: My STS will be ready on Monday



Buzz48317
07-20-07, 12:03 PM
I took advantage of the Tagging a PEP vehicle for family members program and tagged an STS in May. The call came in yesterday!! The car should be ready for delivery early next week...can't wait to get back into Cadillac ownership, it's been far too long!

MARKVIII
07-20-07, 01:15 PM
what kind of program is that?? never heard of it.

Buzz48317
07-20-07, 02:47 PM
PEP stands for Product Evaluation Program. The car that I am getting has been driven by a GM employee for the past few months. When I get it it will have 3,547 miles on it...the great thing about the program is that GM treats it like a new car abd it qualifies for all the new car rebates and such but with a drastically reduced sales price, so the lease on it comes in about $85 less than a brand new car with the regular GMS discount. Lease will be structured at 12K mile per year using no money down (about $650 due at inception) 24 month lease price is a little over $450 per month.

For the longest time PEP was not offered to family members. The employees and retirees their spouses (or same sex domestic partners) and dependent children under 25 YOA would qualify. In May GM offered this same program on the entire Cadillac line and the full sized SUV line to family members. Since my father in law is a retiree, suddenly I qualified...so here we are. :)

Can't wait, it's been about 10 months since I last had a caddy :bouncy:

bigdog9586
07-20-07, 02:51 PM
Normally only employees are allowed to tag PEP vehicles. These are the ones that the GM people drive. They drive them I think for 90 days and then turn them in for another car/truck. For example here is one I just down loaded. Sticker is 59970.00
PEP1 1-3,000 $50818.40
PEP2 3,001-6,000 $49546.70
PEP3 6,001+ $48063.05
So if it has over 6K on the speedometer than it would cost $48063.05 plus you still get all the rebates that may be on the car. Best part of this program is to buy it as soon as the new cars come out as the price stays the same. As it gets near the end of the model year these become not as good a deal but still pretty good. Only problem is you don't know how much you pay until the last minute when the person turns in the car and they see the mileage. Of course you can turn it down. After the 08's come out they really knock off another big chunk off the sticker as it is now a year old car.
P.S. Only employees can go to the site and view these vehicles as it is password protected site.

Number 3
07-20-07, 02:53 PM
Well, good luck!!! I am loving mine!

Buzz48317
07-20-07, 04:35 PM
Normally only employees are allowed to tag PEP vehicles. These are the ones that the GM people drive. They drive them I think for 90 days and then turn them in for another car/truck. For example here is one I just down loaded. Sticker is 59970.00
PEP1 1-3,000 $50818.40
PEP2 3,001-6,000 $49546.70
PEP3 6,001+ $48063.05
So if it has over 6K on the speedometer than it would cost $48063.05 plus you still get all the rebates that may be on the car. Best part of this program is to buy it as soon as the new cars come out as the price stays the same. As it gets near the end of the model year these become not as good a deal but still pretty good. Only problem is you don't know how much you pay until the last minute when the person turns in the car and they see the mileage. Of course you can turn it down. After the 08's come out they really knock off another big chunk off the sticker as it is now a year old car.
P.S. Only employees can go to the site and view these vehicles as it is password protected site.

In being a lease customer I have to concern myself with residuals and rebates too. Come the first part of September GM will move the lease programs on to the 08s and the 07 will remain being a great deal to buy but will be a great deal more to lease. I think that it is a fantastic program for a 1SB with Nav to get into for less than $500 with nothing down and 12,000 miles per year.

MARKVIII
07-20-07, 06:37 PM
i will never understand the thought behind a lease. why spend all this money per month and limit yourself to 12k a year just to turn it in and have nothing to show for it. the way these cars depreciate go find yourself a two year old model for less then half of sticker and then purchase it. your payments will be less, the car will still be under full warrenty and you will have equity 4 years down the road when you want to trade it in. that's the way i have always purchased my cars and always came out ahead in the long run

c5 rv
07-20-07, 10:39 PM
i will never understand the thought behind a lease. why spend all this money per month and limit yourself to 12k a year just to turn it in and have nothing to show for it. the way these cars depreciate go find yourself a two year old model for less then half of sticker and then purchase it. your payments will be less, the car will still be under full warrenty and you will have equity 4 years down the road when you want to trade it in. that's the way i have always purchased my cars and always came out ahead in the long run

I've done both depending on my situation. From what I understand, business tax rules make leasing the better deal if you use your vehicle for business use. As for just personal use, if you are a high mileage driver, 25K+ miles a year, buying used is probably the cheapest way to go. Once I'm no longer eligibile for GM family pricing, I'll probably go that way. Leasing is a good solution for a person who likes driving a new car, takes care of their vehicles, doesn't want to deal with trading / selling their used car, and isn't a high mileage driver. State Farm says the average driver in the U.S. drives about 12K a year.

