This is exactly why I asked as many details as possible!
Lease??
Race Director
Joined: Aug 1999
Posts: 17,541
Likes: 2
From: Manhattan, KS Missing SoCal since 2005
I've leased several cars through ACS in Cincinnati. Good folks to deal with.
My strategy was always to get pre-approved (lease or loan) before going shopping, knowing about how much $$$ I was going to pay. That way, when you go into the dealership, you are basically a cash-buyer, and you have a lever with the finance department to either get a better financial deal, or just say "here's the money. take it or leave it."
The dealer is NOT going to turn that down.
btw, this all happens AFTER you've negotiated the price for the new car, and THEN the price for your trade. Don't fall into the "difference" trap, or the "How much do want your payments to be?" question.
My strategy was always to get pre-approved (lease or loan) before going shopping, knowing about how much $$$ I was going to pay. That way, when you go into the dealership, you are basically a cash-buyer, and you have a lever with the finance department to either get a better financial deal, or just say "here's the money. take it or leave it."
The dealer is NOT going to turn that down.
btw, this all happens AFTER you've negotiated the price for the new car, and THEN the price for your trade. Don't fall into the "difference" trap, or the "How much do want your payments to be?" question.
Race Director
Joined: May 2006
Posts: 16,854
Likes: 535
1. How many $52K C7's are ya gonna find on the lot? Eh?
2. No mention of the money factor - probably very high
3. Notice the "administrative - i.e. added profit - fee?
4. It is a decent residual so long as you don't keep the car at lease end.
5. I repeat - how many people reach for a C7, but only settle for a stripped, base model?
Leasing a sports car is a lesson in frustration for those of us who experience real winter. Paying hundreds of dollars for 4 months or more for a car under a cover and in a garage is no way to enjoy the car for Pete's sake!
Doug
2. No mention of the money factor - probably very high
3. Notice the "administrative - i.e. added profit - fee?
4. It is a decent residual so long as you don't keep the car at lease end.
5. I repeat - how many people reach for a C7, but only settle for a stripped, base model?
Leasing a sports car is a lesson in frustration for those of us who experience real winter. Paying hundreds of dollars for 4 months or more for a car under a cover and in a garage is no way to enjoy the car for Pete's sake!
Doug
The Residual Value is probably the same on a 2LT and 3LT Non Z51.
All they are doing is using a 1LT with no options as an example to catch everyone's attention with a payment under $600.
(They state $2499 D.A.S. ($1900 DP + another $599) There is no explanation in that ad about what the $599 is for. It's not the closely priced $595 Admin fee as that is already rolled into the lease. So they have some splainin' to do.)
I ran all those same lease terms on a $63k MSRP Non Z51 with a $3k discount off MSRP, and took the unnecessary $1900 down payment out of the equation and get a payment of $704 + tax.
Easy to punch in all their lease terms on http://www.leaseguide.com/calc.htm Punch in all their terms, then take a few stabs at which MF gets you to a pmt of $599
Last edited by RedC7AZ; Feb 8, 2014 at 09:41 AM.
Advanced
Joined: Dec 2013
Posts: 83
Likes: 2
From: Marina del Rey California
Reviving this older thread as I'm curious to see/hear about recent lease deals on the C7. Would like details about money factor, money down or not, lenght of lease and mileage allowance...and more importantly residual value.
All insights appreciated.
Thanks!
All insights appreciated.
Thanks!
Le Mans Master
Joined: Apr 2005
Posts: 7,361
Likes: 4,802
From: West Burbs of Chicago IL
I've leased and purchased in the past, but right now the lease rates suck. In my book, for a lease to be worthwhile you've got to be 20-25% less minimum than a traditional loan, for it to be worth being locked in for a period of time and mileage.
Advanced
Joined: Dec 2013
Posts: 83
Likes: 2
From: Marina del Rey California
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Racer
Joined: Aug 2003
Posts: 336
Likes: 0
MF on that offer is .00183. Relatively high
The Residual Value is probably the same on a 2LT and 3LT Non Z51.
All they are doing is using a 1LT with no options as an example to catch everyone's attention with a payment under $600.
(They state $2499 D.A.S. ($1900 DP + another $599) There is no explanation in that ad about what the $599 is for. It's not the closely priced $595 Admin fee as that is already rolled into the lease. So they have some splainin' to do.)
I ran all those same lease terms on a $63k MSRP Non Z51 with a $3k discount off MSRP, and took the unnecessary $1900 down payment out of the equation and get a payment of $704 + tax.
Easy to punch in all their lease terms on http://www.leaseguide.com/calc.htm Punch in all their terms, then take a few stabs at which MF gets you to a pmt of $599
The Residual Value is probably the same on a 2LT and 3LT Non Z51.
All they are doing is using a 1LT with no options as an example to catch everyone's attention with a payment under $600.
(They state $2499 D.A.S. ($1900 DP + another $599) There is no explanation in that ad about what the $599 is for. It's not the closely priced $595 Admin fee as that is already rolled into the lease. So they have some splainin' to do.)
I ran all those same lease terms on a $63k MSRP Non Z51 with a $3k discount off MSRP, and took the unnecessary $1900 down payment out of the equation and get a payment of $704 + tax.
