I am talking to a dealer about a 2017 Traverse Lease. It has 3300 miles. It was a loaner car for the dealership, never been titled and can be sold as new and qualify for rebates.
MSRP $37215
GMS price $34133
1900 lease cash
2250 in rebates.
They have quoted me a price to lease of 333 per month for 36 months but this was paying off my current lease that I thought there were more months left on than there are (only 2 left $700 in payments)
money factor .00044
Residual 52% Residual value $19,352
Should I be able to negotiate down significantly from this due to the fact it has miles already on it?
This is a loaner vehicle and they are offering you less than 10% off MSRP. I think as a loaner sell price should be 12-15% off MSRP. Money factor also seems high, all these combined are making the monthly payment high.
You also don’t mention the lease term and mileage, that info is needed to further evaluate your deal. And to be clear, you have (2) $350/mo payments left, total of $700 that they are absorbing into the new lease?
36 months15k miles. Yes, I have $700 total payments left on my lease. I just dont think they are really taking anything off the purchase price except the gms and regular rebates. Why wouldnt I just buy a non loaner brand new under that rationale.
I think they have to be wanting rid of it. Im going to swing for the fences. Thoughts?
A demo that old at this point is essentially a used car, whether it can be titled as new or not. Not saying that a dealer would go for it, but a fair purchase price for a demo or loaner like that would be 20%, minus about $825.00 for the miles at 25 cents a mile. If you’re looking to really swing for the fences, there you go, but they’d probably rather just wait for someone to overpay for it. End of the month, who knows, maybe you could meet somewhere in the middle. I doubt they get to collect the rebates, holdback, etc when they eventually dump it on Manheim or whatever, and they probably won’t get more than that anyway. If it’s a volume dealer maybe it will help them collect a bonus. That’s what you really need if you’re looking to get the best deal.
Comparable used 2017 AWD LT Traverses are advertised with similar miles for 29k FWIW. And that’s essentially what you are leasing, title or no title.
I would be pushing for at least 15-20% off MSRP + rebates on a demo, otherwise, just say no thanks, quote me a brand new 2018 vehicle.
What is the lease you are returning? since your two payments equates to $10/mo on the new lease. I’m thinking you don’t want to even consider this deal unless they get you a payment below $300/mo.
I just saw an LT with 7k on it used for 20k lol… Looked alright, but this place has a bit of a reputation around me, so God knows what might be wrong with it to get it at that price.
So take 20% off msrp then subtract all lease incentives and base the lease off of this price? I would like to swing for the fences. I can also quote a 2017 with no miles and would likely be around the amount they are quoting here…
$28947.00 would be my number, keep in mind that unless you are buying those 3300 miles up front, you don’t get them here. You get 32700. So that’s 20%, minus the 3300 miles you are already being charged for. Like I said, I wouldn’t be surprised at getting a no, but that’s what I would call swinging for the fences. Let them call you with something closer to that after Christmas after they say no.
That would be my selling price before rebates. I don’t know your location, so I don’t know what taxes, doc fees, etc, but using Jersey average fees and taxes and your negative equity that puts things at about 246 a month. So if you wanna make it easy for them just tell them 250 a month for the whole ball of wax and let them figure the rest out. At least that gives you a floor to work with to go with their ceiling.
So you have two payments total left? You should have pull ahead available to you, no? Have you gotten any mail or emails? If you’re eligible that shouldn’t even be part of the deal. Maybe call GMF and see if you are eligible.
Well good luck… I’m in a similar situation looking at some of the 2017 leftovers, but I’ve got more negative equity to roll in, so it’s making it tough.
