishes lease rates instead of money factors for the vehicles that it leases. You can convert its lease rates into approximate money factor equivalents by dividing hem by 2400.

    When negotiating your deal on this truck, make sure to take advantage of the $2,600 cash incentive that is currently available on leases of it through GMAC.

    Car_man
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  • fitzramfitzram Member Posts: 41
    Hey Car Man:

    Don't know how you do it, but I need a little of your magic info.

    I'm looking to lease either a '10 or '11 Traverse 2LT or LTZ with 12k/year for 36 mo (or whichever lease term happens to have the best deal). Can you tell me the current int rate (I hear GMAC states their money factors as a rate - no prob...I can convert to a money factor) and residual values?

    Also are their any incentives offered right now? I can wait until Aug if incentives dried up this month. This will be my 1st Chevy.

    Thanks for your help.

    FitzRam
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey fitzram. Here's the information that you're looking for :) .

    GMAC's July base lease rate and residual value for a 36 month lease of a 2010 Chevrolet Traverse 2LT AWD with 15,000 miles per year are 1.9% and 42%, respectively. The lease rate for the '10 Traverse LTZ AWD is the same, but its residual value for this term is 2% higher.

    The numbers for an otherwise identical lease of an '11 Traverse 2LT AWD is 3.0% and 48%. The numbers for an '11 Traverse LTZ AWD are 3.0% and 3.0% and 49%.

    When negotiating your deal, make sure to take the $3,100 cash incentive that is currently available on leases of the 2010 Traverse through GMAC and $800 that is currently available on leases of the '11 Traverse through GMAC into account.

    Car_man
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  • tgirlsmomtgirlsmom Member Posts: 1
    If a car dealer has a Traverse for $30,099 but a reduced price of $25,827 - what should the cost of a 36 mo lease with 12,000 miles per year honestly be for me? Even an estimate (not the % for lease rate and % residual value) but a workable answer in U S dollars for a person who is not great with all the math would be great. Trying to get this Traverse in the next 2 - 3 days in the Balt / DC area. I have just not be given honest responses (from $445 - $499 per month) from dealers. I would appreciate any help I can get! tks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey tgirlsmom. Let's work up a payment on this truck for you and see what we come up with.

    According to my calculations, if you were to lease a 2010 Chevrolet Traverse 1LT AWD (this truck's lease program varies by trim level...let me know if you want something different) that has an MSRP of $30,099 and a selling price of $25,827 through GMAC right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $373.

    Car_man
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  • scottfish99scottfish99 Member Posts: 3
    Carman, nice to meet you. My first time posting here and bascially my first second day reading this forum. You seem to be very helpful here and therefore I have registered to ask you a question.

    I just left the Chevy dealer in my town (New Jersey) and the wife and I are very interested in the 2011 2LT AWD. (Please note I am not sure if its a 1LT or 2LT)They offered us a 48th month lease at $459 a month. I did not take the deal btw.

    Compared with the numbers you are talking about in this forum do I have sucker written on my face? lol.

    Many thanks in advance for your input.
  • scottfish99scottfish99 Member Posts: 3
    I should mention the sticker price is a little higher than $35K. Thanks.
  • evans23evans23 Member Posts: 14
    Do you have the GMAC's August base lease rate and residual value for a 39 month lease of a 2011 Chevrolet Traverse 1LT AWD with 12,000 miles per year and the 48 month lease numbers
  • dataminerdataminer Member Posts: 1
    Hi Car_Man

    I have been offered $435 before tax on a 2010 LS FWD Travserse 36 mnths 12,000 miles (zero down, zero due at signing). Appears to be offering $29,909 as the cap cost and 1.5% "Money Factor" and 52% on residual. They made no mention of current offers. I have asked for the spec sheet and MSRP, but I feel the number should be the other side of $400 per mnth.

    Can you help me?

    Thanks

    DataMiner
  • goblue89goblue89 Member Posts: 1
    Is the $1500 customer cash currently offered on the 2011 Traverse available if you lease as opposed to finance? Also, are 2010's still available. I am in the Northeast.
  • zollerzoller Member Posts: 1
    Two questions,

    1) Where is the rear view camera? Is it in the rear view mirror or in the dashboard. We are looking at leasing an 1LT.

    2) We went to the dealer today (in NJ), he offered us a 1LT, All-Wheel-Drive, with a rear view camera option, at $459/month on a 36 month lease. We want to may under $400. What is a reasonable 36-month lease, "sign and drive" with absolutely ZERO down (except paying the first month at signing)???

    Thank you
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome scottfish99. Sorry for the delay in my response. I took some time off for vacation.

    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.

    It is difficult to evaluate the deal that you posted because you never mentioned this truck's selling price or MSRP. Let us know what these numbers are and I'm sure that either myself or another knowledgeable community member will gladly let you know what they think.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go, evans23.

    Through September 7th, GMAC's base lease rate and residual value for a 39 month lease of a 2011 Chevrolet Traverse 1LT AWD with 12,000 miles per year are 2.15% and 49%, respectively.

    The numbers for an otherwise identical 48 month lease are 3.7% and 45%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello DataMiner.

    It's fantastic that you know this vehicle's capitalized cost. That is the most important number to find out when negotiating a lease. However, it is much easier to evaluate if one knows the vehicle's MSRP as well. This enables one to see how large a dealer discount is being given. Do you know the MSRP?

