I’m headed in today to talk to the dealer about replacing my Traverse LS lease. I’m looking at the LT this time (1LT). Anyone have experience negotiating this car recently? How low can I get the dealer on sales price? I know my incentives, but can I push for 10%, 12%, 15% off MSRP?
Search dealer online inventory. Sometimes they have a unit or two marked way down and it is not due to purchase incentives. Look for one on the lot that has the oldest inspection sticker, most likely to deal on older inventory.
I would think at least 10% would be required for consideration.
If you can get that kind of discount, I am also seeing the following incentives:
$2,000 Chevy lease loyalty or $2,000 Chevrolet Competitive Lessee Program
Lease cash of total of $3,150 - ($1,000; $900; $750; $500 various titles)
$500 farm bureau
Costco card $700 with guaranteed supplier pricing (don’t use this small discount, negotiate larger, but still get the card)
Use you GM card points if you have them
Thanks everyone - @vhooloo, I KNOW I will not see a discount like that, and assume that includes all rebates/incentives (in which case I hope I can get close to the $8-10k off)… $229 is where I want to be (before Costco card).
So I put a deposit down on a unit, but I wasn’t able to pull all the details out of them. Here’s a snapshot though:
Sales Price: $32,987
Rebates: $5600 (around there; includes lease loyalty, bonus tag) plus $500 farm bureau when I have them apply
Payments: $279/month (less Farm Bureau) - my option of either 24 or 36 months
1st & DMV down.
They are definitely playing with numbers to be able to do 24 or 36 at same price… it seems like it would be more favorable to do the longer term lease - but any input would be appreciated again.
Well your sales price is actually lower than the price on the ad, so you should come close to the 229 a month
Dealer (the finance guy) is telling me that I cannot combine the farm bureau with any other private offer… of which lease loyalty is one. I asked him to verify because it was available on my equinox thru a different dealership and he said he’s positive. Can anyone confirm???
So frustrating that they are unwilling to discuss numbers before day of delivery.
Edmunds reports the 2017 Traverse 1LT lease. 36 month / 12,000 miles and 24 month/12 miles rates as:
.00085 MF and 66% residual
.00065 MF and 58% residual
If available rebates are $5,600 and you are getting a discount as illustrated above, this looks like an opportunity for a really great deal. I usually lean toward shorter term leases if they are close on monthly cost - reduces likelihood of needing to buy tires and you get to come back to a forum such as this sooner to score another great deal. Per the calculator your lease works out as below (I suspect there is some overlap in your dealer discount and available incentives - 279 still seems like a super deal on a larger SUV):
Monthly Payment (Excl. Tax): $203
Monthly Payment (incl. tax): $217
Drive Off: $994
First month’s payment incl. tax: $217
Down payment: $0
Registration and doc fee: $380
Tax on cap cost reduction and fees: $398
Leasehackr Score: 15.1 years
Disposition Fee: $395
Total Lease Cost: $6,077
If you are able to close a deal in mid 200s - please post the details. Good luck!
Thanks for your analysis. I’m not scheduled to pick up until the end of the month (29th) as I have a current Traverse through the same dealership that’s up in April [they’re paying last 3 payments, but I don’t think that was factored into my vehicle — either way I’m at $99/mo since I put so much down last least so only $299 left]. I will of course share my results, but right now annoyed at the dealership for not honoring farm bureau with other offers and not providing me with the figures (confirming the sales price, other fees included). Also, they confirmed that there are no 1st month payment waivers on Traverses (there are on Equinox’s).
Could you detail the $5,600 of available rebates? It would be great if something similar to the deals we have seen on the Equinox could be achieved on a Traverse.
I believe this is the breakdown, but they won’t show me any numbers until I go in to
1,000 leasing bonus cash
900 standard leasing bonus cash
750 chevy CCR leasing bonus cash
1,000 bonus tag [although they were saying it was $500 in conversation]
2,000 lease loyalty
These seem to match up somewhat to Edmunds too
I spoke with the Sales Mgr today - he was able to apply Farm Bureau (after the finance guy told me no many times). My monthly is down to $257 at 12k/, excluding Costco.
I will post the details when I pick up next week.
Or, most likely, he just gave you extra $$ off equal to Farm Bureau discount. This is in his power and not finance’s guy.
Possibly - but I don’t think so. He was narrating as he was on the screen - he used my current VIN for lease loyalty and VIN of the new vehicle to make sure they are stackable – which they are (proven by myself and others on the Equinox thread). I’ll take it either way. I’ll be in a new LT this year for less than I paid for my 2015 LS [24 month total, but the $395 disposition fee makes it close assuming I don’t go Chevy/GM again]
Hey guys: I’ve been lurking here (and Edmunds forums) for the last month or so…and finally pulled the trigger this week. Here are the details…and for the numbers geeks, a bunch of scenario calculations based on Maryland’s unique tax rules (for which no calculator seems to exist). Curious about feedback on deal and scenarios…it’s a long post, but hopefully informative.
2017 Traverse 1LT AWD
36/12 -> 58% & .00065
39320 - MSRP
36245 - Negotiated Price
3650 - Rebates (ineligible for Conquest - see earlier post for itemization)
595 - Acquisition Fee (taxable)
299 - Processing Fee (taxable - req’d in MD)
343 - MVA/Titling/Tags (not taxable)
Pmts include all fees.
Pmt without a trade-in
a. Tax = 413* (drive-off = 413)
b. No Tax = 352 (drive-off increases to 2246+352=2589)
Pmt with even $25k trade-in
a. Tax = 373** (drive-off = 373)
b. No Tax = 352 (drive-off increases to 746+352=1098)
Pmt with $1500 negative equity on trade-in (my reality)
a. Tax = 418** (drive-off = 418) - MY END RESULT
b. No Tax = 394 (drive-off increases to 857+394=1251)
*Tax in MD is based on the Negotiated Priced. **However, when trading in a vehicle, you only have to pay tax on the difference between the Negotiated Price and the Trade-In Value.
If I would’ve broken even on my trade-in, option 2a would have applied ($45 less - negative equity and addl taxes on lower trade-in value). This would’ve been best case scenario…lowest payment with lowest drive-off.
If I didn’t have a trade-in, or had been coming off of another lease, based on MD tax rules, option 1a would have applied (just $5 less than my end result).
So, interestingly, when I turn-in this lease and lease (or purchase) a new car, I’ll have a much higher tax obligation b/c I won’t have a trade-in to offset the new negotiated price.
Though, there is probably a trick to purchase the leased vehicle then immediately trade it in, but this would require the trade-in value to be even with or better than the purchase option price. Not to mention, the ultimate tax obligation based on negotiated vs trade-in would come into play…as well as hit against credit to carry the “temporary” loan.
I’d come up with some scenarios, but I need a break from car loan / lease calculations. Did I mention I also bought a 2016 Canyon this month? Got a little antsy and GMC offered 72/0%, so pulled the trigger. I’ll definitely be running some scenarios to see the outcome if I’d leased instead.
Just wanted to provide a snapshot of my final deal. The sales price was higher than I thought it would be, but numbers still worked out ok for me.
Sales Price $33,804 (9% discount)
Rebates $6,150 (see details in previous post)
24 months, 12k/year
Monthly Pymt (1st/DMV down) = $245
Chevy also “ate” the last 3 pymts on my previous Traverse lease (only $99/month since I put month down on that one)
Add Costco, and it makes a decent deal. It was tough to justify the extra $65/month over the Equinox, but at the end of the day we need the cargo space for trips.
Hopefully others will get some good deals the final day of the sales month tomorrow.