Hi all, first time poster here. Just got a loan approval for a lease on 2019 Chevy Equinox FWD 1LT equipped with Confidence and Convenience Package ($1,945.00), Cargo Package ($185.00), Sun and Navigation Package ($2,390.00)
**MSRP: $32815 (Base: $28,295.00+installed options: $4,520.00)
**Selling Price: $31,111.73
**Acquisition Fee: $650.00
**Dealer doc fees: $75.00 (lower because of my employer discount)
**Monthly Payment: $298.00
**Cash Due at Signing: $500 (First month + $202.00 gov. fees)
**Incentives: $3,640 (GM Direct Supplier, plus few other)
**Residual: 60% ($19,689.00)
**Region: North NJ
**Leasehackr Score: 8.8 years
Does this look ok?
At first glance it’s below 1% with basically only first month down, but that dealer discount seems pretty low to me. We’d probably need a breakdown of the rebates, and if the Supplier discount is resulting in a fixed price, or if that’s being applied as CCR.
Do you qualify for loyalty or Conquest? What’s your zip code? For a random North Jersey zip code I’m coming up with 1640 in rebates not including loyalty, Conquest, or whatever you are getting from the supplier discount. Your zip code might change that though.
Hi, thanks for reply. I believe the sale price comes from supplier discount, but I’m not sure whether is fixed or not. The printout I had from employer also listed purchase bonus cash $1000 and consumer cash $500. I qualified for conquest discount since I’m returning Honda lease. With my zip code, 07083, I believe I came up with the same rebates, $1640.
You should be at $3140.00 total in rebates before any supplier or anything else if you have a competitive lease. Does this deal include any negative equity or anything like that from the Honda? You should have 1500 for comp lease, 500 CCR, 750 CCR and 390 CCR. Those are the rebates that stack. You should be able to negotiate a better selling price before the rebates. My guess is that the extra 500 in your rebate total is 500 in CCR from the supplier program. I’d push for more dealer discount, a selling price of around $29,500 or so before any of the rebates are applied. 10% off a Chevy before rebates is something that is achieved regularly around here.
asian conquest might be coming up in a couple of weeks… if you have a car that qualifies you should wait.
We ASSUME it’s coming, you never know. Also, you won’t know for sure what other incentives will be available, whether the residual and money factor will change for the worse, etc. That’s just the game we play.
Unfortunately my lease is ending in a week or so
Yeah, I had a feeling they could have come down a bit more, but they were my third Chevy dealership. First two basically laughed at me when I asked for $250/month with zero drive off. One of them offered $358 as their best, crazy.
No negative equity from Honda.
Is this Schumacher? If it were me I’d tell them that you’ll sign for 265 a month, zero drive off. You might be leaving a dollar or two on the table, but that’s a fair deal with those numbers, incentives and a good dealer discount.
Terrain SLE FWD 24mos or SLT FWD 36mos would be cheaper.
Yup, good guess! I’ll try that tomorrow. Thanks for all input.
I didn’t look at the Terrain to compare, but that’s a good point. It’s essentially the same car. SLT might be nicer. The rebates are definitely a little higher, but I think the RV and MF are worse though, at least on the SLT.
They do look almost the same. It may sound silly, but I didn’t like those “Accord alligator” headlights on Terrain for some reason.
SLT FWD is the most hackable 36mo lease right now. Working on one myself. Just gotta find one with no options. It’s way nicer than the Equinox IMO.
OP said its a Honda, which I believe offer extensions. I suppose it’s something to think about if they will offer one more month or something.
They had Asian Conquest for the last two years. I think it’s worth the gamble. Could be an extra $2-$3k waiting for a month, but yes, it would be a calculated risk.
It’s potentially an additional 1500, since existing Conquest is 1500. Definitely not chump change, but that could be offset by lower incentives elsewhere, as well as worse numbers. Knowing that, I’d probably wait if possible, unless I had a GM card top off expiring this month.
Good point about the Conquest.