: Reasonable down payment to lease a new CTS-V?



xx_baddycaddy_xx
02-06-09, 11:08 PM
If you didn't buy yours, how much did you put down and what are your payments like?

I'd like to buy once the lease is up (apparently its cheaper to lease then buy?).

I found a CTS-V with the options I want at my local dealer for $68,840. I haven't been to talk numbers with them though because of my busy schedule. I guess what I'm asking is if there's any way to put down a solid amount (I've heard about 20%...is that too low?) and still end up with decent monthly payments.

Thanks.

AJ

Razorecko
02-06-09, 11:20 PM
^ only us bank is leasing at the time. Anyone have any links to the rates US Bank is giving out for the new V's ??

330toSRT8
02-07-09, 04:16 PM
I've never heard anyone say it's better to lease than buy if you plan to purchase in the end. Leasing is only worthwhile under specific circumstances such as owning a business. Also, if you drive more than 15k miles per year the lease is cost prohibitive. If you're going to put such a huge amount down why not just do a regular auto loan?

xx_baddycaddy_xx
02-07-09, 06:15 PM
A regular auto loan would mean higher monthly payments (which I'm trying to avoid, but still want to buy the car (lump sum) at the end).

Nutz
02-07-09, 07:23 PM
Best I've heard was $750.00/Mo. 5 years.

erp2863
02-07-09, 07:46 PM
A regular auto loan would mean higher monthly payments (which I'm trying to avoid, but still want to buy the car (lump sum) at the end).

If you are chasing payments, then you can't afford the car. The fact that there are/were banks willing to finance the car for you is the exact reason the world is in the current economic situation.

Also using any down payment on a lease is bad idea. You total the car, your insurance will pay off the bank holding the lease and you will not see any of that down payment come back to you. The down payment is only being used to pre-pay the depreciation cost (allowing that amount to not bear interest), not paying down principle.

The site leasecompare.com has a lot of good info regarding leasing.

xx_baddycaddy_xx
02-07-09, 10:26 PM
How much down payment was needed for the $750/month?

Jpjr
02-07-09, 10:28 PM
If you are chasing payments, then you can't afford the car. The fact that there are/were banks willing to finance the car for you is the exact reason the world is in the current economic situation.

Also using any down payment on a lease is bad idea. You total the car, your insurance will pay off the bank holding the lease and you will not see any of that down payment come back to you. The down payment is only being used to pre-pay the depreciation cost (allowing that amount to not bear interest), not paying down principle.

The site leasecompare.com has a lot of good info regarding leasing.

sigh. best to just answer the guys question and not opine on his financial situation.

330toSRT8
02-07-09, 11:00 PM
sigh. best to just answer the guys question and not opine on his financial situation.
Well, the truth can hurt sometimes.

330toSRT8
02-07-09, 11:01 PM
How much down payment was needed for the $750/month?
Put down $29K and you'll be paying $750/month on a 60-month auto loan at 5%.

jeffreywilens
02-09-09, 02:35 AM
I put down $13,000 drive off with about $10,700 of that cap reduction and my lease payment is $829 + tax for 4 years (not 5) and 48,000 miles. This was the best rate from US Bank that translates to about 4.9 percent APR (converting the money factor). This was as of 2-6-09. The cap reduction has to be prorated over the 4 years if you are writing lease payments off on your taxes. The risk of a totalling is not a major concern is it?

No the lease is not a good deal with the non-inflated residuals like the good old days, still it is a major tax savings if the leased vehicle is used primarily for business.

xx_baddycaddy_xx
02-09-09, 07:56 AM
I put down $13,000 drive off with about $10,700 of that cap reduction and my lease payment is $829 + tax for 4 years (not 5) and 48,000 miles. This was the best rate from US Bank that translates to about 4.9 percent APR (converting the money factor). This was as of 2-6-09. The cap reduction has to be prorated over the 4 years if you are writing lease payments off on your taxes. The risk of a totalling is not a major concern is it?

No the lease is not a good deal with the non-inflated residuals like the good old days, still it is a major tax savings if the leased vehicle is used primarily for business.

So assuming yours was pretty solid with options, 13k is right around the 20% mark...its too bad that with those payments they didn't give you the 15k miles though.

Razorecko
02-09-09, 10:21 AM
I put down $13,000 drive off with about $10,700 of that cap reduction and my lease payment is $829 + tax for 4 years (not 5) and 48,000 miles. This was the best rate from US Bank that translates to about 4.9 percent APR (converting the money factor). This was as of 2-6-09. The cap reduction has to be prorated over the 4 years if you are writing lease payments off on your taxes. The risk of a totalling is not a major concern is it?

No the lease is not a good deal with the non-inflated residuals like the good old days, still it is a major tax savings if the leased vehicle is used primarily for business.

what are they charging on the over the 15k mileage per mile price ?

jeffreywilens
02-09-09, 02:15 PM
Yes, my car is fully loaded including Recaros and even the suede steering wheel grip. And less than $11,000 was cap reduction.

GM-4-LIFE
02-09-09, 03:22 PM
The 2009 CTS-V is just a difficult car to lease...then again, so are most other vehicles on the market.

SG

Capco
02-09-09, 06:58 PM
^ only us bank is leasing at the time. Anyone have any links to the rates US Bank is giving out for the new V's ??

Does anyone know when banks other than US Bank will start leasing. I'm looking to get out my 08 for an 09 but a friend of mine I deal with for my cadi's said to wait because US Bank is not a good bank for them to deal with. Some how you get screwed at the end of the lease, I really don'y know what he was talking about so I just said I'll wait.

1fstkde
02-10-09, 12:09 AM
Does anyone know when banks other than US Bank will start leasing. I'm looking to get out my 08 for an 09 but a friend of mine I deal with for my cadi's said to wait because US Bank is not a good bank for them to deal with. Some how you get screwed at the end of the lease, I really don'y know what he was talking about so I just said I'll wait.your not the only one waiting,,,i have till the end of april..hope i hear something by then.

Capco
02-10-09, 03:38 PM
your not the only one waiting,,,i have till the end of april..hope i hear something by then.

I live in Chicago and my car guy said wait til after the Chicago auto show which is Feb 14 thru 21st and thing are supposed to change after that.