[iupui1299]

I have heard from reading a few threads that the leases on the GTO's are really good. What type of paymnet should one expect on a 24 month lease? I get teh GMS discount and the 5500 rebate. Thanks!

 

[sboylan]

My lease situation...

48 months

$2100 due - $1000 GM Earnings = $1100 Due

Final Monthly Price: $285, including tax.

Insurance: $475 per 6 months. - I can't wait until I am 23, it drops $75 per 6 months.

 

[SDMF Jon]

I used THIS SITE to fake my way though calculating a lease. I've never done a lease before, so I don't know much about them; someone please correct me if I'm wrong.

I started with the car's "advertised" price of $27,200, and used the current $5500 rebate to come up with the sale price of $22,700. I said the sticker price was $33K, and my down payment would be $7000, which is what the dealership offered for my trade in. I also wagged an interest rate 0f 5.5% for 36 months. I have no idea how close that is, I just guessed.

It came out with the payment being only $26/month. How is that right? Can someone please help me figure this out?

 

[SDMF Jon]

As you may recall from my other thread, I test drove a GTO yesterday, and also had some words with the Internet Sales Manager. Well, I talked to him again this morning and he just faxed me over some lease terms. I don't know too much about leases, other than many people recommend that you lease cars because they depreciate so much.

Anyway, here's all the figures he sent me. I don't know what all of them mean, but maybe some of y'all can help me out. Basically, he gave me the car at the GMS price ($32,729), minus the current $5500 facotry rebate, and $7000 for my trade. Bottom line: $146/month for 36 months.....

GRS CAP COST = 32729
SALES TAX = 385
LAH PREMIUM = 0
CAP REDUCTION = 12500
----------------------
NET CAP COST = 20614

ADJ RESIDUAL = 17747.05
TOT TERM DEP = 2866.95
MONTHLY DEP = 79.64
MO LEASE CHG = 57.09
----------------------
BASE PAYMENT = 136.73

============================

MONTHLY TAX = 9.57
MO PROP TAX = 0
-----------------------
TOT MO PYMT = 146.30

TOT OF PYMTS = 5266.8

EST FEES/TERM = 72
TOT TAXES = 1983.40

==========================

1ST PAYMENT = 146.30
CAP RED = 12500
SEC DEPOSIT = 150
-----------------------
TOT INIT PMT = 12796.30

TERM = 36

So, is this a good deal? Can I get a slightly better deal? Any suggestions, please?

 

[djdub]

So you're going to get a GTO for $146/month and you wanna know if its a good deal?

Well, I traded in a car that was only 9 months old and it had $7000 in negative equity. I put $0 down and did a Smartbuy for 48 months at 12,000 miles per year. I pay, are you ready for this...




$503/month

And with the negative equity, this is a fantastic deal, believe it or not.

So to answer your question, you're gonna pay $146/month and I pay $503/month for the same vehicle, so yes it's a good deal.

 

[SDMF Jon]

LOL! Yes, true, when you put it that way! But I have to consider increased insurance and gas costs, too. Right now, I pay NOTHING a month for my Cavalier, and it gets over 30 mpg on 87 octane gas. I switch over to the GTO, and I'm already adding a monthly payment, plus now more fill-ups, with 93 octane to boot......so there are other considerations....

 

[iupui1299]

Does the car require 93 octane?

 

[iupui1299]

I think we are going up to the dealer after work today. It may be for nothing because I am not sure if I can get a 24 month lease for around 250 a month considering I have to tack on 2100 for early lease termination. However, i do remember there being a lease special a coupel months back for 229 a month and that was without the 5500 rebate. I think they had the 3500 back then. We shall see.....worse case scenario is I get to at least test drive a GTO.

 

[SDMF Jon]

Does the car require 93 octane?

I think it requires a minimum of 91 octane, but the only 3 levels offered here in GA (I think) are 87, 89, and then it jumps to 93.

HOWEVER,.......

I did read in a thread here that several owners were running 89 octane w/o any problems. I know modern car computers will adjust accordingly for the octane level. It jsut means reduced performance.

 

[SDMF Jon]

And I just got off the phone with my insurance (USAA, the best inthe world!!), and keeping all my deductibles the same, etc., etc., my 6-month premium would only go up approximately $57. That's much less than I suspected it would be.....

 

[iupui1299]

Thanks for the reply. My SRT-4 takes premium only. It may be hard to sell the wife on the GTO if that HAS to take premium as well.

 

[SDMF Jon]

Yeah, sellin' the wife is always difficult. The dealership man did say I could take it home for a night if I wanted. Maybe I should take him up on that....

 

[Tom]

Here is the deal I am signing tonight on a silver manual

Sticker 33190
Sales price 31400
Less:
Rebate -5500
Coupon - 500
GM Card -2000 My 900 was raised to 2,000 if i close by jan 3

Net 23,400

Now the cool part, residual on a smart buy (no leases in NY) is about 18,500. My tax rate is 8.75% so I have to pay $1,600 tax on the residual.

Bottom line $285.27 a month with nothing but the GM card funny money down.

I know $25,400 doesnt qualify me for the lowest price, but I think 23,400 just might.

 

[SDMF Jon]

Tom, you're a CPA right (didn't I see that in another thread?)? What do you think of the term I was quoted?

 

[Tom]

Joh,
Your problem is the trade. I am geting the car for 31400 which is about 600 over invoice, but am getting the coupon and the rebate which brings it down to 25400.

The GMS price I got was 31,200 which would have cost me the 500 coupon and my gm card earnings.

if he lowers the selling price he will lower your trade. you know the deal. thats why i am taking the risk and selling my 93 Z28 6spd with 41k miles privately.

 

[SDMF Jon]

Actually, I just researched my trade online and they are low-balling me by about a grand. I think I'll pick up the car for an overnight test, and ask them to reconsider how much they're giving me on my trade. I want $8000 for it instead of $7000.

 

[SDMF Jon]

The GMS price I got was 31,200 which would have cost me the 500 coupon and my gm card earnings.

So can I use that figure as leverage when I negotiate? He's telling me their GMS pricing is 32729, which seems a bit high.

 

[iupui1299]

I thought GMS pricing on the GTO was 29, 8XX?

 

[iupui1299]

I may still go and talk to the dealer but I don't know if it's going to work. My wife wants to pay only about 250 a month. If the GMS is 29,865 and I add on my lease termination penalty it will be 31965 (approx). Then I take off the rebate and I get 26465. I doubt that I can get a 24 month lease for 250 with that price. What are these coupons people are talking about?

 

[Tom]

I think the 29865 is invoice on a GMS. When I went through the web to the site, the new window sticker was 31,188.79. that leaves 1335 in profit for the dealer.

The dealer i am working with is charging me $600 over invoice according to the other dealer that says he is selling it for 500 under cost.

1100 is a lot of money, but driving four hours and getting a color I like less (black instead of silver) cuts the savings down to about 500.

If i got it for the 29,865 I loose 2000 in gm card funny money and his 500 coupon.

coupons are something the dealer has.