Vehicle Specs: 2021 Chevrolet Loaded but no sunroof - LTZ
Diesel
Deal Break Down:
MSRP - 74,385
Selling Price- 66,524
Lease Term - 48 Months
Residual - 55%
Value after lease 33,900
MF - .00135
APR 3.24
Payment 758.00
Down Payment - 1500
No payment for 60 days
I am so new to leasing and fear I am going to get screwed just by not knowing the ins and outs of this.
I have read alot on here and have an idea but not even close to understanding. I did read the 1% rule and this does not add up to a 1 percent deal.
First step… Forget everything you’ve ever read about a 1% rule. It’s a useless metric for determining if something is a good deal or not. On some cars, 1% is impossible to achieve. On others, it’s an absolutely miserable deal.
Second step… Stop talking to dealers until you know what your target deal is. Talking to dealers is for finding someone to do your lease, not to figure out what something should cost. You need to work out that target deal first before trying to negotiate a deal.
Getting a good lease deal really comes down to doing your homework and going into the process as prepared as possible. People that don’t do well are those that either don’t take the time in the first place to sort out their deal or aren’t confident in the deal to stick to it.
In this case, you’re looking at leasing through a third party bank, which complicates things as it’s more difficult to verify rv/mf/incentives. The first thing I would do, after the 2 steps above, is baseline a target deal on this vehicle using the captive bank. At least figure out where you’re starting so you have something to compare to.
The first thing to do is to build a target deal based in the current lease programs (rv/mf/incentives from edmunds) and a target pre-incentive discount from researched comparable deals. Plug that in to the calculator and you’ll have something worthwhile to compare this deal to so you can at least see where this is starting.
Ehh. For 54 months I guess that’s not so terrible for many people if you factor Texas tax. There’s more than enough people paying $500/mo on those out there!
That’s a lot of truck. I would think you would only need a diesel if you were pulling something or expecting to drive many, many miles. Either of these scenarios isn’t conducive to leasing IMO. If it’s a full size truck you want and you don’t need the expensive diesel option, I would think a Tundra would be the most cost effective route. In any event, I personally would never extend the lease beyond the manufacturer’s bumper to bumper warranty.
So are these guys an agent of the agent that is owned by the dealership network they supposedly broker deals for? This gets so sketchy and I don’t understand how they aren’t forced to disclose any of that. If I’m hiring a broker I should be able to have confidence that they are doing their best to get me the best deal possible. It’s certainly possible that you could get a good deal from a broker that is representing both sides, but they should have to disclose the affiliation.
