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fourmoremarine said:
That's why they sell GAP insurance.Do not lease a vehicle without it...
Gap insurance covers the difference from what the car is worth and what you owe on it. It does not cover your upfront out of pocket. I know in NY (where I am from) all lease contracts require gap insurance.
 

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I leased my SLT 1/SLT 2 with Navi,RSE in January of this year.

I walked in with keys to my Acadia to turn that lease in and a pen.

I signed papers on a Terrain.$529/mo for 39 months with no money out of pocket.

Your dealer was either marking it up, giving you a crappy deal or not good at math.
 

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I'm shopping for a 2011 Terrain and was amazed at the monthly lease cost. Dealer quoted me 39 mo. SLT 1 V6, at invoice of about $32,000. Adding small extras and two months lease payment on my Acadia (GMC did pull me ahead two months). I'll use a MSRP of $34,000. The money factor of .00125 (APR= 3%) is reasonable. The catch is the leasing companies have lowered the residual value to an extremely low value (49% after 39 months).

So, with zero down on the lease (doesn't make much sense to give them my cash up front as there is very little monthly charge for cost of money) the monthly payment comes to around $500. Every percentage point increase in the residual value lowers the monthly payment by $8.00 or so. If the residual were 59%, the monthly payment would be about $425.

What's really happened with leases is that the rates are so low, they've played with the residual value to get their profit. Also, I'm coming off an Acadia lease where the residual was 62% on a 36 monther. That residual was higher than would have been expected, but interest rates were higher. Thus, the leasers were able to keep the total monthly cost lower.

Also when I leased the Acadia in '08 it was before the financial bust. Leasers have gotten much more conservative today. Leasers are having to settle for much less than the residual values at auction for cars coming off leases now.

So, get the best cash price, the best APR (money factor x 2400), and the highest residual value and you will have a fair deal.
 

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It appears the residual value is getting better. I believe when the vehicle came out it was in the low 40% range. As of July it was around 46-47%. Your latest quote puts it up to 49% which is improvement but is still not great. It needs to be in the 55-60% to get that lease price down to normal levels.
 
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Your lease rate sounds about right, especially if Canadian $. What was the interest rate

We Canadians usually pay about 20-35% more than the US for everything, not only cars, regardless of the exchange rate....and then add 13% sales tax on top (Ontario). In other words at the end of the day I almost paid $CDN for my Equinox AWD, V6, LTZ for what you guys get a Cadilac Escalade for.

Leasing is a waste these days. because money lending is tight and residuals are junk you loose so much purchasing power....it could be the difference between the base model on a lease and a top LTZ model for the same monthly payment by buying right out and financing.
 

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Someone correct me if I'm wrong, but I thought Ally (or whatever GMAC is calling themselves these days) wasn't leasing anymore in Canada.

Or are we talking about private leasing companies, like Ace.
 
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Yes, in Canada, you have the option of Ally or TD bank for leasing. Although I heard GMAC will be coming back soon. Maybe when GM goes public again.
These days it's best to buy it right out and find the lowest financing rate possible. Even if you get a low interest lease rate the residuals are so terrible that sometimes all you have to do is pay an extra $60/month more and for 1 extra year and you end up owning the vehicle right out.
 

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Read on the news today that GM will be offering a rent option in a couple of weeks for targetted cars.
 

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For financing... not for leasing

They don't lease now, but as others said, they could bring that back.


mmarges said:
Yes, in Canada, you have the option of Ally or TD bank for leasing. Although I heard GMAC will be coming back soon. Maybe when GM goes public again.
These days it's best to buy it right out and find the lowest financing rate possible. Even if you get a low interest lease rate the residuals are so terrible that sometimes all you have to do is pay an extra $60/month more and for 1 extra year and you end up owning the vehicle right out.
 

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OK. I don't mind telling you that my SRX, with a MSRP of $47,500 , negot price of $46K (USA) and total $3750 cash plus $1K GM points down,( includes tax, first month, bank fee, MV fees etc) with 12K miles a year lease, my pays are $650 a month/39 mos.! Don't put any more down than taxes first month, cause as previous posters said, if in an accident/theft situation, even with GAP, you usually loose all your downpay and taxes paid! Go light.....use the extra $$ to make your pays as suggested. Good advice from the others here.


Yes, these trucks cost plenty when loaded up....but I lease because at end of lease I have almost always been able to get a reduction in the residual price (GM cars only experience) if I want to then buy! So in other words, I get the option of saying "here it is,keep it" in 39 months, or buying it and few more years of pays if I really love her. This costs only a few more bucks more than an outright purchase when totaled. (unless you get ZERO percent purchase financing) I usually turn it in (kept a car only twice!) and use the $ I woulda spent on the tires and brakes coming due, as a part of the next downpayment again....

Now having said this , my daughter just leased a 2010 Malibu LT with everything but leather and a V-6, $25K MSRP, with $4K total (down pay,taxes, etc ) out of pocket and pays $159 a month! Yes there were some GM rebates of $3k total! That made a $100 a month pay difference, THX GM!


MM
 

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I envy you in the USA for the prices you pay for cars... i don't know why the car industry rob us like that here...

Motorman said:
OK. I don't mind telling you that my SRX, with a MSRP of $47,500 , negot price of $46K (USA) and total $3750 cash plus $1K GM points down,( includes tax, first month, bank fee, MV fees etc) with 12K miles a year lease, my pays are $650 a month/39 mos.! Don't put any more down than taxes first month, cause as previous posters said, if in an accident/theft situation, even with GAP, you usually loose all your downpay and taxes paid! Go light.....use the extra $$ to make your pays as suggested. Good advice from the others here.


Yes, these trucks cost plenty when loaded up....but I lease because at end of lease I have almost always been able to get a reduction in the residual price (GM cars only experience) if I want to then buy! So in other words, I get the option of saying "here it is,keep it" in 39 months, or buying it and few more years of pays if I really love her. This costs only a few more bucks more than an outright purchase when totaled. (unless you get ZERO percent purchase financing) I usually turn it in (kept a car only twice!) and use the $ I woulda spent on the tires and brakes coming due, as a part of the next downpayment again....

Now having said this , my daughter just leased a 2010 Malibu LT with everything but leather and a V-6, $25K MSRP, with $4K total (down pay,taxes, etc ) out of pocket and pays $159 a month! Yes there were some GM rebates of $3k total! That made a $100 a month pay difference, THX GM!


MM
 

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I'm still confused. You CAN or CANNOT lease from GM in Canada?

Also, GM Canada's financing arm became Resmore Trust during the bailout and is now referred to as Ally.

If I had an option to lease an SRX (panoramic, AWD, nav, 20" wheels) for the same payment as Terrain finance, I would have! I don't really care how my transportation dollar is spent... I just don't want to have to drive the same vehicle for many years.
 
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