Is this even feasible to lease at the moment?

XUnknownX · 06-29-2016, 04:25 PM

I am currently working part-time with an annual income of around 17k and I have recently been looking at leasing a 1SS, however I would like to get the monthly payments to around $380-400 a month, which is probably a long shot considering how much the car is actually worth and the residual value probably isn't that high either. I also currently am financing on a 2014 Chevy Cruze which I still $13,031 on, but would like to trade that in to help lease on the Camaro.

Any feedback would be greatly appreciated. Just really thinking it isn't feasible for me at the moment until I'm able to go full time at work.

Luke1212385 · 06-29-2016, 04:47 PM

It isnt really feasible with the car you have now. They will maybe give you half of what you owe and the rest will get applied to the half of the lease you pay. Itll probably add 250ish to your monthly payments just from that. But you can always go in there see what they can do! Do keep in mind itll impact your credit alittle by them just looking to see if you can.

XUnknownX · 06-29-2016, 04:52 PM

Yeah I actually went up there and talked to one of the salesman and we ran the number and credit check and had the car appraised and I would only get about $4700 for the car I have now which would add about $160 to the monthly payments, which is kind of crazy because I've only had the car for a little over a year now. I would just better off trying to sell the car privately for the remainder of my financing rather than trading it into the dealer.

Richard0nee · 06-29-2016, 04:52 PM

Good luck on the loan, you will never know until you try. With 17k annually, a base bare bones 1SS is steep unless you're putting a lot down.. And putting a lot down on a lease isn't the smartest thing to do.

shoot for a bare bones turbo 4.

Richard0nee · 06-29-2016, 04:54 PM

1SS is only adding $160 to your payments?? That's crazy cheap.

XUnknownX · 06-29-2016, 05:00 PM

I am currently financing a 2014 Chevy Cruze and I still owe $13,031 on the car and the dealer appraised the car today and said I would probably only get about $4,700 for it, so that leaves $8,331 that has to be rolled into the monthly payments on the 1SS. And working part time right now I think it would be too much money to pay for monthly unless I possibly had a co signer.

G6SS · 06-29-2016, 05:07 PM

Lease for a 1ss is probably like what, 500-550?

XUnknownX · 06-29-2016, 05:10 PM

Yeah somewhere around there, but maybe a little more and I also have to consider the insurance for that as well because I'm 23 and have a ticket on my record from 2011 and one from 2013. Trying to find insurance for $170 a month for that car if not a little lower than that is really hard.

Whis · 06-29-2016, 05:10 PM

Quote:

Originally Posted by XUnknownX

I am currently working part-time with an annual income of around 17k

no

mt3130 · 06-29-2016, 05:11 PM

How is a 2014 Cruze only worth $4,700? Is the 3 year residual on that car like 25%?

A quick search shows a trade in value of $9k - 10 for the cheapest trim of a 2014 Cruze with no options.

It sounds like this guy was ripping you off.

Ace01 · 06-29-2016, 05:14 PM

Quote:

Originally Posted by XUnknownX

I am currently working part-time with an annual income of around 17k and I have recently been looking at leasing a 1SS, however I would like to get the monthly payments to around $380-400 a month, which is probably a long shot considering how much the car is actually worth and the residual value probably isn't that high either. I also currently am financing on a 2014 Chevy Cruze which I still $13,031 on, but would like to trade that in to help lease on the Camaro.

Any feedback would be greatly appreciated. Just really thinking it isn't feasible for me at the moment until I'm able to go full time at work.

Best bet would be to try to unload the Cruze your self through a private sale. See what CarMax would offer you for it. Then price out a base 1LT with 6 speed 2.0 turbo with RS package and bake and cooling package for around $28500 you then can get to the monthly lease price you are looking for. This is why I never purchase a car. Lease is the only way to go. I have a 2013 Volt lease due in July and the buyout is 24 grand and the car is worth 14 grand. Guess who eats the loss? Not me!

PoorMansCamaro · 06-29-2016, 05:15 PM

Quote:

Originally Posted by Whis

no

I'm with this guy. huge mistake.

ModdedSS · 06-29-2016, 05:15 PM

You will not be able to get into a 1SS or anything for that matter without great credit. The minimum income our banks use for financing is 1800 a month. That being said, they are still low balling the crap out of your trade. I see that you live in GA, I work at Rick Hendrick Chevrolet in Buford so if you have a cosigner and want to try and get something worked out let me know. You will have some negative equity however.

XUnknownX · 06-29-2016, 05:17 PM

Yeah when I KBB my Cruze it ranged between $9-10k and when he came back at saying it was appraised at $4,700 I was definitely surprised. Yeah I'll definitely look into the 1LT with the RS package and see if maybe that would be a better option.

