This is a surreal experience. I kinda walked in the dealership and walked out with this car after 3 hours, I didn’t even test drive the car (or any car for that matter), my wife only did a brief one block drive right before I finalized the lease terms.. and on top of this I don’t even know if it’ll fit in my garage (very close call).
So I went in, told him I wanted this car. He said he can let me test drive it, and I refused. I said I just want the lease numbers, and he came back with about $1200/month. I showed him a couple of deals I found here, he briefly scanned the posts and said if I buy today he’ll give me a good deal. I just said go right ahead and I won’t haggle, if wife likes the car after test drive and number looks good we’ll take it. I am pretty sure my rates were very good if not better than the ones I found (it’s a brand new car so no courtesy discount).. And the rest is history..
MSRP: 80k (Base trim + captains seat, new car)
sell price 10% MSRP (about equal to the 7500 federal credit)
rebates:
1k Suppliers
2k Conquest
1.25k Costco
I ended up paying this + 1500 excess wear and tier insurance (see below) in my credit card, total came out to 19k (w/ 3% cc surcharge)
residual = 74%
mf 0.00146 but it was about 1.3k more if you paid monthly rather than one pay.
I was tired and ready to leave and when the finance guy said he wasnt sure about GM card and its discounts so i just let it go.. (the dealership already closed almost 1.5 hours ago)
He pushed hard for a 1.5k for 5k damages insurance (not included in the total). I ended up taking that because all my other cars keep on getting random damages (my current car got keyed on both sides…)
He also pushed for sealing of exterior and interior Resistall Extreme/Undercoating/Fabric protection/leather protection for $1k, I really didn’t want to get it because the insurance above probably covered it anyway and he keep lowering the price (from 2k to 1.5k to 1k) so I feel like i am being upselled here. What do you guys think? would you have taken the insurance/sealing?
Congrats, enjoy the car. Prob worth a sticky on everything you are NOT supposed to do.
Op - seriously, enjoy the car in good health, but next time do research and put together a target deal before you go to the dealership. You stand to gain nothing by employing your strategy.
I have no idea how good or bad this deal is without looking after full details, and I hope you came out OK.
If you want folks’ true thoughts on the deal, you’ll have to post full details or the contract with personal info redacted. They’ll need to see sale price, how much in rebates, etc
If you want folks’ true thoughts on the deal, you’ll have to post full details or the contract with personal info redacted. They’ll need to see sale price, how much in rebates, etc
I paid and got the car and they still haven’t sent me any details as of this moment so I don’t even know what the contract is myself (I only scanned the full contract with my eyes for about three seconds on the ipad). I had to do some calculator magic and look at credit card statements to came up the numbers. I had to improvise on getting the VIN in order to register some accounts…
First, taking a step back, prob wise to take a thorough test drive before all of this.
Once you know you like the car, use this forum to find out what pre-incentive discount others are getting. Do this via broker listings, signed database, or signed posts. Then, use the LH calculator, filling out the target discount from previous step, plus the RV, MF, and available incentives for the vehicle and term you are interested in (you can get this by becoming a super supporter or by looking on Edmunds). Finally, adjust to your tax rate, and estimate dealer / gov fees and adjust DAS amount, one-pay option, etc.
This output is the target offer you can now make to any dealer. It eliminates the hundreds of posts we see on here where folks go to the dealership without research, and find out they got hosed. I’m not saying that happened here without knowing the details, but what you did has disaster written all over it.
Thanks for the instructions. I wish they are more prominently outlined somewhere.
I mostly used search here and on reddit which allowed me to see previous broker deals and signed deals. I totally ignored the LH calculator and database (because I thought you needed to be a superuser to use it..)
I still think I got a great deal, will post the results once I receive my contract from my dealership.
I have no idea what you mean by these statements. Are you able to elaborate?
So I looked at my credit card statement which showed my final amount (19k)
I subtracted the the 3% surcharge and the 1500 insurance, which ended up with 17k for onepay. So that’s just a monthly payment of $700 (including taxes). I know the MSRP and all rebates (11.75k), but not too sure whats missing in the middle (eg cap rate etc). I asked and do recall a residual of around 75% mentioned as well which is insanely high. once i have the contract i will upload it to signed and post here again. Thanks so much
So I guess it was 10% off MSRP (which happens to equal the 7500 federal tax credit) + standard GM rebates, nothing too complicated in the end. The residual value is 74% so that probably dropped payment down a decent amount. I guess the deal is meh (what do you think) however from all the reseach i’ve done on the forum/reddit my price seem to be lower than everyone else’s that I could find.
I tried the calculatorand I swear I spent 45 minutes just to get the numbers line up. It’s ridiculously hard to determine which one is selling price/purchase price/agreed upon value of vehicle in the forms.
It’s not great by leasehackr standards, but its not a super terrible deal. The $7500 off is typically applied to the residual value of the vehicle for GM I believe. Someone can correct me if I am wrong though.
These are still relatively new, so not a huge amount of dealers willing to deal right now. I imagine that will change after the tax credit ends or slightly before. Either way, it’s a great vehicle enjoy it!
