[Jrodnj]

I am in NJ and have heard rumors of a GMAC 24 month Smart Lease at $199 a month, $0 Down, 12,000 miles per year. Can anyone confirm or deny before I lose my mind entirely.

Also GM Card Question. I applied last week, have not heard anything. Might I be eligble for new enrollment bonuses? Can dealer check this against Card Member Services?

C'mon guys, I need all the help I can get. Sick of driving hairdryer powered FWD sedans, and an ill handling air cooled anachronism

 

[Tom]

Watch what you say about the P car. we will send you to www.porscheforum.com if you are not careful

Check on www.gmbuypower.com to see what the lease deal is. The numbers there are fairly accurate. The big thing is the residual. what are they selling the car for vs the residual.

 

[Jrodnj]

I'm fully aware of the residual values and money factors on the car. I started such a huge stink on vwvortex.com that literally 10 people have gone and taken delivery of 2004 GTO's.

The GM Buy Power site doesn't list special lease offers, at least that I can find, only financing options/rebates.

According to my numbers I should be around $215 a month for 3 years, 0 down, 12k a year for a car with a selling price of 23,700 (what every dealer I have spoken to has agreed to) Invoice minus 5500 minus 3 Certs and a small dealer discount.

But still $199 a month for two years? I'm tempted to take two if it's true.

 

[Tom]

there is no special offer, it is just massaging the numbers. they have the payment calculators. punch in a selling price of 23700 and you should have your number.

I saw a low price lease ad from a dealer in the bronx or yonkers on automatics a week or so ago.

 

[radandy]

Mine went like this:
stickered at 33,XXX
GMS discount to 29K
5500 rebate
$500 'dealer check'
with only $550 down I'm at $259/month for 36 month/ 12K miles

and STOKED.... :cool

 

[o2man98]

What kind of residuals are you guys seeing on the leases?

 

[Tom]

18585 after three years on the smartbuy

 

[radandy]

18585 after three years on the smartbuy

about the same here; oh well, three years to save up some $$ to put down on it...

 

[Tom]

about the same here; oh well, three years to save up some $$ to put down on it...

Are you nuts? at 18500 I will turn the car in and get one from the classifieds for 12k.

 

[Jrodnj]

So no one can actually confirm or deny a GMAC Sponsored 2 year Smartlease with the terms I listed? E-mailed 10 dealers today, will start calling in the AM. First one to bite Ill leave a deposit on the phone and pick it up on wednesday

 

[carguy]

Dont't do it cause once u do ur locked in and spenden money and in the end u have nothing to show for the money u've spent, it sucks... Just save up for a down payment.

 

[Jrodnj]

I think I can afford two years of fun for less money than a Hyundai Elantra. I don't need the pros and cons of leasing vs financing, I am well aware of them.

According to my numbers here is where I am for a 2 year lease. I wouldn't want to own the GTO. In 5 years it may be a worthless, rattling pile, and I don't want to deal with that. And I wouldn't tie up a huge sum of money on a down payment anyways. No more than 10% if financing. Interest rates are so low on borrowing that I'd prefer to let my money work for me in other ways.

Invoice minus 5500 minus 1500 in certs (7000 total discounts from invoice) should put me basically at the 23,700 number I've been getting.

23,700 - (33,190 x 62%) = 23,700 - 20577 = 3123

3123/24= 130


Interest = 23,700 + 20,577 = 44,277 x .00146= 64

130+ 64= 194

194 x 1.06 = 205.64

 

[Tom]

Gotta get some of those gm card roundup points too.

check the difference between a lease and smartbuy. the residual on the smartbuy after three years at 12k a year was 56%.

the question is when will the resid drop. i say 1/4 it drops like an anchor.

 

[ex-stang]

One of the dealers here in Dallas is advertising a 24 month SmartBuy for $189 a month WITH $3000 down. Thats really about $315 a month with zero down (24 x $189 = $4536 + $3000 = $7536/24 = 315) to drive the car for two years. If I purchased at 23,500, with TT+L it would cost about 25,200. Subtract the 7536 and you get about 17,700. If I purchased I don't think the car would be worth 17,700 after two years so the SmartBuy would be better? I think a SmartBuy at 199x24 with zero down would be crazy good (4800 to drive a car two years ). Even 205 or 215 (X24 with zero down) would be better than buying and taking depreciation. Do my numbers make sense or am I out in left field somewhere, I'm new to this Lease/SmartBuy thing. :confused

 

[LotusMike]

I've seen $199/mo, $2k down, 24mo in NJ. These are slightly fuzzy numbers because the cap cost reduction doesn't include security deposit, 1st mo, and some BS fees. I'm not sure if it includes taxes either.

I was offered $275mo, zero down (but still writing a check for $750), 24mo. 12k miles/yr I assume. The NJ dealers are pretty hardcore about their "advertising fees".

I'm gonna drive it tomorrow.

 

[fresh]

Got mine today and did the 24 smart buy. My payment is about 540 with the 6k gm card and rebate. Only problem is I had 10k negative equity. Still good though . Lowered my payment and will be free in 2 years. A lease is great on these cars with a 62% residual. I'd take two if I had no negative equity. Go get it.

 

[Z16Z06]

Got mine today and did the 24 smart buy. My payment is about 540 with the 6k gm card and rebate. Only problem is I had 10k negative equity. Still good though . Lowered my payment and will be free in 2 years. A lease is great on these cars with a 62% residual. I'd take two if I had no negative equity. Go get it.

HOW did your payment get up to $540.00 a month???????????????????

with the 5500 off and you say 6 grand more of your GM card??

something doesnt sound right here. better head back to the dealership soon..

Like tomorrow!!

 

[LotusMike]

HOW did your payment get up to $540.00 a month???????????????????

with the 5500 off and you say 6 grand more of your GM card??

He was $10k under water on his last car. That means his net rebate was only $1500.

I'm not a big fan of "borrowing to get out of debt" but now fresh has a direct plan to be out from under car payments in 24 months. Buy a cheap beater with cash at that time fresh.

 

[Z16Z06]

He was $10k under water on his last car. That means his net rebate was only $1500.

I'm not a big fan of "borrowing to get out of debt" but now fresh has a direct plan to be out from under car payments in 24 months. Buy a cheap beater with cash at that time fresh.

Okay sorry i got ya now, he was upside down on the last car. Terms i've heard in leases.

Thanks for the explaination. Yeah thats a good way to turn that around in 2 years.

 

[jackofhearts]

I just leased one for 118 a month on a 2 year lease 0 down. I got 5500 back from the rebate, 6K from my GM card, supplier discount as well. Buy price was about 20,000 but I decided to take the 2 year lease instead. They were having a hard time finding GTOs. They were out of them on the lot and not expecting any until early next week. I bought one without even getting to drive one but for the price I couldn't say no either.