Easy to punch in all their lease terms on http://www.leaseguide.com/calc.htm Punch in all their terms, then take a few stabs at which MF gets you to a pmt of $599
Melting Slicks
Joined: Jul 2004
Posts: 2,574
Likes: 615
From: Springfield TN
That is more like it.
Frankly, most car companies make way more from their finance arm than from their car sales arm--the first thing a car company should do is put a good lease package in place for their new cars, lease a bunch of them, and then securitize the leases into a pool and sell bonds.
Frankly, most car companies make way more from their finance arm than from their car sales arm--the first thing a car company should do is put a good lease package in place for their new cars, lease a bunch of them, and then securitize the leases into a pool and sell bonds.
Intermediate
Joined: Feb 2014
Posts: 37
Likes: 0
From: Houston TX
The extra $599 is for the first payment. If you purchase the first payment is due in 30-45 days. If you lease, the first payment is due on delivery.
Instructor
Joined: Apr 2014
Posts: 128
Likes: 0
Race Director
Joined: Jan 2000
Posts: 12,375
Likes: 406
From: Florida
They are also good if you live in a high sales tax state like Cali that still allows you to pay only that portion of tax applicable to the cap value being amortized. Especially if you intend to leave said state before the lease is up.
That said, leasing to the financially ignorant is an easy way for unethical dealers to pad extra profit into the sale, so sharpen those pencils, bring the financial calculator with you, and caveat emptor.
That said, leasing to the financially ignorant is an easy way for unethical dealers to pad extra profit into the sale, so sharpen those pencils, bring the financial calculator with you, and caveat emptor.
Last edited by TTRotary; Apr 23, 2014 at 05:54 PM.
1st Gear
Joined: Apr 2014
Posts: 1
Likes: 0
From: Vero Beach FL
I'm new to Chevrolet, so I'm a little confused. Hopefully I can get some education here 
Coming from a BMW background, leasing a C7 appears to be very difficult right now. If I were to call my BMW sales advisor right now and ask him what the 10k/yr residual and money factor on an M6 is, he could pull out a piece of paper and tell me within 5 minutes. With that information, I can configure a car and run the numbers myself, so I know whether it even makes sense to talk to him about buying one.
I've stopped in a couple of Chevrolet dealers and they all gave me a confused look when I inquired about leasing specifics for a Corvette. It's like no one in the place had ever heard of residual and money factor.
I don't want to pester a bunch of dealers when I'm just trying to figure out if a C7 is even in the price range I'm considering. Residual has a huge impact on the cost of a lease, so I'd really like to find that out before I go hunting for a car.
Does anyone have any good resources for residual and money factor information on the C7?
Coming from a BMW background, leasing a C7 appears to be very difficult right now. If I were to call my BMW sales advisor right now and ask him what the 10k/yr residual and money factor on an M6 is, he could pull out a piece of paper and tell me within 5 minutes. With that information, I can configure a car and run the numbers myself, so I know whether it even makes sense to talk to him about buying one.
I've stopped in a couple of Chevrolet dealers and they all gave me a confused look when I inquired about leasing specifics for a Corvette. It's like no one in the place had ever heard of residual and money factor.
I don't want to pester a bunch of dealers when I'm just trying to figure out if a C7 is even in the price range I'm considering. Residual has a huge impact on the cost of a lease, so I'd really like to find that out before I go hunting for a car.
Does anyone have any good resources for residual and money factor information on the C7?
Instructor
Joined: Apr 2014
Posts: 128
Likes: 0
I'm new to Chevrolet, so I'm a little confused. Hopefully I can get some education here
Coming from a BMW background, leasing a C7 appears to be very difficult right now. If I were to call my BMW sales advisor right now and ask him what the 10k/yr residual and money factor on an M6 is, he could pull out a piece of paper and tell me within 5 minutes. With that information, I can configure a car and run the numbers myself, so I know whether it even makes sense to talk to him about buying one.
I've stopped in a couple of Chevrolet dealers and they all gave me a confused look when I inquired about leasing specifics for a Corvette. It's like no one in the place had ever heard of residual and money factor.
I don't want to pester a bunch of dealers when I'm just trying to figure out if a C7 is even in the price range I'm considering. Residual has a huge impact on the cost of a lease, so I'd really like to find that out before I go hunting for a car.
Does anyone have any good resources for residual and money factor information on the C7?
Coming from a BMW background, leasing a C7 appears to be very difficult right now. If I were to call my BMW sales advisor right now and ask him what the 10k/yr residual and money factor on an M6 is, he could pull out a piece of paper and tell me within 5 minutes. With that information, I can configure a car and run the numbers myself, so I know whether it even makes sense to talk to him about buying one.
I've stopped in a couple of Chevrolet dealers and they all gave me a confused look when I inquired about leasing specifics for a Corvette. It's like no one in the place had ever heard of residual and money factor.
I don't want to pester a bunch of dealers when I'm just trying to figure out if a C7 is even in the price range I'm considering. Residual has a huge impact on the cost of a lease, so I'd really like to find that out before I go hunting for a car.
Does anyone have any good resources for residual and money factor information on the C7?
