2020 Chevy Traverse AWD LT1 with a few extras (tow package)
MSRP $41,870
Discount $3,185.51
Factory Rebate $4000.00
Selling Price $34,684.49
0 down/0 DAS
36 months 12,000 miles
MF .00105
Residual 54%
Payment - $460
The RV and MF don’t match what I got from Edmunds, but the dealer said this is because they are using a different financial institutions and we will lose the incentives if they go the other route. Can anyone verify the accuracy of this claim? I know these get marked up a bit- for reference Edmunds told me .00071 and 59% on a 36 month LT1 Traverse AWD.
Also can someone double check my calculator? They are telling me 460 and it shows closer to 450 in this calc. and is 8.6 a good score?
Is that the MF they shared with you? How many dealers have you contacted?
Looking at Ally the residual is 62%, I’d ask what bank it is. I’d also ask for a lease sheet with all the details. 59% is plausible with Ally but not on an LT1
Can’t confirm what the rv/mf are, but what they’re saying is totally legit and makes sense when a non-captive bank is used. Still worth comparing against the rv/mf/incentives from edmunds to compare costs.
I come up with $458+tax with your numbers on Ally’s calculator. Over $400 for a midsize SUV with cloth seems pretty pricy, I’d shop the Atlas and Highlander too, unless you really need the size of the Traverse.
Thanks for the input guys. We pulled the trigger on it last night at the numbers listed above. I wasn’t getting any responses and felt like it was a good deal so I went for it. I guess lessons learned for next time.
Is there anything I can do now that we’ve signed (about 12 hours ago) to push back on the money factor or is it too late?
I can see why the dealer steered this direction. I’m guessing that was the “Employee Pricing for Everyone”, which is not valid on leases. It should be valid on a third party lease, which GM treats as a purchase.
I signed a lease last night for a 2020 AWD Traverse. $459/month with a 54% residual value.
Today the finance manager called me and said when they sent the agreement to US Bank for processing the bank came back and told them they had overestimated the residual value. He said they went ahead and ate the difference in cost to keep my payment the same even though it should’ve gone up. Is this legit? They want me to come in and sign a new contract.
The weird thing is in all my research the residual was HIGHER than what the dealer said the bank was giving them. Check out this thread- Deal Check 2020 Chevy Traverse AWD LT1
Edmunds told me 59%, and in this thread someone is referencing Ally bank up in the 60’s. Do i have any recourse here, is this legit, and should i be concerned, should i try and renegotiate something? Thanks!
Whats the issue if the payment is staying the same and the RV is going down?
Edmunds told you 59% for which bank?
Ally being in the 60s is not equal to US Bank being something else…
All in all, take a deep breath. Mistakes happen. It sounds like it is being resolved. If the RV is lower than what they ran it at, it sounds like they are eating into profits to make the deal stay intact. If you’re super concerned, have them send you the new contract in advance and share it here.
I’d ask for it so you can have a chance to go over the deal properly now, perhaps even ask them to FedEx the new contract to you so you can review it. Third party GM leases are not very common, especially recently. Do you have a copy of the original contract you could share here with the private info redacted? You should have also received a sheet that gave you a breakdown of the rebates you received.
Do you have an existing lease in the household? What about a Costco membership? You’re in a position where you could do an apples to apples comparison of the GM Financial lease program versus what you have in hand and see if you truly did get the better deal of the two.
