I am in the middle of a negotiation for a GMC Sierra 1500. Here are the emails thus far. Where should I go from here? My goal is to get that payment down closer to $500/mo.
Email to dealer:
Hi there, I would love to get a quote for a 36-month lease, $0 Down, 15k miles a year, residual value, and money factor. I am in the market for a new truck, and I already have a buyer for my current lease. Looking to make this happen quickly if the price is right. Thank you in advance!
Email back to me:
Hey James. $0 down, $778 x 39 months, 15k miles per year: Residual is 59%, residual amount is $34,656.60, money factor is 0.00188. Please let me know your thoughts. Thank you.
Email back to dealer:
Thank you for the quick response Steve and for laying it out quickly for me. I wish the residual was a bit higher, but not bad for 39 months. The money factor is a bit high, I would like to get that down by half. Also, are there any rebates or incentives to get the price of the truck down closer to 50k?
Email back to me:
Hi James. The truck is $58,740, the selling price is $55,632, that’s a $3,100 discount and the rebates are $2,250. I don’t have anywhere else to go, very tight margin. I’m leaving for the night and off tomorrow however I will still receive emails and texts.
Something seems a little off so there might be dealer add ons or my rough calculations are missing something. Either way, you’re looking at another $8K off minimum to get to $500 and even more if they have add ons they won’t remove. Are you basing your requests off of anything?
If you want a decent lease on a truck try a Ram 1500, Titan, or one of the brokers for a Tundra. You’re unlikely to get a deal on a GM truck or a Ford. My 64k ram is 499 a month and it’s been a great truck and great value. I compared it to the GMs and Ford and I thought it was far superior to them, especially in terms of the ride with the air suspension and the interior.
This is good info, thank you! What trim level did you get on your 1500? There is a Ram 1500 Limited with 15k off MSRP right now at one of my dealerships. Brings it down to 61k.
Having current, accurate information for residual value, money factor, and incentives is important in understanding your deal. As such, going directly to a source that has access to that data from the captive banks is your best option.
Rate Findr has that information, as they have direct access to it from the captive banks. It’s a tool on the Leasehackr Calculator, available to Super Supporters.
Laramie. And going above that trim isn’t beneficial, it really spiked payment w lower residual. I would choose the RAM over the other domestics regardless of the price tho. The GM just felt so cheap inside and I didn’t care for the way the f150 rode. I’d do a Tundra, I hear positive things.
This is all great, I appreciate it! I am leaning towards the Ram the more I keep researching it.
So, I keep finding deals on Ram Laramies in my area where they add bonus cash to the deal. Do I input this number into taxed incentives or lower the selling price? I am trying to find info on how to properly use the calculator on YT, but there is not much out there. Here is an example.
You can ask the guys at the Edmunds “xxxxx Lease Deals and Prices” forums for the model you are interested in. Review the threads there - they get it right much of the time.
@Clutch has some nice Titan Pro-4X One pay deals (<$4500 for 18 months + MSDs), but they would require shipping across the country.
You may be in a situation where the specific vehicle you want doesn’t lease well. In that case you either suck it up and pay more or do what many of us on here do, chase the deal in the same class of vehicle as opposed to favorite brand/model.
