Lease??
Pro
Joined: Oct 2000
Posts: 564
Likes: 0
From: Riverview Florida
So far I've gotten a 'rough' quote from my dealer.
MSRP $65,330 2K down, 5K miles per year, 3 years = $1,027/mo
Car isn't built yet (TPW 2/17) I would hope for much better when the car gets to the dealer and we really get down to it
Racer
Joined: Feb 2005
Posts: 254
Likes: 2
From: Beachwood (Cleveland) Ohio
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
Moderator
Joined: Feb 2006
Posts: 39,079
Likes: 17,935
From: DFW Area TX
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
I would consider Ally's admin fee to be the cost of GAP insurance which they provide with every lease. Regardless, it is a much better lease than his dealer offered.
I wouldn't know about real winter.
Instructor
Joined: Jan 2014
Posts: 183
Likes: 7
From: Texas
I leased my Z51 3LT for 39 months at $1015 per month, just first payment down. As a matter of fact, I have leased EVERY car that I have driven (except for one car loan was ZERO percent) for the past 30 years, starting with a 1984 Camaro Z-28, when the concept was very new. There have probably been about 20 cars between my wife and I. I leased my other two Corvettes also. And I probably ended up buying 1/2 of those leases at the end of the lease. Most of the rest I used as a trade for my next car. I actually only walked away from 2 of them (turned them in). The ones I turned in were over mileage, but the penalties were forgiven because I was a repeat customer. A lease is exactly the same as a loan, except it's a loan with a optional balloon payment at the end. And you have the power to exercise it or not. Like the car? Buy it..... Bored with it?; trade it in or sell it. All the same options are available to you as if you had a regular loan.
Instructor
Joined: Nov 2013
Posts: 102
Likes: 10
From: Suburban Philly PA
I generally lease too, but no smart deals on this car and won't be for a while. My 3LT Z51 w/ $71k sticker is under $1100/mo for 72 months. Essentially nothing down. how could you lease if cost is same?
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Instructor
Joined: Dec 2013
Posts: 100
Likes: 0
He is way off. Here's a rough estimate I got from a very reputable dealer
~5k down w/o taxes and fees (closer to ~10K out the door)
39 month lease
5k miles/year
~630/month
edit: this is for a 3LT Z51 with a MSRP of $65k
remember this is money you are technically signing away, but to each his own. Also ALLY does over MSD's on their leases.
Last edited by gootz; Jan 31, 2014 at 04:26 PM.
Burning Brakes
Joined: Jan 2001
Posts: 901
Likes: 2
From: Deptford, NJ
These lease numbers seem so high. A couple of years back I leased a $90k Porsche 911 and with $5k down and 10,000 MPY my payment was $1099.00. There was a strong 6k discount on the car and I assume a better residual value but still...
Team Owner
Joined: Jan 2002
Posts: 24,569
Likes: 35
From: Spring Branch TX
St. Jude Donor '14,'18,'21
Burning Brakes
Joined: May 2008
Posts: 1,146
Likes: 28
From: Aledo, TX
Le Mans Master
Joined: Aug 2000
Posts: 6,486
Likes: 1,659
From: Las Vegas NV
Any dealers (forum or otherwise) offering good leasing deals? Every one I've tried has either said "no leasing" or given no response whatsoever. The local dealer where I bought my last new Chevrolet even told me that "GM wasn't allowing leasing on ANY C7" (they're still marking up every new C7 $5,000+ over MSRP, so I'm not buying there anyways!).
Any help?
Any help?
Last edited by Kent1999; Feb 2, 2014 at 07:30 PM.
Burning Brakes
Joined: Mar 2002
Posts: 993
Likes: 81
From: Lake Havasu, AZ.
Not a low payment with a balloon......different animals.
People lease to get a low payment....
Great rate, but big payment, due to financing the whole amount.
The purchase finance with balloon gives the lowest monthly payment,
low to no down, ties up the least amount of cash, up front and each month, so you can invest it, and does not have the pitfalls of a lease.
Gap insurance is included in the Pen Fed deal.
People lease to get a low payment....
Great rate, but big payment, due to financing the whole amount.
The purchase finance with balloon gives the lowest monthly payment,
low to no down, ties up the least amount of cash, up front and each month, so you can invest it, and does not have the pitfalls of a lease.
Gap insurance is included in the Pen Fed deal.
Racer
Joined: Aug 2003
Posts: 336
Likes: 0
Not a low payment with a balloon......different animals.
People lease to get a low payment....
Great rate, but big payment, due to financing the whole amount.
The purchase finance with balloon gives the lowest monthly payment,
low to no down, ties up the least amount of cash, up front and each month, so you can invest it, and does not have the pitfalls of a lease.
Gap insurance is included in the Pen Fed deal.
People lease to get a low payment....
Great rate, but big payment, due to financing the whole amount.
The purchase finance with balloon gives the lowest monthly payment,
low to no down, ties up the least amount of cash, up front and each month, so you can invest it, and does not have the pitfalls of a lease.
Gap insurance is included in the Pen Fed deal.
Is Corvette's residual high enough that if you sold it after 3 years you wouldn't lose your ***?
Pro
Joined: Sep 2007
Posts: 595
Likes: 5
From: Minneapolis MN
The catch is if the car is not worth the balloon payment amount at the end of the term (3, 4 or 5 years), you eat the difference. You could always finance the balloon payment or pay it outright and keep the car. In general its a good deal, but does carry some risk.
Pro
Joined: Sep 2007
Posts: 595
Likes: 5
From: Minneapolis MN