I have a buddy looking at a Chevy Silverado 1500 RST. Unfortunately, below is all the info I have. They refuse to email a dealer sheet, but something doesn’t add up.
MSRP - 65,249.00
Term - 36/12
MF - .00188 (got from Edmund’s)
RV - 64% (got from Edmund’s)
Incentive - $500 (got from Edmund’s)
DAS - $3000
Monthly Payment - $540
His current Chevy 1500 custom lease expires in may and he’s already over mileage, but somehow they’re willing to eat the remaining payment.
Is there any equity in the 1500 custom? (i.e. what is the truck actually worth for trade and what is his cost) The trade can immediately skew the numbers, so the rest of the offer irrelevant right now.
No equity in his current lease. He still has 5 months of payments and is already over his mileage.
I actually had him working with a broker here and their payment was near 600$ with inceptions DAS on a 55k RST. Unfortunately, the payoff is 29k and they were only able to offer 26k. So, he was more like 6k DAS.
Are you sure they are using GM Financial which is what Edmunds most likely gave? Obviously you’re making an assumption that they will offer a base rate deal. Def confirm that before your buddy goes to the dealership.
As already stated, no one is going to eat 5 payments, it’ll be baked into the deal somewhere. No need to go to the dealer to find this out.
How many miles is he over and what is the cost per mile overage? That very well could be his best option ( from a money / financial standpoint ) is to keep it another 5 months and pay the overage. Guessing he really wants a new rig, latest greatest tech, etc…
The Great Consolidator is merging one post about a friend’s deal into a thread by same OP about friend’s not taking his advice (nor ours since he’s still at it).
The irony is so funny… the thread is about how helping others figure out deals is a thankless exercise and then the OP posts about a friend asking about a deal.
This individual came to for assistance after visiting a dealership. I forwarded him to a broker here. While the broker was able to offer him a solid deal, the difference in his current buyout and their offer was too great to make the deal.
A week later he contacted me after the dealership called him back offering a significantly better deal.
While I know this is likely a bait and switch, I was simply asking much more seasoned hackers for insight to validate my suspicions.