Buzz48317
07-20-07, 11:14 PM
i will never understand the thought behind a lease. why spend all this money per month and limit yourself to 12k a year just to turn it in and have nothing to show for it. the way these cars depreciate go find yourself a two year old model for less then half of sticker and then purchase it. your payments will be less, the car will still be under full warrenty and you will have equity 4 years down the road when you want to trade it in. that's the way i have always purchased my cars and always came out ahead in the long run

The thought of actually owning a car makes the bile rise into the back of my throat. Who really ever 'owns' a car anyhow. If you can relegate yourself to the idea that you will always have a car payment, I did this long ago, leasing is totally the way to go. Keeps your commitment short, generally 3 years or less, and the total monthly outlay is way way way way way way (you getting the idea) less. I will have a total outlay of about 11 grand over the 2 year period...I am betting that the car is gonna depreciate a lot more than that over the next 24 months. Let the bank worry about it. Oh yeah, as far as the business tax write off thing goes, I have some vehicles that we lease and some that we own...there are reasons why professional vehicles in my line of work make sense to buy from an economic standpoint as they don't depreciate as fast are 'regular cars'...we can write them both off. The leases are a straight line write off and the financed cars are on a depreciation schedule (this can really screw with the bottom line at the end of the fiscal year btw) so there are some tax advantages on both ends.

Add all this to the fact that I hate driving a car that is more than a few years old and have a family that has changing needs I have lease customer tattooed all over me. BTW we lease my wifes cars too, and there is absolutely no tax advantages for that car...but where are you gonna get a new Town and Country Limited for less than $350/month on a retail finance contract w/o tons and tons of money down even at 60 months 350 only buys you about $16.5 K. Oh yeah, don't forget I will get OnStar free for the first year so that saves me what like 20 bucks a month vs buying a 2 year old used car...the advantages keep adding up, why wouldn't you lease??

As far as being in an equity position, if you are buying a used car from a dealer good luck buying into an equity position...last I looked even used car dealers make profits. Look at retail finance contracts 8 hours a day for 5 years like I did when I sold cars and you will see that most people are in a negative equity position on their cars for years and years, unless of course they finance their cars for 36 months or less...then they are probably ok after about the first 15-18 months.

MARKVIII
07-21-07, 04:57 AM
if u buy right, take care of them and hold them for 4 years you come out real good in the end. i am living proof of that.

JBsZ06
07-21-07, 07:48 AM
Congrats on getting your new STS.

Sounds like a killer deal.

(subsidized lease deals are awesome)

Unsubsidized lease deals less so and then buying is a better deal if you are a low mileage driver and keep the vehicle for longer periods)

Who buys new? Guys with families who don't want a vehicle out of warranty that could break down on the side of the road ...The latter being the more important of the two.

You pay for the peace of mind with a brand new vehicle that the product is the best the manufacturer could deliver and rest easier that it will start and not break down.

Thats why many people buy brand new.(or nearly new like this gentleman with a full new car warranty and little previous usage)

Buzz48317
07-21-07, 11:31 AM
if u buy right, take care of them and hold them for 4 years you come out real good in the end. i am living proof of that.

Hey Mark, I am not denying that you can do alright by buying used, but you really have to do your research and find that perfect car. Like I mentioned earlier this lease is going to cost me a TOTAL of 11,000 over a 2 year period. If I BOUGHT this same car and traded in in 2 years I would expect that the depreciation to be between 1.5 and 2 times that same 11 grand. Now you can control the hemorhaging by purchasing used, but there are other issues too, like brakes, tires, extended warranties etc that you need to consider as total cost of ownership.

If I were to finance a 2 year old preowned car I would never look at a finance contract longer three years. This would put the car at 5 YO when I am done paying for it...just about time for tires, brakes, and the other major services that come along with a 50-60,000 mile car.

Whatever your situation and however you and I finance our vehicles it feels damned good to be back in the wold of gentlemen, gentlemen!

MARKVIII
07-21-07, 01:39 PM
i guess there are pros and cons to everything you do in life. i just feel "ownership" when i buy a car, rather then lease. of course the bank owns it but i know that i am working toward a goal. to me leasing a car is like getting a rental from alamo. i don't care about it because its not mine.

Buzz48317
07-21-07, 05:02 PM
i guess there are pros and cons to everything you do in life. i just feel "ownership" when i buy a car, rather then lease. of course the bank owns it but i know that i am working toward a goal. to me leasing a car is like getting a rental from alamo. i don't care about it because its not mine.

