: Looks like a Lease is the way to go.



Dif
12-17-06, 07:30 PM
I've never thought a Lease was for me but now I see the advantages in my current situation.
I always finance thinking I'll own but it's been 10 years and I keep trading in every 2 1/2 - 3 1/2 years.
I have a 2004 EXT and owe 15k with 42 months left on the loan.
In order to get a 2007 EXT stickered at $59,540 .. I have to pay off the 04 loan and ...
so far,,, the best deal is with trade in and pay or finance 20-22K.
Not too great.:eek: so a Lease looks good all of a sudden.

Right now, with my trade,..
dealer has offered me a 36 month Lease absolutely no money down,
and $490.00 /month payment.
I need to find out the vehicle Residual value at the end of the Lease but I want to get the payments down to $395-400.00 a month.
There's the $2,145 discount for Nav and they're offering to pay off the 15k loan for the 04 with a trade in value of 32K.
If I can get them to value the 04 trade in at 34K and then I add $1,500 GMCard discount it will put the payment around $405.00/month.

Any comments or suggestions.
How does the residual end of Lease vehicle value get determined.
Thanks in advance.:cloud9:
Regards.. Frank

DLH
12-18-06, 09:23 AM
Right now, with my trade,..
dealer has offered me a 36 month Lease absolutely no money down,
and $490.00 /month payment.
I need to find out the vehicle Residual value at the end of the Lease but I want to get the payments down to $395-400.00 a month.
There's the $2,145 discount for Nav and they're offering to pay off the 15k loan for the 04 with a trade in value of 32K.
If I can get them to value the 04 trade in at 34K and then I add $1,500 GMCard discount it will put the payment around $405.00/month.

Any comments or suggestions.
How does the residual end of Lease vehicle value get determined.
Thanks in advance.:cloud9:
Regards.. Frank

With your current trade-in value being worth 15k above your note you're essentially buying down the lease to reduce the monthly payment amount. I was told by my dealer that for about every 1k buydown you can expect a $29 or so reduction. I took out the smart lease plan pulled money from home equity interest only loan and paid my lease in advance. My payment is way less and I write off all the interest. My lease end price was determined at the time of closing, which is simply the balance of the agreed upon price less the smart lease payment amount already made. Think it came out to be 37k against a 27 month lease. Went 27 to be sure this was the truck I wanted in the end. It may be different on a structured monthy lease but I would believe you would want to determine the buyout amount upfront and have it reflected in your lease agreement. Lastly, and no disrespect to salespeople--for that matter I am in sales--but always ask to speak with the leasing manager for all your leasing questions. Do this before you make any decisions as he or she is best with the numbers....dlh

nick1bum
12-18-06, 12:07 PM
Frank,

I started seeing the light many years ago as I was trading or selling every two or three years, I am happy with leasing and in some cases it's cheaper than buying and keeping three years. It's always under warranty and rarely do you need to put on tires, brakes, etc. However, you cannot modify your leased unit unless you can return it to factory condition without being caught.

On the other end of the spectrum,(zero down), I just leased an 07 EXT sticker was $59,725.00 39 month lease, 10,000 miles per year (more than I need), payments with $300.00 down for fees only, $684.00/month that is taking into account the GM employee program and free navigational system and it includes sales tax. The GMAC smartlease program is pretty hard to beat, the confusing part is when you have a trade.

Just something to compare.

The Bum

Dif
12-18-06, 04:47 PM
Thanks guys for the info, very helpful.
I just returned from the dealer and a test drive etc.
Put $100.00 deposit to give me time to think and here's how it stands.
I went with a 10,000 mile lease which is way more than I drive in a year.
I could only get them to give me another $500.00 for my trade bringing it up to $32,500 ..
My Sales and Excise tax are included in the lease for the next 3 years by law.. so I'm told ...
and..
my payments are $427.00 a month for 36 months.
I'm pretty comfortable with that.
The buy price at the end of Lease is $36,819.00 ..
I feel good about that considering I don't need to spend any money out of pocket right now.
Don't know if it's logical on my part but considering the money I don't have to spend now...
I'm thinkning I can either use it to help buy/finance the vehicle after 36 months or..
put towards a new Lease to keep the payments low.
Thanks again guys and I think I'll be taking the plunge soon..:cloud9:
Regards, Frank

253caddy
12-18-06, 08:49 PM
That is an all around good deal I just leased mine after losing some cash on my last trade in and leasing is the way to go with this amount of $$$ on a car!!!