Have a field day with this one. Note, I have a current lease, on which I have used very few of the miles, and the truck is worth much more than the payoff. My understanding is that the +4421 will be rolled into my next lease. “On the payoff line you will see your equity amount, on a lease it will show as - $4,421”
2021 Chevy Silverado 1500 4WD Crew Cab LTZ w/1LZ
MSRP $59,910
$49,718 sales price, $52,366 “net cap cost”
Sales tax $1544.88
All available rebates, including costco.
MF: .00135
48/15
Residual: 544% 48 months
Payments: $0 down $546 48 months
I have considered a Tundra (heck, a tacoma may work for me just not sure it would be “luxury” enough"), and have seen your spreadsheet, and overall admire your hustle and marketing. I am not picky on truck brand, just that it needs to be 4x4 leather, and nicey optioned. And of course as my current truck is worth much more than the payoff, rolling positive equity forward makes sense.
I try to be loyal. I have done 15+ cars thru this leasing company and they have always made everything super easy for me with email communications, text, and drop off/pickup. I have not been inside a dealership in 20 years. However my primary contact left the field last year and I am dealing with someone new.
How does rolling positive equity forward make sense exactly? I would want this equity back as a cash payout. As is, this isn’t a $0 down deal, it’s a $4421 down deal. That makes the effective payment close to $700/mo at the 36 month term. You can get into a Sierra Denali for that payment. You need to get somebody to quote GM Financial terms instead.
I don’t understand why no rebates are shown unless they are rolled into the discount. Between loyalty, Costco and incentives you should have a few thousand in rebates. Is this a GM supplier deal?
I think you might be better served by finding a dealer with tax credits and comparing a GMF 36 month program. An extra year, as well as 24,000 additional miles is a long time to be out of warranty on something too.
I am guilty of doing leases in the past and not scrutinizing numbers. Convenience factor.
Now that I am better educated, I am pushing my leasing company that I have done 10-15 leases with for transparency and how they are arriving at the bottom number, and what I finding turns my stomach a bit. Do not get me wrong, I understand fees, and that everyone needs to make money. But this seems excessive.
So let’s see $4690 in “fees”:
Acquisition fees: $2595
Facilitation fee of $1,095 (not in screenshot)
“lender fees could be and additional $1,000 to $1,500”
When asking about the fees being so high, I was told “Dealers just typically hide them in the financing or hold back on the vehicle.”
In fact, in reviewing my current and previous leases I can not find these “fees” disclosed. I am sure they are there, just “hidden”.
The only weird things there are the acquisition fee being sky-high (BMW is $925, for example) and the concept of a facilitation fee. If “lender fee” means rent charge (interest), that’s normal. What exactly is this “leasing company?”
isn’t acquisition, facilitation, and lender fees supposed to be one single fee (to lender)? and should be capped by 1195 or whatever? I don’t think I ever saw more.
