: Good Lease Deal?



sfarley111
04-19-07, 02:54 PM
Newbie again trying to become a member of the SRX community. Have a lease price on an ’07 Black/Cashmere RWD w/ 18” Sport Package, MRC, Theater, Utility & Prem Collection, Total MSRP $53,795. I live in the SE & have a quote at $739/mo for 39 mos, 15K miles year w/ $1,239 down. Is this in line with other lease deals?

Thanks

Steve Farley

TSS
04-19-07, 03:12 PM
Knee jerk: high

2006, 27mos, 12K per year, MRC, V8, AWD, NAV, Ultraview, 3rd row, extra cost paint: No money down (EXCEPT FOR FIRST MONTH PLUS ABOUT $200.00), LEASE PRICE: $564/month

donjumpsuit
04-19-07, 05:26 PM
Lucky you checked this forum before you pulled the trigger,
Usually suckers get lease deals $200 more than they actually should be.

And I am sucker, because I bit on a $800 a month lease.

For a good comparison, go to leasetrader.com or leaseswap.com to review other SRX lease information from people trying to dump their leases, then explain what you learned to the dealer.

sfarley111
04-19-07, 06:41 PM
Help me out please. Into the wonderful GMAC Lease Calculator I enter the vehicle's invoice cost, the $2000 rebate is then applied and I still get the $739/mo @ 39mos, 15K miles/year. If the dealer sells me the vehicle at cost, plus the rebate applied to that, how could I get the payment $200/mo lower. They cannot sell below invoice (can they)?

Inputs appreciated.

Thanks

Steve

Falkolade
04-19-07, 07:28 PM
Help me out please. Into the wonderful GMAC Lease Calculator I enter the vehicle's invoice cost, the $2000 rebate is then applied and I still get the $739/mo @ 39mos, 15K miles/year. If the dealer sells me the vehicle at cost, plus the rebate applied to that, how could I get the payment $200/mo lower. They cannot sell below invoice (can they)?

Inputs appreciated.

Thanks

Steve

Of course they can sell below invoice... They have about a 4% holdback... however finding a dealer willing to compromise a little bit of their holdback may be difficult... but it can be done... with 739 a month, you could be n a lade!

B Falko

tonygxp
04-20-07, 01:14 AM
build the car on Cars.com, go with their invoice price and tell the dealer you'll lease the SRX for $500 below invoice and you'll take it that day.. make sure you use a lease calculator on line get the finance rate & residual for the car and check it with their price, should be close to identical.. that's how it should be done..


2006, 27mos, 12K per year, MRC, V8, AWD, NAV, Ultraview, 3rd row, extra cost paint: No money down (EXCEPT FOR FIRST MONTH PLUS ABOUT $200.00), LEASE PRICE: $564/month

If you got that deal than your dealer is a moron.. unless you're leaving out a huge piece of the puzzle here...

TSS
04-20-07, 09:12 AM
If you got that deal than your dealer is a moron.. unless you're leaving out a huge piece of the puzzle here...



1. I know no GM emplyees, but they somehow got me GMS rate. In reality, that was not so much less than what anyone could have negotiated at the time with the new interior coming.

2. I bought (ordered) one of the very last 2006 SRXs off the line (6/15/06 build as I recall) . There was a question up to the build date as to whether it would actually be built. Loads of incentives at the time .

Double checked paperwork last night: Everything I stated above is accurate (although precise lease payment is $565.41, versus the $564.00 as stated). MSRP was just shy of 55K. So, I guess I feel great about my deal! Trust me, my dealer still made money off the deal. In addition to holdbacks, there are also dealer bonuses based on sales numbers.

sfarley111
04-20-07, 11:07 AM
TSS - What was you final Cap Cost on your '06? The MSRP on the vehicle I'm considering is about $53K and the lease number are nowhere near your's (much higher).

TONYGXP - I took you advice and built one online:

MSRP - $53,050 (V8, 18" sport, MRC, theater, utility,prem lux)
Invoice - $48,720 (Edmunds)
Less - $500 (below invoice)
Less rebate - $2,250 (per GMAC lease site)
Estimated selling cost - $45,970

GMAC lease -

36 mos, 15K miles - $695.89
42 mos, 15K miles - $617.24

Can't see any way to get into the mid-$500's from here for a 36 or 39 mo lease. What am I missing?

Thanks for your help.

Steve Farley

TSS
04-20-07, 03:00 PM
Steve:

EXACT MSRP: $54,580 including destination fee
Gross capitalized cost: $48531,35 (vehicle value) plus 595.00 GMAC fee; plus 15.00 license fee= $49149.35.

My buy-out at the end is $35431.20.

Lease payment: $565.41
Money down including first month payment: $835.10.

GXP: should I be jumping for joy?

sfarley111
04-21-07, 08:19 AM
:)
Steve:

EXACT MSRP: $54,580 including destination fee
Gross capitalized cost: $48531,35 (vehicle value) plus 595.00 GMAC fee; plus 15.00 license fee= $49149.35.

