I am looking at a 2024 Cadillac Lyric Sport 3 with 3,083 miles (courtesy vehicle). They will not give me a sheet with the breakdown of fees they are charging, just totals.
MSRP - 73365
Dealer Price - 67995
36 month lease / 12k miles a year
Rebates I have - Conquest ($3,000), Supplier Discount ($1,000), $2500 CTA (they may have included this in their discount off of MSRP - unclear)
Monthly Payment approx. $640
Money Factor is .001740
They ran my credit and my score is 790
They want me to give them first months payment, fees and $2000 down to get to this number. $3500 total out the door. I don’t understand how the first months payment and fees total $1500 if the taxes are included in my monthly payment.
Should I take this deal? This is my first time leasing. If I have left out any important information please let me know. Thanks so much for the help!
From the get go, this is the worst trim for a lease, residual is the lowest out of all Luxury and Sport trims. How important is Sport 3 to you? For example, Sport 2 has similar money factor and 3% better residual. Sport 1 is even better. Same rebates. AWD trims also have higher residuals.
Definitely not. They are hiding true dealer discount before rebates and marking up the money factor. Have you read Leasing 101 and all threads here where we encourage learning how to construct your own target deal based on current market and to shop it accross multiple dealers?
I have been reading and learning how to calculate the deals. I thought this was bad but wanted to confirm. I have not shopped multiple deals but jumped on this because I like the color and it was close to me. I don’t need a 3 but have had a hard time finding this color in a 2 so I can get a sunroof.
Even with a strong dealer discount the Sport 3 will not lease nearly as well as 1 and 2 trim levels. If you really want the 3 you’ll have to pay for it.
Is the $67,995 including the rebates you qualify for or is that the dealer’s discounted price before rebates? I didn’t take the time to plug it into the calculator.
Also, if they will not give you a break down of the deal this is your first red flag (BIG ONE). I understand in part why they won’t. They don’t want you to take that sheet to another dealer to beat it. But at the very least they should write it down on a sheet of paper for you so that you know where all the numbers are.
I don’t really want the 3, I’d rather have the 2 but haven’t found the 2 in this color near me anywhere. The 67,995 was before my rebates. I asked him if he could lower that any further and he wouldn’t. I turned down the deal and now they have lowered the price of the vehicle $2500.
Have they shown you what that looks like in a new deal? If they won’t break the numbers down for you just walk. You’re going to be beating your head up against a wall with this dealer otherwise.
They should be able to provide you with the following information:
MSRP
Sales Price BEFORE REBATES
Rebates
Term (months/miles)
Money Factor being used
Residual Value
Any dealer adds
Tax, Title, License Fees
I’m just going to go somewhere else. Since I turned it down their tone towards me doesn’t leave me with any good feelings of wanting to to continue with them. Thanks for that information, it is very helpful.
Since I’m in TX I don’t have a lot of insight on what dealers in GA are on the level. I have a relationship with a dealer group here in TX that sells Cadillac. I’ve never gotten a Cadillac from them, but I’ve gotten new Lexus’, BMW’s and an Infiniti from them. I know they are transparent.
