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Lease experiences/prices


egiles

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I've been lurking here for a few weeks while doing research on the 2014 Sierra. I currently own a 2011 Sierra 1500 2WD Reg. cab W/T that's in excellent shape and thoroughly enjoy, but our second child is arriving in a few months so more interior room will be needed.

 

I was originally going to find a leftover new 2013 Sierra Crew Cab 2WD SLE, but it seems the discounts of $10k and more off of MSRP are now gone. I've decided that the best option for me at this time would be to lease a 2014 Sierra Crew Cab 2WD SLE or SLT. Using Truecar.com, I have found a dealer that will supposedly give a total of almost $5200 of off MSRP on an SLE or SLT (incentives and rebates included).

 

From my research here and elsewhere, I am seeing a residual value of 62% on the Crew Cab for a 36 month period with 12k miles per year, and the equivalent interest rate would be 2.95%. All of this is from Ally Financial.

 

My question is-for those of you that have leased, what have your lease negotiation experiences and monthly payments been? I have leased a few BMW's before and have been able to calculate a requested monthly payment that is always within a few dollars of what the dealer offers after negotiating the selling price first. I am hoping that the lease rates and residuals I am seeing are accurate, so I can have a better idea of what my final payment will actually be.

 

Thanks for your comments!

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They are called fleases because they are designed to take advantage of poor people by putting them in more vehicle than they can't afford. After a few years instead of a paid off vehicle to drive for free, they have nothing.

 

Not really when it seems like a majority of the population trades vehicles every few years.

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They are called fleases because they are designed to take advantage of poor people by putting them in more vehicle than they can't afford. After a few years instead of a paid off vehicle to drive for free, they have nothing.

I should have stated in my post that this thread isn't asking about your personal opinions on leasing-it is asking about people that have leased a 2014 Sierra (or Silverado) and what they were able to negotiate. Everyone has their own opinions on leasing, but this thread wasn't started so people could debate the pros and cons.

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Can't really help you out on your question. I wll add, leases are great if you trade in every 3 years or so. If you buy something to keep 15 years, then buying is in your favor. If you're the type of person that always has a car payment and drives short distances it works out in your favor. I saw some people on this site mention they leased a 2014, hopefully they will be able to chime in and help you out.

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I asked my dealer about this ^^ it is an across the board lease deal thru Ally. It applies to every trim level on the Sierras, with the most expensive SLT CC 4x4 being 399. Lesser trim levels will be lower in payments

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I have done a lot of leases over the years! It is all at how you look at it.

 

If you look at driving as a monthly expense then this is just a monthly expense. And like others have said if you like to trade every few years you look at it that you are only paying for the portion of the vehicle that you will use. What I have often done at the end of the lease is sell the truck privately and only charge the person what the buyout is on the lease. It works out good for both of us then.

 

But if you plan on keeping the car/truck for years to come you are better off to buy it.These days low purchase finance rates (at least in Canada) make your payments closer to lease payments. In my case I never put any money down, make sure you are getting enough miles per year that you don't go over. This could bugger you. I think my last lease was 18cents per km that I was over but I never even came close. I had it at 20,000km per year.

 

In todays world you have to do what you can afford. If a lower lease payment gets you into a reliable vehicle with warranty then it may be right for you. Plus if you have your own business you may be able to write the lease payment off on your taxes.

 

In Canada GM has the best lease deal I have ever seen right now. O DOWN, O %INTEREST, O SECURITY DEPOSIT. and first month payment is free.

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There's no reason NOT to do a lease. The main advantage in "closed end" leases is that the turn-in value has been pre-set by the bank. So over the course if the lease if your truck gets damaged- hit a deer for instance- the truck will not hold the same value as a truck undamaged. Repair work can almost always be detected by a dealership and most repairs are logged into carfax. So basically the financier bears the risk of unexpected de

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I figured I would update the topic for the benefit of others. Although I haven't finalized a deal as of yet, I have found out some details on what incentives are available if leasing. Currently, there is $1000 Consumer Cash and a $500 incentive for the SLE/SLT Value Package. These are only available if you purchase the vehicle-they are not available if you want to lease. Other offers, such as from USAA, AAA, etc would be applied if leasing and if you are eligible for them from what I understand.

 

The residual value on the SLE and SLT 2WD Crew Cabs are 60% for 36 months and 12k miles per year. The residual is 62% for the 4WD models. The base interest rate (money factor) is 2.95% (.00123). Dealers can-and will- mark this up a bit for their own additional profit (one dealer I was working with marked it up to 3.4%).

 

If anyone else has any experiences to add then please do so.

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I figured I would update the topic for the benefit of others. Although I haven't finalized a deal as of yet, I have found out some details on what incentives are available if leasing. Currently, there is $1000 Consumer Cash and a $500 incentive for the SLE/SLT Value Package. These are only available if you purchase the vehicle-they are not available if you want to lease. Other offers, such as from USAA, AAA, etc would be applied if leasing and if you are eligible for them from what I understand.

 

The residual value on the SLE and SLT 2WD Crew Cabs are 60% for 36 months and 12k miles per year. The residual is 62% for the 4WD models. The base interest rate (money factor) is 2.95% (.00123). Dealers can-and will- mark this up a bit for their own additional profit (one dealer I was working with marked it up to 3.4%).

 

If anyone else has any experiences to add then please do so.

when is this added in?

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when is this added in?

They do it on the front end-its one of the two main things used to calculate the lease payments. I have been in dealings with two separate dealers, and both of them are using 3.4% as the interest rate-so that may be the actual rate from Ally and isn't marked up by the dealer.

 

BTW-I did make a deal just a while ago, and will pick it up this afternoon. I will post pics tomorrow if everything works out.

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Just throwing out my experience with a '14 Sierra Lease. I just recently priced out one with the dealer and the breakdown was very similar to what you have experienced. Sierra CC SLE MSRP of 48K, after all negotiations and rebates (GM currently has a lease loyalty rebate of $1000, I currently lease a Buick Regal GS) monthly payment of $409. Residual value of 63% for a 39 month 10,000 mi lease. Lease rate of 3.4% (24 month rate was 2.5%). This was all through Ally.

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I just turned in my 2011 Silverado lease and was going to lease again-

 

 

I was quoted $478/Mo Silverado LT CC 4x4 0 Down/Due at signing, 39 mo 10,500/mi/yr.

 

I bought my 2010 Sierra for a comparable payment for 6 years at 3.2% I figured at the end of another lease I could have bought an 07/08 truck like mine back in 2010 and own it. Hindsight is 20/20 though.....I don't regret leasing then, I needed a truck, I needed a break from repair bills, I needed a cheap payment. The lease did all that for me.



I just turned in my 2011 Silverado lease and was going to lease again-

 

 

I was quoted $478/Mo Silverado LT CC 4x4 0 Down/Due at signing, 39 mo 10,500/mi/yr.

 

I bought my 2010 Sierra for a comparable payment for 6 years at 3.2% I figured at the end of another lease I could have bought an 07/08 truck like mine back in 2010 and own it. Hindsight is 20/20 though.....I don't regret leasing then, I needed a truck, I needed a break from repair bills, I needed a cheap payment. The lease did all that for me.

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