GMC Terrain SLT? MF/RV

Ask the Hackrs
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1

Hi! I am working on a lease for GMC terrain SLT.

  1. My budget is really no more than $275/mo $0down. Do you think it’s possible to get there?
  2. Can someone confirm the MF & Residual value I was quoted?

Looking for GMC Terrain SLT, in the NJ/NY area & 10k mi/36mo lease

Here are the details of the deal currently offered:
MSRP 34,500
Discounted on MSRP (employee pricing special from GMC): $31,731
Rebates: $1,100

Residual value 55%
Money Factor .0001

I calculate this is a ~$330/mo lease, getting to $275 would mean getting an additional discount from the deals off MSRP of 8% (making the total discounted MSRP $29,192)

THANK YOU

2

So, generally, the dealership is under obligation to disclose to you the residual value (they can’t change this) and rebates (they also can’t change these) but the money factor, they CAN and WILL mark up to make some extra money.

I would trying asking on the Edmund’s Lease forums here: https://forums.edmunds.com/discussion/57622/gmc/terrain/2020-gmc-terrain-lease-deals-and-prices/p6 to get accurate MF and incentives for your area.

Overall, though, even if that MF comes down from 0.0001 to 0.00001, it’s only ~$5/month difference in your payment. If you’re $60/month away, I’d say you’re on too much car. Your best bet is to either up your budget or find a better-leasing vehicle.

3

Thanks so much. How much discount off MSRP is common to ask for from dealer (aside from the manufacturer discount)

4

No hard-and-fast rule here. Getting 10% off pre-incentive is a good rule of thumb to aim for, but that’s just a guideline.

5

What are rebates/MF/RV on the SLE?

You may want to look for a base zero options white SLT ($32k MSRP IIRC).

Shop all dealers in your area. Seems like you only have a single quote which is no bueno.

Demos will have greater discounts (12-16%) but you lose the miles on them and it’s hard to find terrain demos that aren’t either super base or loaded with options.

6

While this is by the book with GMF, that you lose the miles on a loaner, I’ve also had dealers “buy back” the miles to give me the correct mileage based on term. I’m sure it was included in my payment, but the discount was good enough that it didn’t matter.

Most of them I’ve dealt with do do it by the book though, where the loaner miles are gone.

7

Technically buying back the miles is in the GMF book :rofl: it’s $0.20/mi IIRC which IMO isn’t a compelling case versus just paying $0.25/mi on the back end if you go over.