[xrivera91]

Chevy's website now has leasing estimates on the 16!

[Eric SS]

Link for the lazy?

[Zack46]

I just looked at the chevy website they have a special BUT its only for the 1LT.

[bigwayne3000]

How does leasing work? I know you have the option of purchasing the car at the end of the lease and the fine print on the website says that the price would be determined at signing of the lease so I'm confused how they figure that out.

[bigwayne3000]

Originally Posted by Eric SS

Link for the lazy?

Hopefully it works but you need to configure a vehicle in order to get the pricing.

http://www.chevrolet.com/camaro-sports-car.html

[Eric SS]

Originally Posted by bigwayne3000

How does leasing work? I know you have the option of purchasing the car at the end of the lease and the fine print on the website says that the price would be determined at signing of the lease so I'm confused how they figure that out.

Read through this thread for some good leasing pointers: http://www.camaro6.com/forums/showthread.php?t=431378

And to answer your question, the dealer sets the final price so even though GM will lease you a car at the price listed, it doesn't mean that the dealer will honor that deal and it also means that you may even be able to get a better deal if you qualify for certain incentives. It's basically just an available scenario that you may be able to get at a dealer.

[mjwill25]

bigwayne3000 How does leasing work? I know you have the option of purchasing the car at the end of the lease and the fine print on the website says that the price would be determined at signing of the lease so I'm confused how they figure that out.

It all depends on how much you put down when you sign the lease. The more you put down, the less the monthly lease payment is and the less the buyout at the end of the lease is. You can also get the monthly rate lowered if you do low milage leases, anything under 10,000 miles a year typically helps lower the monthly cost. With most leases you get locked into the lease rate, so when the lease on the current car ends you have the choice of buying the car out or leasing a new car with the same specs for the same monthly price.

[Eric SS]

Originally Posted by mjwill25

The more you put down, the less the monthly lease payment is and the less the buyout at the end of the lease is. You can also get the monthly rate lowered if you do low milage leases, anything under 10,000 miles a year typically helps lower the monthly cost.

This is incorrect. The residual amount stays the same regardless of how much you put down and it is not negotiable. Putting money down on a lease only affects your monthly payment. This is why you never put money down on a lease. Just put it in a savings account and pull it out as needed to make up the difference in what the payment would have been. See the above link for a more in depth discussion.

The mileage doesn't affect the rate. It affects the residual. Most leases on non-luxury cars are quoted at 12k miles per year. If you go for 10k, the residual usually rises by 1%-2% and if you go with 15k it usually goes down 1%-2%

[mjwill25]

When we leased my ex's Toyota, the down payment and milage did impact the buyout at the end, that was 5 or 6 years ago so maybe things have changed but that is how it worked then with Toyota. That was the first time dealing with a lease (and last) so I haven't kept up with things nor checked to see what Chevy does.

[Eric SS]

Originally Posted by mjwill25

When we leased my ex's Toyota, the down payment and milage did impact the buyout at the end, that was 5 or 6 years ago so maybe things have changed but that is how it worked then with Toyota. That was the first time dealing with a lease (and last) so I haven't kept up with things nor checked to see what Chevy does.

Mileage will affect the buyout, but the down payment will not. I worked for Toyota about 14 years ago and it was the same back then, nothing has changed. If the dealer told you the down payment affected the buyout, they lied to you.

[DDustiNN]

Originally Posted by mjwill25

It all depends on how much you put down when you sign the lease. The more you put down, the less the monthly lease payment is and the less the buyout at the end of the lease is. You can also get the monthly rate lowered if you do low milage leases, anything under 10,000 miles a year typically helps lower the monthly cost. With most leases you get locked into the lease rate, so when the lease on the current car ends you have the choice of buying the car out or leasing a new car with the same specs for the same monthly price.

I would never put money down on a lease. Ever. I've leased probably about 6 cars I think, and I always put $0 down. At the absolute most, one time I paid the first month's payment at the time of sale. Once. Usually I just get them to roll everything all together and I walk out without paying a dime.

Financing is a different story, since that actually affects the amount you pay in interest... But leasing, no. Keep your cash.

Another big reason is insurance. If something happens to your leased car, generally your insurance company will just pay off the lease (gap coverage usually covers any difference). But if you've already paid the equivalent of 1 year on your lease (by paying it up front) and spread the remainder out... Guess what, your loss.

Whereas with a financed car, your insurance will actually pay you the current value of your car.

[American Legend]

Originally Posted by DDustiNN

I would never put money down on a lease. Ever. I've leased probably about 6 cars I think, and I always put $0 down. At the absolute most, one time I paid the first month's payment at the time of sale. Once. Usually I just get them to roll everything all together and I walk out without paying a dime.

Financing is a different story, since that actually affects the amount you pay in interest... But leasing, no. Keep your cash.

Another big reason is insurance. If something happens to your leased car, generally your insurance company will just pay off the lease (gap coverage usually covers any difference). But if you've already paid the equivalent of 1 year on your lease (by paying it up front) and spread the remainder out... Guess what, your loss.

Whereas with a financed car, your insurance will actually pay you the current value of your car.

Since you don't actually own the car...in the event of an accident (total loss) the insurance company will just have to pay off the lease rather then the value of the car. I'm assuming insurance is less for a leased car vs owned car?

I've stayed away from leases in the past. Just curious.

[Eric SS]

Originally Posted by American Legend

Since you don't actually own the car...in the event of an accident (total loss) the insurance company will just have to pay off the lease rather then the value of the car. I'm assuming insurance is less for a leased car vs owned car?

I've stayed away from leases in the past. Just curious.

No, they owe the market value of the vehicle to the leasing company. Manufacturer backed leases all come with built in Gap coverage. I can't say the same for independent leasing companies. That's another great benefit of leasing. Not having to worry about being upside down if the vehicle end up being totalled.

[Marine Corps]

Originally Posted by mjwill25

It all depends on how much you put down when you sign the lease. The more you put down, the less the monthly lease payment is and the less the buyout at the end of the lease is. You can also get the monthly rate lowered if you do low milage leases, anything under 10,000 miles a year typically helps lower the monthly cost. With most leases you get locked into the lease rate, so when the lease on the current car ends you have the choice of buying the car out or leasing a new car with the same specs for the same monthly price.

There are many web sites on the internet that discuss leasing a car. Most are written by experts. I suggest that one who is interested in leasing a car that they check them out first. By the way, the leasing company (Bank, CU, GM, etc.) don't care how many miles you go below the mandated amount, be it 12k or 15k a year, what will cost you is if you go above the set annual milage. Of course a low milage car always help when it's time to trade up. However, a new lease is exactly that, new. One has to start over regarding the terms and conditions.