Lease Quote Doesn't Make Sense

[Jeff91]

Hi all -

Test drove a GT Premium today (which I loved), but I'm having some trouble making sense of the lease numbers. Hoping someone could help explain them.

I qualify for X Plan pricing so:

Sale Price: $36,132
-Trade in value: $16,250
+Lien Payoff: $8,760
+Tax/Title/etc: $1,500
Balance due: $30,200

36mo/12k mi per year lease quote of $458/mo.

Does that seem right? That seem's incredibly high. They didn't tell me what the residual value or the money factor was they used..aren't these 2 important pieces? I feel like they must be using a really low res value to get that kind of payment...Thoughts?

I've never leased a car (only financed) so this is all pretty foreign to me.

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[cognizantphotos]

Rule number 1 in my book, never trade in something you own for something you never will. You'll lose your asset forever, and gain absolutely nothing.

 

[Jeff91]

Rule number 1 in my book, never trade in something you own for something you never will. You'll lose your asset forever, and gain absolutely nothing.

Fair point, and something I've obviously considered. At the end of the day, I know that my personality lends itself to wanting to get something new every 3 years or so (unfortunately) and so I don't necessarily mind have the payment every month. Just trying to make more sense on these numbers...do you have any thoughts?

What kind of RV and MF have others been getting? If I use an RV of .59 and MF of .002, I get payments closer to $330 on the calculators online.

 

[Socalmustang]

put this into perspective...

is it really worth to drive the car for 3 years at 458/month and pay a total of $16,488 for up to 36k miles and get nothing back in return?

 

[cognizantphotos]

Fair point, and something I've obviously considered. At the end of the day, I know that my personality lends itself to wanting to get something new every 3 years or so (unfortunately) and so I don't necessarily mind have the payment every month. Just trying to make more sense on these numbers...do you have any thoughts?

What kind of RV and MF have others been getting? If I use an RV of .59 and MF of .002, I get payments closer to $330 on the calculators online.

Everywhere I've read online states the GT is a horrible car to lease, i think the numbers are brutally close to financing. Don't forget as well, when leasing you have to pay higher insurance premiums, when you lease you have to do 100/300. If your heart is truly set on leasing, do the trade in, and the lease separate. Pocket the money from the trade in, and make your regular monthly lease payments. If you put money down on the lease towards the cap, you lose it in the event of an accident. If you truly want to bring down cost, ask about an MSD (multiple security deposit). Essentially what it is, you make 9 future payments to bring down the cost; but in the end you get all your money back. It equates to something along the line of a 5% ROI, which obviously is better then putting it into a savings account.

 

[Legionofone]

Beat up on that price more...

I paid 31K for my base gt, get them to knock off 1-2K more...

 

[MikeD1]

#1 what cognizantphotos said !!

#2 why is there sales tax & title in the deal? with a lease, you pay sales tax monthly on the payment amount. Leasing Co. hold title, never the "buyer". All you do is put a tag on it. Is the dealer pocketing that extra $1200+ ??

#3 payment seems high, what is the residual & money factor ?

 

[Jackie Chan]

Where in fl?

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