My buy-out at the end is $35431.20.

Lease payment: $565.41
Money down including first month payment: $835.10.

GXP: should I be jumping for joy?


Now see, this is where it gets crazy - your cap cost is $2K MORE than mine would be, but you mo pmt is $175 LESS. There must have been some truly extraordinary residuals or almost zero money factors at that time to get this kind of pmt. Maybe I should wait to find a close-out ’07.

BTW – Superior Cadillac did quote me ~$650/mo for the same vehicle that I was quoted locally @ the $739 amount, so to GXP’s point, there is still some more wiggle room, but can’t see getting to the mid-$500’s – at least not at this time in the ’07 model year.

Thanks

Steve

louisn
04-21-07, 10:30 AM
:)


Now see, this is where it gets crazy - your cap cost is $2K MORE than mine would be, but you mo pmt is $175 LESS. There must have been some truly extraordinary residuals or almost zero money factors at that time to get this kind of pmt. Maybe I should wait to find a close-out ’07.

BTW – Superior Cadillac did quote me ~$650/mo for the same vehicle that I was quoted locally @ the $739 amount, so to GXP’s point, there is still some more wiggle room, but can’t see getting to the mid-$500’s – at least not at this time in the ’07 model year.

Thanks

Steve
I think his lease is only for 27 months. Is that the difference?

sfarley111
04-21-07, 11:11 AM
I think his lease is only for 27 months. Is that the difference?

Could be, but usually the shorter the lease term, the higher the mo pmt (and I do emphasize usually). The "sweet spot", as far as the lowest pmts, typically tends to be the 36 op 39 mo term.

For example, on this vehicle we have been discussing, the 27 mo pmt is about $775. Go figure - these lease plan can be crazy sometimes, kinda like frequent flyer program miles!:)

Steve

caddyv8v
04-22-07, 08:44 AM
gentleman, please remember to consider model year lease rates. i just leased an 07, and with gms, buyrate etc, your low 500's (with tax) is, well difficult to calculate. remember, gms pricing may not be modified (ie into holdback). just an observation.

caddyv8v
04-22-07, 08:46 AM
forgot to add, 39 months i recall yields best/lowest payment structure.

tonygxp
04-22-07, 10:54 AM
If you're accurate with your numbers and are paying what you claim the only possible scenario's are
A) you traded in something and received $$$ down on the SRX
B) your Dealer lost money on the deal....lots of it, like in the red for 2-3k, maybe more..

sorry can't understand the final numbers with the facts you provide. I have leased a dozen cars and always research the hell out of them, can you get a dealer to "lose" money on a deal?? yeah, when they are closing in on the end of the month and need to hit a number for a regional goal ($$$$ given to the highest number of XXXXXXX sold), but it's not likely in most cases, 500-1000 below invoice, yeah I could see that, i've done that every time..

TSS
04-22-07, 07:20 PM
I am accurate with my numbers. No trade. Guess I will take a belated jump for joy. I do know an equally priced STS was going to cost me much more monthly under the same terms.

Don't know why it is low, don't care.

mikek84121
04-22-07, 08:20 PM
See the thread "New 2007 SRX Spring Lease Deals". I am "buying" the vehicle for $2250 BELOW Invoice! And believe me, the dealer is not taking any loss. The residuals depend on the length of time and the mileage. The money factor at 3.95% interest is .001646.

Mike

tonygxp
04-22-07, 08:58 PM
See the thread "New 2007 SRX Spring Lease Deals". I am "buying" the vehicle for $2250 BELOW Invoice! And believe me, the dealer is not taking any loss. The residuals depend on the length of time and the mileage. The money factor at 3.95% interest is .001646.

Mike

that's including the incentives, not what the "ultra low" lease deal being questioned here is about... I bought my SRX for $36k was $42,700 and the dealer still made money, because of all the incentives/GM points i had..

I would love to see the buy/lease agreement from that deal, any chance you could scan it and just cover up the vehicle/owner info? need to see where they came up with that..

TSS
04-23-07, 08:59 AM
PM me your fax number and I will fax it this week. I am not skilled enough to scan it.

tonygxp
04-23-07, 09:01 PM
PM me your fax number and I will fax it this week. I am not skilled enough to scan it.


(732)-349-7801 no need to PM, it's my business line..

sfarley111
04-23-07, 11:18 PM
I found a lease calculator on-line that I thought I'd give a try. Anybody know what the current residuals are for the '07 SRX V8 w/15K miles/year @ 36 & 39 mos?

I know interest rate is 3.95%

Steve Farley

mikek84121
04-24-07, 08:25 AM
I was told 53%.

Mike

TSS
04-24-07, 08:33 AM
(732)-349-7801 no need to PM, it's my business line..


Faxing now. Please confirm receipt.