    It sounds as though the dealer that you are working with is running your lease through US Bank instead of through GMAC. US Bank's base lease rate for a 36 month lease of a 2010 Traverse is 1.08%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey goblue89. The $2,000 customer cash that General Motors is providing on the 2010 Chevrolet Traverse is not available on leases through GMAC...HOWEVER an even better $3,100 cash incentive is.

    Keep in mind that GM's programs are only scheduled to run through 9/7. It will introduce new September programs on the 8th.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi zoller. I am not familiar with the specific rear-view camera system that is used in the Traverse, but every vehicle that I have seen that has a rear-view camera sends the video to a screen in the dashboard, not the mirror.

    As far as the deal that you were offered goes, the selling prices of leased vehicles are negotiable...just as if you were paying cash for or financing them. The best way to tell if you are getting a good deal is to look at the selling price of the vehicle that you want in relation to its MSRP. The larger the discount you negotiate, the better. Let us know what the selling price and MSRP are for this Traverse 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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  • stoi1stoi1 Member Posts: 2
    Can someone help me with the Residual # and the APR or money factor for 2011 Traverse 1LT, 36 month lease, 12kmiles a year. Chevy dealer mentioned that the lease rate changed as of yesterday. Also I heard that GM will be introducing new incentives September 8th. I would appreciate if someone has any incites into potenital traverse rebates etc.

    Thank you,

    Al
  • tbone_raretbone_rare Member Posts: 96
    If the Traverse is equipped with a Navigation system, the back up camera will visualize on that screen. If it is not equipped, it will visualize in the inside rear view mirror.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Cool info, tbone. Thanks for sharing.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Al. General Motors' August lease program is scheduled to run through today, September 8th. It will introduce its new September program some time tomorrow. I can provide you with the details of the current program now, but you'll have to check back with me for the new one.

    Through September 8th, Ally's base lease rate and residual value for a 36 month lease of a 2011 Traverse 1LT AWD with 12,000 miles per year are 2.15% and 51%, respectively.

    When negotiating your lease on this truck, make sure to take advantage of the $1,300 cash incentive that is currently available on leases of it through Ally.

    Car_man
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  • colt_herocolt_hero Member Posts: 107
    Why do people lease automobiles??? Is it because they can't get a loan, or what??? I really don't see any benefit to it. You make payments just like you're paying a bank, but then at the end you have nothing except the option to purchase at some ridiculous number.

    Isn't that how it goes ... or am I missing something???
  • slugrad_00slugrad_00 Member Posts: 1
    I think it's because people want to drive a new car every 2 years. I am trying to purchase a Traverse but GM's incentives suck. I have read they will only get worse. Apparently after they paid back their bailout funds, and sold IPOs. They think they don't need to sell any more cars.

    GM I can wait, can you? Or is it you want another bail out? GM sales down 25% in August...hmmmmmm. And $2000 off, really please.
  • colt_herocolt_hero Member Posts: 107
    edited September 2010
    The rebates aren't really there to help you buy a vehicle. They are what they are based on inventories. There must be a TON of Impalas out there right now on dealer lots because the rebate is at an all-time high of $4000 (never seen an Impala rebate that high)!! In 2008, the Equinoxes must've been piling up because the rebate went to $4250 on those !! These are pretty nice rebates for what are fairly moderately-priced vehicles (~$23,000 on the MSRP for a well-equipped unit). But they're based on inventories.

    So a $2000 rebate on a 2010 Traverse (~$33,500 for a decently-equippped LT1) tells me there aren't a lot of them left out there. Another indicator is the $1500 rebate currently being offered on the 2011 Traverse! So a dealer has a leftover 2010 sitting beside a brand new 2011. The rebate difference is only $500. The 2010 can be had for much less than the $500 difference, but the buyer has to be able to negotiate that savings - maybe not easy since this depends on the time of month, time of year, size of dealer, philosophy of the dealership, rapport with the salesperson, etc. For most people, they'll just buy the 2011 and be done with it - which might be better for them anyway since the vehicle really IS new, has never been driven by anyone, and has not been sitting around for potentially several months time.

    Getting back to leasing - I still say it's dumb. To me, it was just another dealer racket started 25 years ago to help get people into cars they really couldn't afford. Somehow it has managed to live on to this day (most likely through crooked sales techniques, preying on lesser-informed and/or fearful people).
  • delta737hdelta737h Member Posts: 626
    colt,

    "Getting back to leasing - I still say it's dumb. To me, it was just another dealer racket started 25 years ago to help get people into cars they really couldn't afford. Somehow it has managed to live on to this day (most likely through crooked sales techniques, preying on lesser-informed and/or fearful people)."

    Leasing is dumb? Crooked sales techniques? Preying on the less informed? You're a walking billboard for someone that doesn't understand the principles of leasing or how to perform an incremental cost analysis of the lease v. buy decision. Those that do understand these principles, aren't going to get scammed. It's all about mathematics.

    John
  • colt_herocolt_hero Member Posts: 107
    edited September 2010
    OK, let's hear your "incremental cost analysis" that justifies leasing. Surely you could give at least ONE hypothetical scenario???? And don't start with, "... a buyer has a terminal illness ...".

    Are there leasing arrangements that COULD make sense for certain individuals? Probably. Like you said - "It's all about mathematics". There's always one in a million, I guess ...
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