Trust me, if you treat a lease vehicle like a rental from Alamo, you will own it. :)

I fall to the other side of the spectrum, I figure that all cars depreciate (except for the very rare cases...still holding out for the Ferrari F430 Spyder, but the wife says no :( ) so why not just pay for the portion that I am gonna use.

bigdog9586
07-21-07, 06:49 PM
Why? First it depends on the car, the rebates, and the lease deals and how long you want to drive a car. I bought my 99 STS or should I say leased it for $389 per month for 27 months with nothing down, no money for anything and first months rent included. I had the guy figure out a 5 year loan and it was just short of $800. I would not have even come close to breaking even in 27 months and since I don't smoke and very rarely drink this is my vise. I replace either mine or the wifes car every 2 years.:thumbsup:
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i will never understand the thought behind a lease. why spend all this money per month and limit yourself to 12k a year just to turn it in and have nothing to show for it. the way these cars depreciate go find yourself a two year old model for less then half of sticker and then purchase it. your payments will be less, the car will still be under full warrenty and you will have equity 4 years down the road when you want to trade it in. that's the way i have always purchased my cars and always came out ahead in the long run

bigdog9586
07-21-07, 06:51 PM
people really keep cars for that long. God, what will they think of next?:thepan:
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if u buy right, take care of them and hold them for 4 years you come out real good in the end. i am living proof of that.

Skibanker
07-21-07, 07:22 PM
I'm the kinda guy who just hates car payments and starting the first day of your new car lease, you doom yourself to perpetual car payments. They never end. Think of that money in a mutual fund for 20 years. A big step toward retiring early. No, I'm not a stockbroker. Just someone who likes to spend money, but hates to waste it.
To each his own.

MARKVIII
07-22-07, 09:35 AM
i bought my '93 mark 8 in '95 traded it for a '96 eldo in '98 traded for an '01 eldo etc in '02 and now traded that for a fully loaded '06 sts v8 last month. never any money out of pocket and payment never more the $390 per month on a 5 year loan at 5.9-6.75 percent. my point being i own the car and always have equity in it when i want something else in a few years. i garage my cars and take excellent care of them. i drag them into cadillac constantly for repair or trim items to be replaced under warrenty. as long as i buy a car fully loaded i don't have the urge to trade them in when the next best "techno toy" comes out every two years or so.

Buzz48317
07-22-07, 11:34 AM
i bought my '93 mark 8 in '95 traded it for a '96 eldo in '98 traded for an '01 eldo etc in '02 and now traded that for a fully loaded '06 sts v8 last month. never any money out of pocket and payment never more the $390 per month on a 5 year loan at 5.9-6.75 percent. my point being i own the car and always have equity in it when i want something else in a few years. i garage my cars and take excellent care of them. i drag them into cadillac constantly for repair or trim items to be replaced under warrenty. as long as i buy a car fully loaded i don't have the urge to trade them in when the next best "techno toy" comes out every two years or so.

Well, you know that you don't drag them back into Caddy in the last 3 years of payments on them as the orig factory warranty would have run out.

Sounds like you got a pretty good deal on the 06. There are several reasons that I lease and I admit that it is not for everyone, three best reasons in my opinion are that I can stay in a brand new car every 2 years for a really reasonable payment, right at about the time that I am ready to trade out the lease exires so I never roll any negative equity, and if I want to adjust my payment up or down I can do it every 2 years or so. If I were in a retail finance contract I woul be stuck in the car for at least three years, and that's provided that 60 Minutes dosen't proclaim that the car has a sudden acceleration problem ala the Audi 5000 in 1986 ( http://en.wikipedia.org/wiki/60_Minutes ) and the bottom falls out of the used car market as it did with the Audi whose sales didn't recover to pre story levels until about 2001.

Buzz48317
07-24-07, 09:39 AM
Well, it's Tuesday and the paperwork still has not been transmitted to the dealership on the car. According to GM the car is sitting in a lot about 2 miles from the dealer and according to the dealer they can't go get it until they get the paperwork from GM :mad:

I am under the gun a little here as I have a lease that's going back early (one month) and the payment on that car is due tomorrow...so I can wait and hope that the car gets there today so that I can pick it up in the AM or pay the payment and get nothing back on that payment :mad::mad::mad:

Hopefully I will get a call here before 10 am cause if not I am goning to loose my mind all over my salesperson :rant2:

Buzz48317
07-25-07, 10:47 PM
Update: Car is in my garage!! :)

Some photos (sorry it was dark when I got home and these are from the garage). Can't wait to go to sleep so that I can drive to work in the AM.

c5 rv
07-25-07, 11:00 PM
Very nice. Black or blue chip?

Buzz48317
07-26-07, 06:28 AM
black...should photo better in natural light. Probably won't get photos in nat light today as they are saying rain and storms all day. :(