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Discussion Starter · #1 ·
I was just was notified by my dealer today that my lease went up $80.00. I had a fully loaded 2008 Acadia priced on July 30th for $598.00. He warned me not to wait passed the 31st. Well I called today and the new GMAC lease rates are out and the lease price skyrocketed to $680.00. Does this sound right? I also heard today that Chrysler discontinued leasing vehicles direct and the lease autos is going to take a big hit. Does anyone know what's going on? Any help would be greatly appreciated, Thanks.
 

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A dealer posted on the Enclave forum that lease rates went up 1% today.
 

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Yes it's all tied in the residual value of the car at the end of the lease. The depreciation factor has been much larger than has been written into the current leases, and the auto manufactures have been taking a big hit due to the drop in demand of these vehicles when turned back in at the end of the lease.
 

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turfster26 said:
I was just was notified by my dealer today that my lease went up $80.00. I had a fully loaded 2008 Acadia priced on July 30th for $598.00. He warned me not to wait passed the 31st. Well I called today and the new GMAC lease rates are out and the lease price skyrocketed to $680.00. Does this sound right? I also heard today that Chrysler discontinued leasing vehicles direct and the lease autos is going to take a big hit. Does anyone know what's going on? Any help would be greatly appreciated, Thanks.
The big three GM, Ford & Chrysler and their finance companies have had huge loses on leases because of
plummeting resale values of off lease trucks and SUV's - due mainly to high gas prices.

You are correct that Chrysler has discontinued lease financing. GMAC has continued with their lease financing, however they have adjusted lease rates to positively impact their bottom line. I believe the ultimate objective
may be to "encourage" consumers to purchase as opposed to lease as it may not make financial sense because
of the high lease payment when you can own outright for a close or similar amount.

In your scenario if your lease is for 36 months then you will be making an additional $2,880.00 in lease
payments. Unless you have to lease for personal reasons you may want to consider the terms of
buying. Which ever way you choose, good luck.
 

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To amplify the previous post, GM and other companies are having a very bad time, and leases are a significant part of it.
From WSJ: "U.S. automakers are in the midst of releasing another round of terrible monthly sales reports, and General Motors just reported a $15 billion loss....
Analysts at Barclays say the widening cost of borrowing for the credit arms of GM and Ford would probably translate to a monthly increase of $200 to $350 a month for leases, which consumers would balk at. Furthermore, the fact that the cars are now worth less — Barclays, citing Manheim Auctions, puts the year-over-year decline in used SUV prices at 28% — makes the leases even less worthwhile for automakers."

From this perspective an $82 increase is more understandable, even though just as painful.
 

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So in a lease "agreement" you have agreed to pay more money if the leasing company chooses to increase it? That stinks. Another reason I hate leases.
 

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gurufly said:
So in a lease "agreement" you have agreed to pay more money if the leasing company chooses to increase it? That stinks. Another reason I hate leases.
Not after you've entered into the agreement. He just hadn't finalized his deal yet and rates were increased.

But there are still plenty of other reasons to hate leases....
 

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There's a reason many people call them "Fleeces".
 

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jseck2 said:
There's a reason many people call them "Fleeces".
;D You don't happen to be a Dave Ramsey fan, do you?
 

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loach said:
jseck2 said:
There's a reason many people call them "Fleeces".
;D You don't happen to be a Dave Ramsey fan, do you?
I do like Dave, don't agree with everything he says (I'm driving a new car, right?) but becoming completely debt free is definitely a goal (with a little more fun along than way than "beans & rice and rice & beans").
 

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???we were at a GMC dealership yesterday 8/1 and were told the leasing rate is 10%

I told them they are RIDICULOUS!!! They have got to be smoking something....

please tell me what you think...
 

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OMH said:
???we were at a GMC dealership yesterday 8/1 and were told the leasing rate is 10%

I told them they are RIDICULOUS!!! They have got to be smoking something....

please tell me what you think...
Like it or not that 's the approach GM, Ford and Chrysler are taking. They are losing too much money on leases with the high depreciation in large vehicles now. They want you to buy the vehicle - not lease - even if they lose some business. This article explains it further
http://online.wsj.com/article/SB121737722208895269.html?mod=Earnings

There is not much choice in the matter these days.
 

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Lease rates for the Acadia just jumped to 19% in Canada. Crazy!
 

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Yesterday I searched dealers for 2009s to find one similar to the one we ordered. I figured this way I could get an idea on the pricing. Suprisingly I found one on the lot where we ordered one. My husband went to check it out and talked to our dealer. He told us ours was going to be started on Saturday. YEH!!! Well then today the dealer called and said it was ours. I said it couldn't be because we did not order the navigation system. He said that when one orders the SLT-2 with the DVD you have to get the Navigation. Number one this doesn't sound right and number 2 I have no use for the navigation. So now... having just heard what the leases are I am apalled. Not only is this vehicle about $2000 (due to navi) more than what I expected, but the lease has made it unobtainable.

After waiting almost a month and a half for this vehicle that I was so excited over...I have to walk away from it. We saved $6000 to put down with the expectation that the lease would be somewhere around 330/month for 3 yrs. This made it reachable for us. Now we have nothing. A gas guzzler truck and a Grand Prix w/ not enough room for 3 carseats. I am very disappointed.

Even if we stretched ourselves thin to afford the lease, where would we be after the three yrs. About $20,000 in the hole and having to buy this vehicle or a different one.
 

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JoJo said:
He said that when one orders the SLT-2 with the DVD you have to get the Navigation.
That's just a flat lie from the dealer. But it sounds to me like this might be a blessing in disguise to you financially because you were stretching too much in the first place. Putting $6000 down up front on a lease is a horrible idea. I think even leasing fans (of which I am not) would advise against that. If I were you, I'd shop for a good late model used vehicle that meets your needs.
 

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Yes and yes. The dealer has had his head in his patooty and finances have taken some suprising twists. However, 2 months ago we were good and leases weren't looking as dismal. We may look into a 2008. Either way it is a heartache. This was supposed to be a B-day present.
 

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Discussion Starter · #19 ·
I have to believe lease prices will be in a correction the closer we come to Labor Day. My build date for my Acadia that I ordered is this week and delivery should be the week of the 18th. My hope is that lease pricing will be headed in a better direction and the 2009 Acadia I ordered will be somewhat affordable again. I'll keep you posted.

The bad news is I got a call from a dealer on July 29th that I have done business with and he had a 2008 fully loaded Deep Blue SLT 2 Acadia with every conceivable option except trailering packet. HID, HUD, Nav, DVD, 19" rims, etc........Lease price was an unbelievable $599.00/month with little money down. Said the deal would only be available until the end of July and I did not believe him; thought it was a sales ploy. To that end, the NY WSJ report came out two days later and the proverbial sh*t hit the fan. The same car two days later went up $91.00 and has not come down in price.

Got my fingers crossed that when my 2009 that I ordered comes in the dealer and GMAC will have lease pricing more in line??????
 

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turfster26 said:
Got my fingers crossed that when my 2009 that I ordered comes in the dealer and GMAC will have lease pricing more in line??????
Unfortunately I wouldn't count on it. If what GMAC has started to do up here is any indication of what's coming you may start to see higher lease rates in the US soon. Lease rates skyrocketed to 19% last week.

http://www.thestar.com/article/469112
 
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