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Discussion Starter #1
I know this issue has been addressed recently, but I can't find it and also the local dealership doesn't seem to have the residual values yet I thought I read on one of the posts here.
What were the residual values that were posted ? Were those from GM ?
So what is a good monthly payment for a 3 or 4 year lease on a purchase price of about $22,000 ?
Help me out here -- mine should be here soon !
Thanks ! ! !
 

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Westbadenboy said:
......also the local dealership doesn't seem to have the residual values yet I thought I read on one of the posts here.
What were the residual values that were posted ? Were those from GM ?
From the other thread:


Originally Posted by Pontiac & GMAC 8-25-05
Solstice Residuals Announced ... ALG (Automotive Lease Guide) released Solstice residual values for 24-, 36-, and 48-month terms this week and it's great news for Pontiac. They are as follows:

24 Months: 67% (deduct 3% w/o Air Conditioning)
36 Months: 54% (deduct 3% w/o Air Conditioning)
48 Months: 43% (deduct 2% w/o Air Conditioning)

These numbers are for a 15,000 mile per year lease. For a 12,000 mile per year lease add 1% to the 24 and 2% to the 36.

3/27/06: The 24 Month is now 65%, the others are the same.


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Actually, you can go to pontiac.com and use their finance calculator to do a lease or purchase. 2 years with $995 down plus t.t.&f was $380/month. 3 years without $ down was about the same.
 

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Discussion Starter #4
Lease Payment Seems High ?

Thanks for the info ............... but that lease payment of $380 for 3 yrs on a $22,000 Solstice with a 54% residual value seems high ...........
I thought it would be alittle over $300 for a 3 yr lease and maybe alittle under $300 for a 4 yr lease (with no money down).
Am I way off ? ? ?
 

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deepdawg said:
Actually, you can go to pontiac.com and use their finance calculator to do a lease or purchase. 2 years with $995 down plus t.t.&f was $380/month. 3 years without $ down was about the same.
If you go to pontiac to the loan calculator, The intrest rate pops up at around 10.50 Interest. Very high I'm not sure but I think the interest rate goes by the demand for the car. Anyone can correct me if I'm wrong.
 

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Westbadenboy said:
Thanks for the info ............... but that lease payment of $380 for 3 yrs on a $22,000 Solstice with a 54% residual value seems high ...........
I thought it would be alittle over $300 for a 3 yr lease and maybe alittle under $300 for a 4 yr lease (with no money down).
Am I way off ? ? ?
you BETTER be right! but i am beginning to feel like :brentil: regarding the solstice. it seems to have the highest lease rate of any car that presents itself as inexpensive. it better be UNDER $300 a month. period. or else... :leaving: because thats the poor artist rate. :yesnod:
 

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whats really strange to me, and some of it is just inexperience obviously, is that my friend went to the nissan dealer and got a 2006 car at around $20K, walked out with NO MONEY DOWN as a PURCHASE and pays about $250 a month for that.

Leasing is supposed to be the LESS expensive option...considerably less, and the yet the 20K solstice rate comes out as $380 for a lease...almost twice as much as his purchase. :crazy: i think i'm gonna have to take the ol' sol down from my desktop picture and replace it with a broken down 1978 chevy. :D
 

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Discussion Starter #8
Just my point .....

I can understand if a company is substantially providing incentives to a lease program that you can sometimes lease at a pretty low monthly payment. And certainly Pontiac is not going to be doing that with the Solstice. But that should be offset by the higher than normal residual value for the Solstice --- so a lease figure in the high $300's for 4 years on a $22,000 car seems high to me.

Would leasing though a bank rather than GMAC be at a lower rate (and still have the same residual values) and therefore reduce the monthly payment ?

Maybe some of our dealer friends can enlighten us more on this lease issue ........
 

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Westbadenboy said:
Thanks for the info ............... but that lease payment of $380 for 3 yrs on a $22,000 Solstice with a 54% residual value seems high ...........
I thought it would be alittle over $300 for a 3 yr lease and maybe alittle under $300 for a 4 yr lease (with no money down).
Am I way off ? ? ?
$22,000 x 46% = $10,120 (depreciation or amount you are paying for) + $595 (example lease acquisition fee) = $10,715 / 36 months = $298 base. This is with out the "rent charge" (FTC's words not mine) factor (simular to interest).

So yes you underestimated the cost to lease.

Also keep in mind that a high residual value with a non-subsidized rate equals a higher cost for the "rent charge".


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Discussion Starter #10
Sol-Stitch-Ay

I could be wrong about this, but I think your friend paid about $15,000 for his car and is paying for 6 years -- a 6 year purchase loan should run about $17 per thousand so 15 x $17 = $255 per month
 

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To Small Dealer

Thanks for the info --- couple of questions/points ..........

1) What would be a typical "rent charge" amount (either rate or dollar amount) for a lease like the one we're discussing ?

2) Probably one of the reasons we're so interested in the lease option is the great lease deals (probably highly subsidized) offered on a regular basis. You could lease a $21,000 G6 in my area a few months ago for $199 for 3 years with NO money down. Even taking into consideration no incentives for a Solstice lease, it seems like a lease almost double that is pretty high (once again given high residual values which I always been told would reduce the monthly payment).

By the way ......... to Small Dealer and the other dealers who have provided info ........ thanks for all your time & effort ........... it is appreciated !
 

