I am new to leasing and request experienced LH members to pardon my ignorance and lack of any missing data.
I am looking to lease a new 2017 Chevrolet Trax LT FWD in KY and the dealer gave me a monthly payment of $144/mo including dealer fee, taxes, title and registration. She is not willing to provide me a breakdown over phone. I just wanted to run these numbers by you all (and @michael) to see if it’s a good/excellent deal from LH community standards or is it something that I should pass.
2017 Chevrolet Trax LT FWD
MSRP: ~$24,000
Lease Term; 24 months - 10k mileage
Residual: $15,775
MF: 0.00172
Down Payment - $0
Discount + Rebates - $7000
Selling price $17,000
Eligible for conquest (non-GM lease) bonus - Yes
Total monthly payment: Approx. $144 including dealer fee, title, taxes, registration.
I’d appreciate your feedback and any helpful suggestions you may have to bring down the monthly payment further.
Do you currently have a GM or non-GM lease? $2,000 loyalty for returning lessees or conquests (not both), according to Edmunds forums.
Do they have any bonus tag models ($500 or $1k), or is that already included in your $7k?
According to Edmunds, it’s .0092 MF and 66% residual, so looks like the MF is marked up but there’s a big discount to partially make up for it. The monthly looks pretty good for $0 or 1st mo out of pocket.
This is how one person broke down his $4950 in rebates:
Consumer cash 750
select market bonus cash 750
chevrolet bonus cash 500
competitive lease 2000
Total $4000 and then was quoted an additional $450 but not sure where that is coming from but two dealers confirmed.
Select model bonus tag 500 (some models have 1000)
The $500 Farm Bureau will stack as long as you have been a member for 30 days and you go to their website and print off a certificate. The instructions are easy to find online.
(1) Does Farm Bureau certificate have member info like member’s name, membership ID etc or does it only have a one-time-use bar code or something similar? In addition, overall (with or without $500 FB bonus), does $144 monthly w/ zero down look like a nice deal on 2017 Chevy Trax LT FWD?
(2) How can I bring down the MF (I have Tier 1 credit) ?
That link you provided is from 2013 so not sure Trax was even produced back then. You should check again, it should be included. Wait until your 30 days is up so you can use Farm Bureau. Also, your MF may be higher if the acquisition fee is being waived in exchange for increased MF. On 24 month leases that can actually save $5-10/month. If not waiving the acquisition fee then tell them you will only do deal with standard MF. You can check on Edmunds to see what it should be.
Good point from @Grandmaster that waiving the Acq fee results in a .00055 MF increase. So MF “should” be .00092+.00055=.00147 w/ the Acq fee waived. Ask for that.
Overall the deal seems good to me. Monthly payment is 0.6% of MSRP (many people seem to be happy getting within 1.0% and you are well below that).
If you can’t wait 30 days for Farm Bureau, see whatever you can get off on the MF and just go ahead IMO.
In the current thread entitled “2017 Chevy Volt in Negotiation” someone posted all the Chevy MF for January from the Chevy book and it shows base MF for Trax at .00117 so if the acquisition fee is waived and you add .00055 you get .00172 as a MF which you listed. Thus, it looks like you are as good as you can get on MF. If you want a better monthly you are going to have to get some more off the selling price and/or apply the Farm Bureau rebate once you qualify for it.
Does that include the $595 lease fee, or did they waive that and raise the mf .00055? I bet you a steak dinner it would be cheaper to waive the $595 and pay a little higher mf.
I think either way you have a nice deal there and if you are happy with the vehicle then go get it!
Adjusted MF with GM Acquisition Waiver and One-pay lease: 0.00099
Total drive off amount including taxes: 2800
Disposition fee: 395
I am assuming $2800 is the total amount that I need to pay including taxes (6%), dealer fee, TTL etc and then additional $395 disposition at the end of the lease.
Total lease cost for 24 mo-10k is approx. $3200 ($2800+$400 disposition)
BTW, if you purchase or lease another GM when you are done with this one, they have a waiver program to waive:
up to $500 excess wear and tear + up to $500 excess mileage + up to $595 disposition fee
The previous dealer I was talking to earlier backed out. Finally found another one and paid one-pay lease $3450 (all inclusive ) for a 2017 Chevy Trax LT FWD; 24mo-10k lease which comes to approx. $143 monthly including taxes. The MSRP on this unit is $24245. This is a NJ based dealer. If anyone needs the dealer/sales person info, PM me.
MSRP: [$24,740]
Selling Price: [$23,846]
Rebates: [$7,075]
Chevrolet Select Market Incremental CCR $1,500
Chevrolet Conquest Towards Lease Private Offer $3,000
Chevrolet Select Model Incremental C1500CR Program $1,500
Chevrolet Lease Cash $1,075
Months: [24]
Annual Mileage: [10,000]
Base MF: [0.00087]
Residual: [67%]
Security Deposit: [$0]
Total Due At Signing: ($0) Rebates pay fee’s.
Monthly Payment (incl. tax): [$116.57]
City: San Jose CA
Sales Tax Rate: [8.75%]
Phil Gileno 415-596-6262
Capitol Chevrolet
San Jose, C.A.