NOTE: The trade in info is marked "N/A". It played no role in the lease calculations as you can see. I had negotiated the same deal regardless of whether I had a trade in or not. In other words, if I wanted them to buy my truck at wholesale, they would simply cut me a check completely outside of the lease. I had a 2001 Tahoe which I owned outright and was worried about selling. Therefore, they agreed that in the event I could not sell my Tahoe by the time my SRX arrived (I had to order it), then they would buy it from me at a ridiculously low amount.

I also note that in addition to the GMS discount, there was a $3750 rebate reflected on the lease.

sfarley111
04-24-07, 09:47 AM
I was told 53%.

Mike


36 or 39 mos?

mikek84121
04-24-07, 01:56 PM
Either one, it changes at 48 months. I suspect that there is a 3 month "grace" of some kind on 24 mos leases that go to 27 mos and 36 mos that go to 39 mos.

Mike

Nascarcamper
04-24-07, 06:20 PM
36 or 39 mos?
Off topic.... Steve, where do you live?

sfarley111
04-24-07, 08:17 PM
Off topic.... Steve, where do you live?
Montgomery, AL

tonygxp
04-24-07, 09:13 PM
Faxing now. Please confirm receipt.

NOTE: The trade in info is marked "N/A". It played no role in the lease calculations as you can see. I had negotiated the same deal regardless of whether I had a trade in or not. In other words, if I wanted them to buy my truck at wholesale, they would simply cut me a check completely outside of the lease. I had a 2001 Tahoe which I owned outright and was worried about selling. Therefore, they agreed that in the event I could not sell my Tahoe by the time my SRX arrived (I had to order it), then they would buy it from me at a ridiculously low amount.

I also note that in addition to the GMS discount, there was a $3750 rebate reflected on the lease.


I was not in the office today but an associate called me and looked it over, I will do the same tommorrow. He mentioned something about $4500 or so due at inception, was that the rebate? or money/trade down? I will punch your exact info into the lease calculator, I am sure there is an explanation as to your very good lease deal that I am not able to figure out w/o the deal before me..

TSS
04-24-07, 09:33 PM
$3750 rebate went towards that $4500.00 - very clear on the lease. No trade in funds considered - no money down out of pocket except as previously stated - $800 or so down including first month payment . Call me at my office if you wish. The number is on the fax cover page. The longer this goes on, the better I feel about the deal I got....

tonygxp
04-24-07, 09:45 PM
$3750 rebate went towards that $4500.00 - very clear on the lease. No trade in funds considered - no money down out of pocket except as previously stated - $800 or so down including first month payment . Call me at my office if you wish. The number is on the fax cover page. The longer this goes on, the better I feel about the deal I got....


you got a great deal, I for whatever reason failed to realize it was an 06' half way through this confusion!! I will get a look at it tommorrow and post the results.

TSS
04-25-07, 08:17 AM
you got a great deal, I for whatever reason failed to realize it was an 06' half way through this confusion!! I will get a look at it tommorrow and post the results.

Thanks.

GMJim
04-25-07, 11:44 AM
Geeze............And to think I coulda got into a lease on a 07 sport, 30K miles a year, for a little over $900.00 am month at the end of 06.
I blew it.........................NOT!!!!!!!!!!!!!!!!!!!! !

Playdrv4me
04-26-07, 06:54 PM
Am I the only one here who has noticed that TSS' car is a 2006? By the time he bought it the dealer was aching to get it off the lot.

2007's are an entirely different ballgame and hot again due to the new interior and exterior refinements. Any 2006's that were on dealer lots at the time were being blown out with huge incentives anyway.

Playdrv4me
04-26-07, 06:55 PM
Nevermind... I just saw Tony's reply. Youre right Tony, that is the reason why.

TSS
04-27-07, 09:00 AM
All true - except I ordered mine from the factory - so they were not "aching to get it off the lot". They were still VERY motivated by GM to get rid of 2006 models.

Playdrv4me
04-27-07, 11:10 PM
All true - except I ordered mine from the factory - so they were not "aching to get it off the lot". They were still VERY motivated by GM to get rid of 2006 models.

Are you sure it came from the factory and was not just transferred to your dealer? In this day and age the "custom factory order" or central office order is less common than it used to be since someone somewhere in the region will usually have what youre looking for sitting on their lot, especially with domestic cars.

TSS
04-28-07, 09:10 PM
Yes. I am positive. 100%. Build date is after I ordered it. I live where the SRX is built - Lansing . I ordered and had it in approx. three weeks. Nothing in Tri-State area was exactly what I wanted so it had to be ordered.

sfarley111
04-29-07, 08:05 AM
Newbie/Wannabie again -

Well the salesman called today and said they had "gotten the pmt down" to $699/mo from $739/mo. One thing that I found out is that this dealer will be trading for this vehicle, which is at a dealer about 300 miles from here (Jacksonville, FL). As a reminder, the particulars are:

’07 Black/Cashmere, RWD, 18” Sport Package, MRC, Theater, Utility & Prem Collection, Total MSRP $53,795, 15K miles year, w/ $699 down.

Go for it?

Steve Farley