New Leasing Info
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Joined: Sep 2013
Posts: 72
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New Leasing Info
A little bird told me the C7 will have a leasing program within the next 2 weeks, expected residual will be 61% on 36 months and money factor should be in the 4% range. Wouldn't give me much more details than that, hoping this is true (source does work for GM).
Either way, I will be leasing since I will be scooping this up just to hold me over until the Z06/7 variation comes out ;-)
Either way, I will be leasing since I will be scooping this up just to hold me over until the Z06/7 variation comes out ;-)
Le Mans Master
Joined: Sep 2004
Posts: 7,978
Likes: 1,854
From: North/Central NJ - a.k.a. Gotti in the CFNE section
St. Jude Donor '05
4% is a .00166 MF (money factor)
That isn't bad, but not great either.
61% residual is probably with 10 or 12K miles... if 12k miles add 1% for 10K, or -1 or -2% for 15K miles.
So if MSRP.. here is a hypothetical for you all.
The 2LT, Z51 car I want has an MSRP of $63,405...
If I did a 12K mile lease assuming 61% residual.
My monthly payment is $941 and that is with NJ 7% sales tax in payment.
If I get $5K off MSRP my payment is $869 with NJ 7% sales tax.
Again... rough numbers
That isn't bad, but not great either.
61% residual is probably with 10 or 12K miles... if 12k miles add 1% for 10K, or -1 or -2% for 15K miles.
So if MSRP.. here is a hypothetical for you all.
The 2LT, Z51 car I want has an MSRP of $63,405...
If I did a 12K mile lease assuming 61% residual.
My monthly payment is $941 and that is with NJ 7% sales tax in payment.
If I get $5K off MSRP my payment is $869 with NJ 7% sales tax.
Again... rough numbers
Instructor
Joined: Jan 2006
Posts: 122
Likes: 0
From: Pearland Texas
Drifting
Joined: Sep 2013
Posts: 1,505
Likes: 13
Instructor
Joined: Jun 2013
Posts: 136
Likes: 6
You shouldn't put money down on a lease, ever. Not even a down payment as most leases require--just have them roll that into the payments. Reason? The lending institution owns your car flat out, not you. Meaning if you paid 30k for the entire lease term in one lump sum and the car gets totaled on the way home from the dealer, guess who gets the insurance check? Hint; Its not you.
Racer
Joined: Sep 2004
Posts: 493
Likes: 109
From: Central California
You shouldn't put money down on a lease, ever. Not even a down payment as most leases require--just have them roll that into the payments. Reason? The lending institution owns your car flat out, not you. Meaning if you paid 30k for the entire lease term in one lump sum and the car gets totaled on the way home from the dealer, guess who gets the insurance check? Hint; Its not you.
Drifting
Joined: Sep 2013
Posts: 1,505
Likes: 13
I agree with slowhatch, putting anything down on a lease is bad business. In the lease business it's called "Capital Reduction". It's a ploy to get your monthly payment down. Just don't do it.
Oh, and if you do lease make sure your insurance company puts lease protection on your policy. It's basically gap insurance to make sure you don't end up owing money to the leasing company if the car is totaled and your payoff is higher than the insurance settlement.
Oh, and if you do lease make sure your insurance company puts lease protection on your policy. It's basically gap insurance to make sure you don't end up owing money to the leasing company if the car is totaled and your payoff is higher than the insurance settlement.
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Racer
Joined: Sep 2004
Posts: 493
Likes: 109
From: Central California
I agree with slowhatch, putting anything down on a lease is bad business. In the lease business it's called "Capital Reduction". It's a ploy to get your monthly payment down. Just don't do it.
Oh, and if you do lease make sure your insurance company puts lease protection on your policy. It's basically gap insurance to make sure you don't end up owing money to the leasing company if the car is totaled and your payoff is higher than the insurance settlement.
Oh, and if you do lease make sure your insurance company puts lease protection on your policy. It's basically gap insurance to make sure you don't end up owing money to the leasing company if the car is totaled and your payoff is higher than the insurance settlement.
Le Mans Master
Joined: Sep 2007
Posts: 5,526
Likes: 16
From: Mechanicsburg Pennsylvania
4% is a .00166 MF (money factor)
That isn't bad, but not great either.
61% residual is probably with 10 or 12K miles... if 12k miles add 1% for 10K, or -1 or -2% for 15K miles.
So if MSRP.. here is a hypothetical for you all.
The 2LT, Z51 car I want has an MSRP of $63,405...
If I did a 12K mile lease assuming 61% residual.
My monthly payment is $941 and that is with NJ 7% sales tax in payment.
If I get $5K off MSRP my payment is $869 with NJ 7% sales tax.
Again... rough numbers
That isn't bad, but not great either.
61% residual is probably with 10 or 12K miles... if 12k miles add 1% for 10K, or -1 or -2% for 15K miles.
So if MSRP.. here is a hypothetical for you all.
The 2LT, Z51 car I want has an MSRP of $63,405...
If I did a 12K mile lease assuming 61% residual.
My monthly payment is $941 and that is with NJ 7% sales tax in payment.
If I get $5K off MSRP my payment is $869 with NJ 7% sales tax.
Again... rough numbers
Good Info - thanks for the calculations
If you do get $5k off MSRP, let everyone here know who-what-when-why and where !!!!