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Old 08-17-2014, 09:29 AM   #1
Neuf Cruz
 
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Camaro lease prices

Just curious as to why with some manufactures you can get great lease deals i.e. A $40k cts for $300 a month with about $4k out of pocket. Why can't you do the same for lets say a 1le?
Just wondering why and how it works.
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Old 08-17-2014, 10:08 AM   #2
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I've got a lease on my 2013 2SS/RS package for $320 a month 3 year/36000 miles. I figured I'd go with a lease because if I really want the 6th gen Camaro when it's released I won't be stuck in the middle of a loan.
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Old 08-17-2014, 11:08 AM   #3
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Originally Posted by BloodiedWraith View Post
I've got a lease on my 2013 2SS/RS package for $320 a month 3 year/36000 miles. I figured I'd go with a lease because if I really want the 6th gen Camaro when it's released I won't be stuck in the middle of a loan.
Can I ask what the purchase price was and what out of pocket?
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Old 08-17-2014, 04:01 PM   #4
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Quote:
Originally Posted by Neuf Cruz View Post
Just curious as to why with some manufactures you can get great lease deals i.e. A $40k cts for $300 a month with about $4k out of pocket. Why can't you do the same for lets say a 1le?
Just wondering why and how it works.
Cause the dealer is just looking for a way to bend you over without giving you a reach around.
But with the volume that Lorenzo Bomnin deals with, you should still be able to talk it down. It's no different than buying, they are still trying to make money, and there is A LOT of room for negotiation.
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Old 08-17-2014, 04:46 PM   #5
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Originally Posted by Neuf Cruz View Post
Can I ask what the purchase price was and what out of pocket?
I traded in my 2012 2LT/RS for it which they gave me $5k over what I owed on it for some crazy reason (I owed $19.5k they gave me $24.5k) and so I put that down. The purchase price on the car I believe was like $36k - I talked them down from the outrageous $41k they were asking for.
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Old 08-17-2014, 06:15 PM   #6
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Mines a 2014 2SS w/ lots of options including Recaro's.

My lease is $350 a month for 4 years 40k miles. 6k down. With a 4 year lease the residual is less which is good since I'll probably be buying it at the end of the lease. I love the looks of the 5th gen too much and I don't think the 6th gen will look as good.
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Old 08-17-2014, 06:49 PM   #7
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Quote:
Originally Posted by BloodiedWraith View Post
I traded in my 2012 2LT/RS for it which they gave me $5k over what I owed on it for some crazy reason (I owed $19.5k they gave me $24.5k) and so I put that down. The purchase price on the car I believe was like $36k - I talked them down from the outrageous $41k they were asking for.
Based on my previous leases, Camaro leases are approx. 20% more I.E. a $350 payment for 36 mo. at 12k miles with $5500 down is available on a 44k BMW that has already been discounted a few thousand.

I also checked out a lease on a Camaro a while back and was surprised the numbers were more expensive than BMW. Dealers offer some great lease *specials* on their websites for comparison purposes.

Bottom line.. put that $5500 you pay a year in lease payments toward a low interest loan. A descent lease should be closer to $4500 a year.
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Old 08-17-2014, 07:40 PM   #8
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For mine, sticker was 42 ish (2SS/RS). I did a 2 year lease and 24K miles. I wasn't sure how much I would miss my AWD Subaru so I went 2 years. 497 a month with NO money down. If I don't miss the little hatch back then I'll get a 3 year lease on one.

It's also my company car! (one of my few perks for being the owner)
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Old 08-17-2014, 09:00 PM   #9
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Originally Posted by Neuf Cruz View Post
Just curious as to why with some manufactures you can get great lease deals i.e. A $40k cts for $300 a month with about $4k out of pocket. Why can't you do the same for lets say a 1le?
Just wondering why and how it works.
Well, you can. The makings of an attractive lease is with a car with a high residual value, low money factor and nice negotiated discount off of MSRP. For example, I bought a 2013 2SS 1LE with NAV, NPP and sunroof for 38k. Msrp was around 43k. So, that is a good start. Now, the bank I went with had a residual value of 27.5k after 36 months and 12k miles per year. I don't recall the exact money factor/interest but it was good with my credit rating. The net result was 3k down and $366 per month, including tax.

