My 2019 equinox lease is coming to an end.
Although buying out seems tempting right now my family has grown and we need to move into a bigger size and I have always loved the Traverse; specifically the LT because of the captain chairs-and by far more legroom in the third row than other third row SUVs.
Anyway, I started calling around and going to different Chevy dealers and wanted to check if they are quoting me in the right area for a cloth 2022 Traverse LT.
First dealer was around $615 2nd was $591 and 3rd and best so far is $579 but we’re going there tomorrow to look at one asking them to bring it down to $560. (these are all prices with no money down by the way)
I currently pay $385 on my equinox and even the $579 price just seems more significant than my husband and I thought, but I also know that they are much more expensive right now. Should we be pushing for something lower still? They also told me they can appraise the car and may be able to offer equity once they see it but I don’t know if that’s just to get me in the place.
The great thing is my lease still has four payments left so we have time on our hands to sort of to walk away from some thing we don’t like, but they also said that they can wipe those payments clean; which I also want to make sure I’m not getting screwed and they’re just putting it into the payment somehow.
If you can do without the goodies in the LT look at this from a couple weeks back.
The LS seems to be the soft spot when it comes to trim.
Be sure you do your research and know the MF and RV going into the deal so that you know what a “good deal” is to you. You can get that information at edmunds.com.
Also…please put together a calculator so we can help you.
Check the 3rd parties for values on your trade so that you’re prepared to negotiate your equity.
Thank you for the helpful information. Yes I have been told by the dealers that the LS could easily get me into the price range we want to be in, which was the 400s.
Problem is The LS only has the second row as a bench and then we cant move the seats because of the car seats to get anybody else in the third row. So really have to get those captain chairs. (my kids are only 1 & 4) so we’re in car seat land for a while lol.
$41,955 is the price of the one that we’re looking at and my educators discount plus any other cash incentives. What else do you need for the lease calculator? I’m sorry I’m not 100% familiar with everything in that. I have already put everything in Edmunds which they actually have it around $600 and then the statistics said based on the last month the average LT car lease payment had been around 562 so it seems to be in the realm.
I guess I also wanna make sure that it is possible that they can forgo the last four times that I owe like they said? Any experience with that?
Sell the Equinox while it still has value. I just sold my 2020 Equinox LS with 11,700 miles for 24k. GM dealers only. Not sure if you can sell within last 6 months of contract though. $385 is quite a bit for an Equinox considering that 2019 models were being blown out for ~$200 on a 24 month lease.
It is practically impossible for us to tell you what a “good” monthly payment is for your specific lease as lease programs are highly dependent on region, personal qualifications, tax rates, etc.
We always recommend the following method before you ever contact a dealership. If you do all of the work up front, you’ll have a stress free dealer experience and set yourself for success.
Read Leasing 101 (EDITORIAL | LEASEHACKR) to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!! While you’re at it, be sure to watch the LH video (How to Use Leasehackr - YouTube) to brush up on how to most efficiently use the resources here.
Pick a specific vehicle that you want to target
Gather the current MF, RV and incentives from the LH Calculator - Lease Program Query or Edmunds forums for your zip code
Research the LH marketplace and other deals that have been made recently on your vehicle - what was their pre-incentive discount? How did their lease terms differ?
Plug your numbers into the LH calculator (CALCULATOR | LEASEHACKR), and use a pre-incentive discount similar to what you have seen
Create a target deal, this is what you’re trying to negotiate to. You can try different terms, selling price discount, etc. and see how your monthly payment is affected. It is also possible that different trims of your vehicle may have different MF and RV (i.e. this is very common with GM), so make sure that you look into that. Come up with a set of inputs that give you the output that you want - your desired monthly payment.
With a target price determined, you now have a deal to pursue and compare dealer offers against. More importantly, you have a solid foundation to work from.
GM (the manufacturer) does not buy out the lease. A dealership buys out your lease from GM Financial. You’re going to have to talk to more than one dealership to find the highest bid. Also get quotes from Rodo, Autonation and Equityhackr
