2019 GMC Canyon Rate - Verification Please

Ask the Hackrs
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1

Hi Everyone,

I’m talking with a GMC dealer in Minneapolis about a 2019 GMC Canyon, Denali package. The lease rate I’m getting from the dealer is significantly higher than the calculator output. I’m hoping you all can help verify that I entered everything correctly, and/or I’m a dolt and used the calculator incorrectly…

Info from the dealer:

  • 12k miles/24 mo
  • MF: .00154
  • RV: 72%
  • Dealer lease quote: $497/month
  • MSRP: $45,300
  • Selling price: $36,301

LeaseHackr Calculator:

  • based on the RV/MF - the calculator is spitting out $288/mo. Drive off $1,308

Link - leasehackr.com/calculator?make=GMC&miles=12000&msd=0&msrp=45300&sales_price=36301&months=24&mf=.00154&dp=0&dealer_fee=85&acq_fee=650&taxed_inc=0&untaxed_inc=0&rebate=0&resP=72&reg_fee=400&sales_tax=7&demo_mileage=0&memo=&totalLeaseTax_radio=true

2

The Calc doesnt have correct rates. You’ll need to ask at Edmunds for the correct rate. I wouldn’t be surprised if .00154 is correct though. GM has been bumping rates on more popular units…supply and demand.

As far as numbers go, would need to see the lease worksheet to see what they are doing. Ask them for it.

3

The MF I have listed is from the dealer, it wasn’t auto-populated in the calc.

4

Get the lease worksheet

5

Will do, thanks for the info. Just curious, what does the lease worksheet typical include. does this just show how they’re getting to the lease price?

6

There is no possible way you are getting a 20% discount. You need to get the actual selling price, the incentives applied, and any cap adds that the dealer has put in.

7

20% discount sounds really high. Are you sure that sales price wasn’t only valid for a purchase? Get the lease worksheet from the dealer to get all the detailed information.

8

The $36301 is the selling price for the lease. The purchase price was $38k and change. I clarified this with the dealer bc certain incentives only applied for the purchase. I have true supplier pricing and the GM loyalty incentive. I’ll work on getting the lease worksheet to see the detailed info.

9

Supplier pricing is like 5% off not 20%. You can find it here: https://www.gmsupplierdiscount.com/build-and-price/

Again, you need to get the incentives and put them in the taxed incentive field.

10

The worksheet shows how they got the $497 payment. :popcorn:

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11

Here’s what I got – the update from my original post is that I switched to 36/mo, 12k miles. The -$1342 is for buyout of my current lease. Do these numbers make sense? I’m struggling with why the original sale price I was quoted of $36301 changed so significantly.

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12

$41,551 - $5250 rebates = $36,301

As is typical, the selling price included rebates.

What is the deal with the residual adjustment of +2% (+$906)??? Is it the base 15k mile rate then adjusting it +2 for the 12k term?

Also the MF appears to be marked up from .00129 to .00179.

13

Have you gotten quotes from carvana, etc on your trade in?

14

Right, the residual was originally calculated at a “base” of 62%, then they added in the extra 2% under that mileage adj.

good call on the MF, I didn’t see that

15

I have not. He showed me the quote he was getting and it seemed legit. I’ll check though.

16

Do you follow what the “cash/equity deficiency” of $3,908 is? Showing again as a price adjustment as well.

17

Sadly, the 8.3% dealer discount you have is pretty good for GM.

The marked up MF is costing you $34.92 per month or $1257 over the life of the lease.

I’d get the rate to base, then email it to all GMC dealers within driving distance asking them to beat it. Perhaps someone is willing to throw some dealer cash at it to meet monthly sales goal.

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19

Thanks, boss. appreciate your knowledge.

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20

It appears to be ‘trade equity + inception fees’.

What is it that they’re only giving you $1000 for??? Cheap cars that run are an easy/fast sell privately.