Is there a calculation, or straight reduction in residual value on a Chevrolet Loaner vehicle that is used for a lease? Say a regular new car has a residual value of 62% at 24 months, 15k a year. Would the loaner have a reduction in residual, and if so, is it a fixed amount, or based on mileage?
check Edmunds with miles etc on sale price. You can get an idea of current value. Can’t say what the residuals would be. No one can know. Myabe you can go off a 2015 LT traverse with miles used at the end to compare?
I remember seeing some dealer material on the retired CTP program that had some information about the residual value, but I can’t seem to find it anymore.
Wtf are you talking about? Any Chevy dealer or anyone experienced in Chevy leases would know exactly how to calculate the residual on a loaner. How else would you lease one if they didn’t put a residual in the contract?
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I have been looking at loaners lately and dealers have been telling me that the miles on the car count towards my mileage allotment, so that if I lease a loaner with 4K miles on it for 24 months and 12K miles per year, then I can only drive it for 20K miles before incurring extra charges for each mile.
Looks like in your case they increased your mileage allotment in return for a reduction of the standard 20 cent per mile from the RV, so if the residual should have been 62% of $36,990 ($22,933) and the car has 7,400 miles on it when you lease it (which means it could have 7,400 extra miles on it when you return it) then the adjusted residual would need to be decreased by 7,400x0.20 ($1,480) and so the adjusted residual would be $21,453 (which is $22,933-$1,480).
Miles on a car should not reduce your mileage for a lease. It reduces if you lease 3 36k and are now past the bumper to bumper warranty. Those dealers are lying to you.
@doomtoall81 Are you sure? Several salespeople seemed to have confirmed that for Chevy loaners/demos.
@chevysalesgirl or @ChevyPhil can either of you help clarify?
Maybe I’m wrong then I was being lied to then. I asked about a loaner back in September but I was able to get a new car for a better price so took the new car. If you are leasing 10k a year you should get that. Maybe it differs by brand. Makes no sense otherwise to lease unless short term or drive but residual already killed
I was specifically told the other day that a Chevrolet I was looking at with 5k on it would result in a mile for mile reduction of usable miles included in the lease.
This doesn’t make sense to me. If you lease a car with 22 miles, you don’t get 35,978 miles on your lease. You get to return it with UP TO 36,022 on the odometer. I don’t understand how 5,000 would be different, outside of losing warranty coverage at the end.
ive never sold a loaner with a set lower rv than new. but mine were all under 5k.
Perhaps if it’s been marked into the loaner program, or maybe if it hasn’t been? I’m not entirely sure, but I specifically asked and that was the answer I was given. I believe over 7500 is when the RV drop starts.
IIRC the old leasing guide PDF used to show that you could either have the demo/loaner miles eat up part of the allotment or reduce the MF. If anyone has it saved, we could see.