Ideally, you should not put any money down on a lease. You are just prepaying rent and you also put that down payment at risk should you total the car since the insurance company just writes a check to the lease company instead of you. You are better off keeping that money in the bank and use it if needed to contribute to the higher payment.

So, to answer your question. Cars with high residuals and good discounts off of msrp shrink the amount you pay over the term. When the Camaro first made its return in 2010 the banks couldn't really calculate the residual yet since they didn't really know what they would be worth in 3 years. However, as we all know the 5th gen is quite the hit and as a result they have pretty strong resale values. In fact I think my 1le has a 65% residual, which is on par with a Lexus.

So, negotiate the price of the car first before you mention the word lease. Otherwise, you can fall victim to the dealer working the deal to a payment you have in mind, which enables them to hide lots of profit in other aspects of the deal.
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Old 08-17-2014, 09:09 PM   #10
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Originally Posted by Kopterman View Post
Mines a 2014 2SS w/ lots of options including Recaro's.

My lease is $350 a month for 4 years 40k miles. 6k down. With a 4 year lease the residual is less which is good since I'll probably be buying it at the end of the lease. I love the looks of the 5th gen too much and I don't think the 6th gen will look as good.
Be careful with long leases. Financially, it makes more sense to just buy the car if you plan to lease it so long. Otherwise, you lose some of the benefits of leasing such as lower maintenance costs. At 40k miles you may be through your 3rd set of tires, may need brakes, and is out of warranty. Also, of course the residual is less, the car will be 4 years old and have 40-50k miles. If you look at the auction prices of 2010/2011 Camaros, they are going for low to mid 20s depending on condition and options.
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Old 08-18-2014, 10:55 AM   #11
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Originally Posted by raptor5244 View Post
Be careful with long leases. Financially, it makes more sense to just buy the car if you plan to lease it so long. Otherwise, you lose some of the benefits of leasing such as lower maintenance costs. At 40k miles you may be through your 3rd set of tires, may need brakes, and is out of warranty. Also, of course the residual is less, the car will be 4 years old and have 40-50k miles. If you look at the auction prices of 2010/2011 Camaros, they are going for low to mid 20s depending on condition and options.
Thank you but I'm fully aware of long and short leases. I don't drive a lot hence I wanted the longer one for low residual. I'll probably only have about 30k if that on it after 4 years. Plus, I always have the option to get into a new car if I find something better.
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Old 08-18-2014, 12:35 PM   #12
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Quote:
Originally Posted by Neuf Cruz View Post
Just curious as to why with some manufactures you can get great lease deals i.e. A $40k cts for $300 a month with about $4k out of pocket. Why can't you do the same for lets say a 1le?
Just wondering why and how it works.
Camaros are actually one of the best leasing vehicles out there that I've found.

My 2SS 1LE is leased at about 550 a month with CA tax for 24 months 12K miles per year with 0 down, 0 drive offs. I still haven't paid a dollar yet.

4K down plus first month and DMV fees is a lot of money up front. For example if I did that on a 24 month lease it would have dropped my payment around $200 per month. Making it effectively about $350 per month. I would not recommend putting any money down up front. If you wreck it you'll lose that money.

The deals are out there. US Bank and Ally bank have great deals. Just talk to several dealers and you'll find one that will give you all the info you want.
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Old 08-18-2014, 07:33 PM   #13
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Originally Posted by IrishCoffee View Post
Camaros are actually one of the best leasing vehicles out there that I've found.

My 2SS 1LE is leased at about 550 a month with CA tax for 24 months 12K miles per year with 0 down, 0 drive offs. I still haven't paid a dollar yet.

4K down plus first month and DMV fees is a lot of money up front. For example if I did that on a 24 month lease it would have dropped my payment around $200 per month. Making it effectively about $350 per month. I would not recommend putting any money down up front. If you wreck it you'll lose that money.

The deals are out there. US Bank and Ally bank have great deals. Just talk to several dealers and you'll find one that will give you all the info you want.
Agreed. I went with US Bank since they were offering the highest residual and lowest money factor at the time. I was quite surprised when I learned the residual. Usually, american sports/muscle cars do not have such high residuals. Compare a 3 year old mustang gt to a camaro ss. They cost about the same new when equally optioned, but the residual values on them are about 3-4k less. However, dodge challengers residuals are pretty strong as well, right about on par with the Camaro.

It is great to see good leases on cars other than honda accords and toyota camrys.
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