06-29-2016, 04:25 PM	#1
XUnknownX Drives: 2014 Chevy Cruze Join Date: Jun 2016 Location: Georgia Posts: 10	Is this even feasible to lease at the moment? I am currently working part-time with an annual income of around 17k and I have recently been looking at leasing a 1SS, however I would like to get the monthly payments to around $380-400 a month, which is probably a long shot considering how much the car is actually worth and the residual value probably isn't that high either. I also currently am financing on a 2014 Chevy Cruze which I still $13,031 on, but would like to trade that in to help lease on the Camaro. Any feedback would be greatly appreciated. Just really thinking it isn't feasible for me at the moment until I'm able to go full time at work.

06-29-2016, 04:47 PM	#2
Luke1212385 Drives: 2016 Camaro 1SS Join Date: Jun 2016 Location: Indiana Posts: 92	It isnt really feasible with the car you have now. They will maybe give you half of what you owe and the rest will get applied to the half of the lease you pay. Itll probably add 250ish to your monthly payments just from that. But you can always go in there see what they can do! Do keep in mind itll impact your credit alittle by them just looking to see if you can. __________________ 2016 Camaro 1SS 1983 Camaro Z28 1967 Ford Galaxie police interceptor 2006 Honda Shadow

06-29-2016, 04:52 PM	#3
XUnknownX Drives: 2014 Chevy Cruze Join Date: Jun 2016 Location: Georgia Posts: 10	Yeah I actually went up there and talked to one of the salesman and we ran the number and credit check and had the car appraised and I would only get about $4700 for the car I have now which would add about $160 to the monthly payments, which is kind of crazy because I've only had the car for a little over a year now. I would just better off trying to sell the car privately for the remainder of my financing rather than trading it into the dealer.

06-29-2016, 04:52 PM	#4
Richard0nee Drives: 2016 SS M6, NPP Join Date: Apr 2016 Location: Hawthorne, CA Posts: 1,957	Good luck on the loan, you will never know until you try. With 17k annually, a base bare bones 1SS is steep unless you're putting a lot down.. And putting a lot down on a lease isn't the smartest thing to do. shoot for a bare bones turbo 4.

06-29-2016, 04:54 PM	#5
Richard0nee Drives: 2016 SS M6, NPP Join Date: Apr 2016 Location: Hawthorne, CA Posts: 1,957	1SS is only adding $160 to your payments?? That's crazy cheap.

06-29-2016, 05:00 PM	#6
XUnknownX Drives: 2014 Chevy Cruze Join Date: Jun 2016 Location: Georgia Posts: 10	I am currently financing a 2014 Chevy Cruze and I still owe $13,031 on the car and the dealer appraised the car today and said I would probably only get about $4,700 for it, so that leaves $8,331 that has to be rolled into the monthly payments on the 1SS. And working part time right now I think it would be too much money to pay for monthly unless I possibly had a co signer.

06-29-2016, 05:07 PM	#7
G6SS Drives: 2016 Camaro SS Join Date: May 2016 Location: Anywhere Posts: 85	Lease for a 1ss is probably like what, 500-550?

06-29-2016, 05:10 PM	#8
XUnknownX Drives: 2014 Chevy Cruze Join Date: Jun 2016 Location: Georgia Posts: 10	Yeah somewhere around there, but maybe a little more and I also have to consider the insurance for that as well because I'm 23 and have a ticket on my record from 2011 and one from 2013. Trying to find insurance for $170 a month for that car if not a little lower than that is really hard.

06-29-2016, 05:11 PM	#10
mt3130 Drives: Coupeless :( Join Date: Jan 2015 Location: SWFL Posts: 980	How is a 2014 Cruze only worth $4,700? Is the 3 year residual on that car like 25%? A quick search shows a trade in value of $9k - 10 for the cheapest trim of a 2014 Cruze with no options. It sounds like this guy was ripping you off.

06-29-2016, 05:15 PM	#13
ModdedSS Drives: 2017 Camaro SS 1LE Join Date: Nov 2015 Location: Atlanta, GA Posts: 148	You will not be able to get into a 1SS or anything for that matter without great credit. The minimum income our banks use for financing is 1800 a month. That being said, they are still low balling the crap out of your trade. I see that you live in GA, I work at Rick Hendrick Chevrolet in Buford so if you have a cosigner and want to try and get something worked out let me know. You will have some negative equity however.

06-29-2016, 05:17 PM	#14
XUnknownX Drives: 2014 Chevy Cruze Join Date: Jun 2016 Location: Georgia Posts: 10	Yeah when I KBB my Cruze it ranged between $9-10k and when he came back at saying it was appraised at $4,700 I was definitely surprised. Yeah I'll definitely look into the 1LT with the RS package and see if maybe that would be a better option.

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