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Westbadenboy said:
I could be wrong about this, but I think your friend paid about $15,000 for his car and is paying for 6 years -- a 6 year purchase loan should run about $17 per thousand so 15 x $17 = $255 per month
not sure, but it wasnt 0% financing, & again, was no money down...and nissans have better reps for sure. i know other people whose cars are more expensive models than the solstice who definitely pay well-less than (over) $300, so we in the lower-economic bracket were probably led to believe the solstice was in reach for us (as you said, you could lease a $21,000 G6 in your area a few months ago for $199 for 3 years with NO money down)... and it SEEMS on paper as a low-end car financially, but the lease is just a few dollars cheaper than buying (and with insurance, its over $550 a month), so after 3 years of paying that, you'd be pretty bummed to not be owning it at those rates. so now, i would say buying is the way pontiac wants people to go, and because the demand for the car is such that people with "greater access" are already in the door with cash in hand, the picture is more clear. so i'm thinking patience is a virtue. :)
 

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Westbadenboy said:
Thanks for the info ............... but that lease payment of $380 for 3 yrs on a $22,000 Solstice with a 54% residual value seems high ...........
I thought it would be alittle over $300 for a 3 yr lease and maybe alittle under $300 for a 4 yr lease (with no money down).
Am I way off ? ? ?
No you are correct. The Pontiac lease calculator is way off. Not sure why it isn't correct.
 

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Westbadenboy said:
Thanks for the info --- couple of questions/points ..........

1) What would be a typical "rent charge" amount (either rate or dollar amount) for a lease like the one we're discussing ?

2) Probably one of the reasons we're so interested in the lease option is the great lease deals (probably highly subsidized) offered on a regular basis. You could lease a $21,000 G6 in my area a few months ago for $199 for 3 years with NO money down. Even taking into consideration no incentives for a Solstice lease, it seems like a lease almost double that is pretty high (once again given high residual values which I always been told would reduce the monthly payment).

By the way ......... to Small Dealer and the other dealers who have provided info ........ thanks for all your time & effort ........... it is appreciated !
The quote that I recieved from my dealer was for an Msrp at 22700.00 with $1500 total out of pocket and it was $286 per month plus tax. He stated that could change each month with new lease factors. He feels it will go down some. Hope that helps
 

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CoolOne2006 said:
The quote that I recieved from my dealer was for an Msrp at 22700.00 with $1500 total out of pocket and it was $286 per month plus tax. He stated that could change each month with new lease factors. He feels it will go down some. Hope that helps
well that is hopeful indeed!! thanks.
 

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CoolOne2006 said:
No you are correct. The Pontiac lease calculator is way off. Not sure why it isn't correct.
The calculator is correct for what is showing. It appears to be using just about a lease rate of 9 (think 9%). That is reasonable in the Hartford GMAC area for an "A" tier qualifier.

Here is what I found for CoolOne 206 to explain why it seams off. Played around with it and it appears that no matter what you put for the selling price, it is still using $19,995 as the MSRP. So trying a more expensive Solstice, it uses a low residual and the payment is off.

Here is a quick way to figure a monthly payment on a lease. Especially when the buyer knows the residual percentage (find the post above) and the lease rate.

  • Take your MSRP and multiply by the Residual Percentage to determine the Residual Value.
  • Take your Selling Price and subtract any Capital Cost Reduction (downpayment) then subtract the Residual Value to get the Depreciation Amount.
  • Add the Lease Aquisiton Fee ($595 is a very common GMAC fee) to the Depreciation Amount to get a new Total Cost.
  • Figure a regular loan for the Total Cost amount for the term you are using with the Lease Rate (say 9%), using an online loan calcualtor to get a Monthly Payment figure.
  • Multiply the Residual Value amount by the Lease Rate and divide by 12 to get a second Monthly Paymnet amount.
  • Add the two monthly payment amounts together to get your approximate lease payment.

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Discussion Starter #18
Is this correct Small Dealer ?

OK using the above formula -- is this basically correct (assuming a lease through GMAC -- and I'm rounding off figures by the way)

MSRP $23,200 X 43% (4 year lease) = $10,000 (Residual Value)

$23,200 minus $1200 Down minus $10,000 Residual Value = $12,000
Depreciation

(Assume I pay the Aquistion Fee in cash) so I assume about $300 a month on a four year term for the Depreciation

The Residual Value $10,000 x lease rate = $250 Divided by 12 = $21

So the lease on this car with the above numbers would be $321 per month plus sales tax (Indiana) for four years ? ? ?

Is this correct ? Also, 9% sounds high as well as the $595 Aquistion Fee -- would a bank be lower on either --- I've leased through Fifth Third Bank, US Bank, and others ? ? ?
 

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Small Dealer said:
The calculator is correct for what is showing. It appears to be using just about a lease rate of 9 (think 9%). That is reasonable in the Hartford GMAC area for an "A" tier qualifier.

Here is what I found CoolOne 206 to explain why it seams off. Played around with it and it appears that no matter what you put for the selling price, it is still using $19,995 as the MSRP. So trying a more expensive Solstice, it uses a low residual and the payment is off.

Here is a quick way to figure a monthly payment on a lease. Especially when the buyer knows the residual percentage (find the post above) and the lease rate.

  • Take your MSRP and multiply by the Residual Percentage to determine the Residual Value.
  • Take your Selling Price and subtract any Capital Cost Reduction (downpayment) then subtract the Residual Value to get the Depreciation Amount.
  • Add the ease Aquisiton Fee ($595 is a very common GMAC fee) to the Depreciation Amount to get a new Total Cost.
  • Figure a regular loan for the Total Cost amount for the term you are using with the Lease Rate (say 9%), using an online loan calcualtor to get a Monthly Payment figure.
  • Multiply the Residual Value amount by the Lease Rate and divide by 12 to get a second Monthly Paymnet amount.
  • Add the two monthly payment amounts together to get your approximate lease payment.

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Small dealer where are you from? I live in Bristol Ct., I noticed you mentioned hartford.
 
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