NY market shopping experience/2018 Equinox deal

Signed Deals & Tips
1

Year, Make, Model, and Trim: [2018 Chevy Equinox LT]

MSRP: [$29,xxx]
Selling Price: About 5% under invoice i was told
Rebates: About 3250 i believe including 1000 conquest
Trade-in: [$0]

Months: [24]
Annual Mileage: [10000]

MF: not sure
Residual: 69% i believe

Security Deposit: [$0]
Total Due At Signing: 3300 plus dmv, includes 1500 down payment, tax, bank fee marked up to 895,
Monthly Payment (incl. tax): [$79]

Zip Code: [NY]
Sales Tax Rate: [8.875%]

Leasehackr Score: not sure

So I set out to help someone with leasing a car. However, ny metro market is crazy i feel. I went to one dealer tried to give it to me for 260 plus 2000 in drive offs and told me 300 off msrp was all he could do. Another dealer flat out said the cheapest they have left is 35k msrp. Went to 3rd dealer based on an ad on their site and they honored the deal above and fairly painless process. However, as we were working on the deal there they could not find a car as cars were being sold right under them at their other sister stores so we settled for one in transit. Again, i think overall is a very good deal and they get 300 from costco.

As we were working for a deal i called the salesman that sold me my last 3 jeeps for a jeep compass. They seemed eager to deal and gave a very good price but when we went there they tried to switch the deal and ask for 10 bucks more a month because they did not have a car on lot i guess and there is a fee to get from another dealer? This is after the salesman agreed to the deal via text. It pissed me off so i wonder if i should pursue this further.

Either way good luck in NY metro it is like they selling cars like hot cakes this black friday weekend or thats how dealers were acting.

2

You didnā€™t mention getting the Costco rebate (I would assume youā€™re a member as you mentioned ā€œthemā€ getting $300)?

If so, upgrade your membershipā€¦ and get $700 back in a Costco card. Are you aware of that program?

3

Thank you for the reply. Yes, the people i went along with to purchase the car gets it as it was their car. Dealer said you cannot upgrade now though and only 300 costco rebate. Is that proven that you can upgrade at anytime?

4

How replicable do you think this deal is?

5

Not easy to replicate i think based on my experience in NY. Again, hope i am wrong but not much inventory out there.

6

Sounds good, will try to see where I get just for the hell of it.

7

Let me know how it goes. Might have to get one for someone else i know.

8

As long as your a costco member, yes, you can! Youā€™ve just saved another $400ā€¦ for a mere upgrade ($40 or so!)

Hereā€™s the link to the answerā€¦ https://www.costcoauto.com/promo/faq.aspx

and hereā€™s the actual answer (from the Costco Q&As):
Can I upgrade to an Executive Membership to receive the higher-valued cash card?
Yes. Gold Star and Business Members interested in receiving the higher-valued Costco Cash Card can easily upgrade their membership level to Executive; prior to purchase, call a Promotion Specialist at 1-888-211-5977 for more details. If you have already registered for this promotion, please complete a change of membership form so we can update our records. This will (1) ensure the correct Costco Cash Card value is processed, and (2) help avoid additional delays in Costco Cash Card delivery

9

Thank you. Greatly appreciate it. I guess it is a very good deal now considering the 700 costco card.

10

Just make sure you upgrade your membership before you sign on the dotted line! (You may want to run to Costco and upgrade at a local storeā€¦ and then head to the dealership)

11

I will tell that person to do it. Final lease contract is not signed yet.

12

I leased an Equinox LT with convenience and confidence package last month. MSRP was $31,300. I received around $3,700 in rebates and the residual was set to $21,973. For a 24 month lease with 10k miles per year, Iā€™m paying $197.05 per month. Drive off was $1,295 which included NY tax, bank fees, DMV, and first monthā€™s payment. I also used Costcoā€™s program and already received my $700 cash card in the mail plus the dealer sent me a check for $59 for some strange reason.

13

Sounds comparable to my deal. About 40 more a month for 2000 more in msrp. What dealer was this?

14

Just to clarify: Your original post has a month payment of $79. Is that correct? Or is it really $179?

Thanks.

15

Did you see how much he put upfront over 24 months, if it was 179 it wouldnā€™t be under ā€˜share deals and tipsā€™

16

It is 79 but includes 1500 cap cost reduction plus first month, tax, and fees.

17

Grand Prize Chevrolet in Nanuet. It was such a painless experience. They didnā€™t try to up up sell me on anything and even completed the transaction at my home.

1 Like
18

This was a great deal. Iā€™m still trying to understand the math. Sorry, but I must be missing something. I punched the following into the calculator, based on the OP:

MSRP $29k
Sales Price: $27,500 (the 5% listed in the OP)
MF: .00083 - based on Nov. posts from the Edmunds forums
Incentives: $3250
Residual: 69% (from OP)
Sales Tax 8.875% (from op)
Down Payment: $1500 (from OP)

Regardless of where I put the 895 bank fee, I canā€™t get the calculator to be less than $150 per month.

Can someone explain what Iā€™m missing?

Thanks.

19

Price is 5% under invoice or so. Again, did not get a full breakdown exactly. Person picked up the car last night. In NY it is tough so you have to play their monthly payment game a bit. It was 79 a month with 3300 drive offs plus just transfer plates fee. Maybe residual is higher, again do not have full breakdown.