What went wrong with this quote for Chevy Equinox lease?

Ask the Hackrs
1

Dear Hackrs; First of all, this is an amazing site, and I am still learning the lease deals.

So, I started off with TrueCar app and found a dealer in the area that offer the price as:

2016 AWD LT
Base MSRP 28,200
Freight charge + 895
Total MSRP: +29,095

Certified Dealer MSPR Discount -2861
2016 Equinox Consumer Cash -750
2016 GM Bonus Cash -750
Guaranteed Savings -4361
Amex card member savings -250

Truecar Estimate 24,484

So, I thought the above price was decent compare to the Equinox thread, but then I got this email from the dealer:

Leasing you stock #C173883 for 24 months at 12000 miles per year you would be at $304 with no money out of pocket. If you would like to do your taxes and MVA fee’s up front which would be approx… $1500 your payment would drop to $249. I am basing this off of you living in Virginia

I’m located in VA, and wondering if you can tell me what went wrong with their quote and what I should be asking them?

thanks,
rod

2

I’m getting the same numbers as the dealer’s quote. The default TrueCar price includes incentives that are for cash purchases only. You will need to deselect those. The selling price of this car is $26,234 minus the $2,525 in lease incentives.

This quote differs from the sample because:

  1. VA levies sales tax on the selling price of the car, rather than just the lease portion. 6% of $26,234 = $1,574

  2. The residual for 12K mi/year is 1% lower. So that’s an extra ~$300.

  3. No targeted incentives applied. If you’re currently leasing a non-GM car, that’s $1,500. Or try finding a website Private Offer; it’s good for $1,000.

The dealer’s selling price is actually pretty good. The biggest issue is VA sales tax and the lack of targeted incentives.

3

User jonwc89 commented the Equinox post saying he got a great deal at Chevy Rydell,
jonwc89 if you’re reading this please let me know who did you talk to! Thanks!

4

yea, no go in nashville either. essentially they want full msrp minus incentives. so not much of a deal at all.

5

purchased lt trim 3 yr 15k for 240 plus tax. took some effort but finally found dealer to work with me

6

We got an AWD LT with convenience, navigation, and a V6 for $239.19 a month (2 years 10k miles/year). We paid all of our taxes and fees upfront ($1405). We are pretty thrilled considering the MSRP was $32,820. We got $2320 off MSRP and qualified for $3550 in incentives. We didn’t have to do any negotiating either and were in and out of the dealer in two hours (Princeton Chevy in NJ)

7

be happy you got the v6. the 2.4 may be the worst engine ive heard in a long while

8

I agree. I think it makes sense for a lease but I would never buy the 4 cyl. Also the front end of the car is too light with the 4 cyl and when accelerating it skids A LOT!

I got an FWD LT with convenience pack and power tailgate for 195 per month + 910$ in drive offs. Thanks leasehackr!

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