: New SRX buyer w/ lease questions

06-24-07, 12:43 PM
Hey guys,

Just wanted to say hello and that I'm looking forward to joining the cadillac family w/ a new SRX. I currently have a Vette Z06 and want a more comfortable daily driver. The Corvette forum has been invaluable to me and based on what I've read so far in here, seems this forum will provide the same benefit.

Ok, down to business. I'm interested in leasing a base V6 SRX. Local caddy dealer has the color I want w/ an MSRP of $37,855. A bit higher than the TMV pricing report, which has $37,225. Invoice is $34,805.

On their initial lease offer, pmt would be $399/month, $1,500 down, 3.95% rate, residual of 56%, 39 month term, 10k miles per year.

Any suggestions on negotiating this? I definitely need 15k miles per year, and am flexible on down payment.

Is that a decent deal or what?


06-24-07, 02:15 PM
Welcome to the SRX forum. I too, am a member of the Corvette Forum (since 2001) and am driving an '07 Z06 (my toy). My winter and grocery getter vehicles for the past 6 years have been a RX300 and RX330. After getting back into a Vett, the RX was just too boring and so I started looking for an AWD SUV with a low HP/WT ratio (X5 V8, Q7, ML500, FX45 (very fast), MDX and the SRX V8). You will find the SRX V6 is really lacking in torque after you get out of the Z. My factory order SRX had a $51,165 MSRP (V*, MRC, Sport, Nav, etc.). My 39 mos. lease deal was invoice less $2250. The residual is 55% (12K miles...this is what GMAC normally adjusts for 10K/12K/15K miles). NO MONEY DOWN (excepting first months rent and taxes, license expenses and Doc fee ($299). My payments are $604.58 plus state tax. Be careful when putting money down to lower your payment. If the vehicle is stolen or totaled in the first 1-2 years, you will never see your down payment back since insurance will be paid directly to GMAC.


06-24-07, 03:36 PM
Thanks for the response mike. I know what you mean about the torque issue. Mine is even more severe since I threw a A&A vortech supercharger on my 06 Z06. Crazy power.

However, I don't want or need another fast car, I'm just trying to limit my expenditures on a second car, hence the reason I'm going for the base model. Besides, it will make the Z seem that much faster every time I get in it :thumbsup:

Sounds like this isn't a bad deal for what I'm getting based on the research I've done

c5 rv
06-24-07, 07:30 PM
Welcome! I'm also on CF (C3 RV). It looks like the lease offer you have is based on a $35K sales price, assuming no tax. (Sorry, don't know your sales tax rate.) I believe that the SRX has a $2k incentive in CA, so be sure to consider that. This is a useful site to evaluate lease components:


06-24-07, 11:01 PM
use a lease calculator online to figure it out.. only thing you need to know fro sure is WHAT THEY ARE SELLING YOU THE CAR FOR.... period.. everything is set, APR, Residual, money factor, etc. no money down is a no brainer & tax in the paymeny as well (if you can) i got my SRX for $1000 under invoice at 4.5% (that's what it was at the time through GMAC) off topic a bit but do you have a GM card? if so make sure you use those points! I got an extra $2450 off my SRX due to the $1000 bonus card points and my earnings.. even if you don't have one get one and start charging you'll get a bonus offer in a month or so... good luck

PS, as for the torque on the V6? maybe of you don't have a fast car (which you mikek do strangely enough?) to enjoy but i find it completely acceptable around town and on the hwy merging isn't "blazingly fast" but look down and you're doing 100 in not too much time at all, that engine likes to rev..

06-25-07, 03:49 PM
Thanks for the responses & lease guides. I went and bought it today and can say that I am really enjoying my new caddie. Very quiet and smooth & I love the interior. Granted, I didn't get a decked-out model, but I ended up with exactly what I wanted.

I feel like I got a great deal, as 3 other caddie dealerships within a 75 mile radius couldn't touch it. One said I should feel great about the deal I got. Always make you feel good.

Anyhow, look forward to reading all about these great cars.


06-26-07, 10:54 AM
welcome to da club!

06-26-07, 10:12 PM
<<Be careful when putting money down to lower your payment. If the vehicle is stolen or totaled in the first 1-2 years, you will never see your down payment back since insurance will be paid directly to GMAC.>>

I have never leased before, and do not understand how I would lose the down payment.

I was thinking of doing an "upfront" lease on an 07. The "upfront" seemed the way to go (lower lease factor, and lower taxes) until I saw I could lose all the money I put down if something happens to the car?

Can someone please help me understand where I could lose my up front money?

If I bought the car(either outright or with high down payment) would the same thing happen, or just in the case of a lease?

06-27-07, 03:22 PM
It is easy CK.
It is all written in as "Gap Coverage". If "Gap Coverage" were called "automobile compensation for valued customer". Then you would be covered and not the automobile.

If you bought the car, YOU would get compensated the bluebook value of the car at the time of the wreck. If you had gap coverage (smart on overvalued/low resale value vehicles), you would also get money enough to cover the car note. If the car was totalled and it was valued at more than the loan, you would get money to put towards the purchase of a new vehicle. In all ways, you come out with money, or at least no payments.

Now, here is the answer to your question.

If today you leased a car, and totaled it next month, you would owe nothing, and have spent nothing but the first months payment.

If you purchased the car, and totaled it a month later, you would have payed 20% down payment, and still owe the rest of the money that is left to the bank on the car. You would also have no car, and the value of the car one month after you drove it off the lot would be markedly less. (in some cases 10k!)

Here is the moral of the story.
So if you planned on totaling a car lease it!
You are already getting fleeced on a lease, the only benefit is absolving ownership at the end of three years without trying to resell it in the private market yourself OR trading it in and getting fleeced again, and not putting any money down.