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Car Buying Advice - 2017 Escalade - Worst lease quote in history??

amithisamithis Posts: 2
edited October 2017 in Cadillac
I just went to a Cadillac dealership here in FL and was about to lease a 2017 premium luxury Cadillac Escalade. The MSRP of the particular vehicle was $ 85,620. The lease price I was quoted in writing for a 36 month lease with $ 0 down was $ 2,696/month! $ 2,519/mo. with $ 6,000 down. To put this in perspective, these payments over 3 years work out to far more than the total purchase price of the vehicle. I questioned the sales manager (yes, the manager was actually involved in this quote) and he looked at me with a straight face and insisted this was accurate pricing. Seriously?! Did he just run the calculation without entering a residual value or something? Needless to say, I walked out. Is this as completely outrageous as I think it is?

Comments

  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaPosts: 64,490
    edited October 2017
    Yes, it's outrageous. Even using a crude rule of thumb for 1% of MSRP for a monthly, you'd have lease payments somewhere in the low $800s, and I bet you can do better than that because there should be a hefty chunk off MSRP to begin with.

    Either they didn't want to sell you the car for some reason, or your credit score is sub-par for a luxury lease situation and they knew there was no deal to begin with.

    Still, rather rude to say the least.
  • That's the odd thing. I have an excellent credit score and should have qualified for the best offer they have. Very strange situation...one I will likely report to GM.
  • kyfdxkyfdx Posts: 130,684
    amithis said:

    That's the odd thing. I have an excellent credit score and should have qualified for the best offer they have. Very strange situation...one I will likely report to GM.

    GM doesn't care what the dealer quotes you... just move on to another dealer.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaPosts: 64,490
    Plenty of Cadillac dealers would like your money. Compare a few offers and then come back and let us know, and we'll help you strategize.
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