Currently in a bit of a dilemma. I am currently in a $400/ month lease that ends in June '19. I am about 6,000 over in mileage with a fee of .25 per mile over.
Approached Chevrolet (NY AREA) about leasing a 2020 Chevrolet Traverse LS
Selling Price: $31,000
First Responder Discount- eligible not sure how much it is at this time
Competitive Lease Eligible
I was quoted at $390/ month with $4000 down to cover taxes and fees. Supposedly the remaining lease payments on my current vehicle are being rolled in resulting in the $395, however I don’t believe they are if I am putting that type of money down.
You’re rolling in $2000 of negative equity from the payments, at least $1500 in mileage overage, and still expect a good deal?
Just ride it out in your current lease and pay whatever overmileage you accumulate. It will be way cheaper than getting out of this early. This deal on the table is very clearly absolutely awful. No doubt about that
GM first responder is just supplier discount. Nothing special.
Scott, it doesn’t seem like you’ve done your homework. A lot more info is requested for people to weigh in and evaluate any deal, and its clear from your offer that you’re breaking many of the rules of what not to do, e.g. roll in payments, putting large money down etc.
Please take the time to better educate yourself so you can evaluate any deal being presented. The folks here can help guide you as far as discount targets etc, but you really need to do the research and read the Leasing 101 section and other sticky topics for newbies.
Once you understand the concepts, then you reach out to the dealer(s) and either ask them for a Lease sheet or at min to provide you with the following;
- Selling price before any incentives being applied
- Money Factor (MF)
- Residual Value (RV)
- Term / Miles per yr
- Incentives you qualify for
Then you research / confirm the MF, RV and any incentives avail for your zipcode at Edmunds and compare that info w/ what your deal includes. You might find the dealer is playing games and elevating the RV/MF numbers to their advantage.
Then come back and post deal details here w/ all the above info for eval and guidance.
June '19 is over, you mean '20?