Lease payment

[C]

I just read that the lease payment a month would be $604 which i dont think can be true bc the price they give you on the internwet doesnt even come close toanycars payment...see fot your self http://autos.yahoo.com/newcars/hummer_h3suv_sportutility_2006/16758/style_overview.html;_ylt=AqnNUtxsfEDoScvi.ghcLfHZ0 MYF

[C]

I just read that the lease payment a month would be $604 which i dont think can be true bc the price they give you on the internwet doesnt even come close toanycars payment...see fot your self http://autos.yahoo.com/newcars/hummer_h3suv_sportutility_2006/16758/style_overview.html;_ylt=AqnNUtxsfEDoScvi.ghcLfHZ0 MYF

[H3wannabe]

If you read the *, that's just a sample monthly payment (purchase not lease) using these assumptions:

* based on 20% down, 6.5% interest rate, 8% sales tax, 48 months.

Many of of us (including me!) are waiting GM to announce the residual value that will be used. This determines your monthly lease (MSRP minus redsidual divided by # of months you lease + interest).

A 50% or better residual on a 36 month lease is typically considered good in the auto industry. At 36 months, using a base model price ($29, 500), no money down and a 50% residual, payments would be about $410 mo. However, this doesn't include the lease interest rate which will increase your monthly a bit.

Personally, I am hoping for better than a 50% residual. http://www.elcova.com/infopop/emoticons/icon_wink.gif

H3wannabe

[HummerNewbie]

I find that lease rate to be hard to believe. Someone I know who is leasing a loaded H2 is paying less than $650 a month on a 39 month lease with nothing down.

[MisterE]

Agreed! If this is correct they have shot themselves in the foot! I also have seen many 0 down H2 leases that are cheaper then this.

Sorry for the cross post as I put this somewhere else as well, but when I spoke to one of the major auto leasing companies (one of the first two the pop up in google) they said they though residuals would be available early this week!

[HummerNewbie]

I was planning on leasing myself, but at if the rate is anywhere near that, I won't take deliver.

[lexpro]

Using TX registration,29500 sticker(base) and the same figures that the H2 had that i bought on a smart buy this month....4.1 rate,57% residual for 36 mos 15k per year,,the payment would be 509 per month 0 money down...i would say that would be pretty close for the H3 as well with the exception that the money factors on leases and rates on smartbuys will be marked up by the dealers......

[RT0870]

I spoke with a salesman from Hummer of Cary, North Carolina today, and he said the residual value numbers he has for the leasing program are as follows:

**15K Miles**

1 & 2 Year = 61%

3 Year = 51%

4 Year = 41%

**12K Miles**

2% "Bump" on numbers above for 3 & 4 year terms

Note: Not sure what the "bump" means. Feel free to explain.........

[lexpro]

12k miles residual goes up 2% that is normally the case with most leases for low mile leases....

[MisterE]

Leasing information I got from reliable source:
A 36 month lease with 12k miles per year you are at $449.26/mos with $1177.96 due at signing.

Does this sound right?

This is how I figured out my rough payment:As I figured it out:
MSRP 33715.00 GMS 29745.08 with 3 year lease 12K miles 53% residual value

so GMS 29,745.08 - Residual 17,868 (MSRP*53%) = 11,877.08 Lease Amount
11,077.08 + 1,784.70 (taxes on GMS price) = 13,661.78 Lease Amount (estimated)
13,661.78 / 36 Months = $379.49 per month


Now I know that there will be interest and some other fees but 80.00 per month plus 1,200 out of pocket.

Any thoughts would be a helpful!

[baby_hummer]

I just returned from the dealership, and they quoted me a lease payment of $610/month for 48 months, $640/month for 36 months with 12K miles.

I ordered the Lux package with tubular assist steps. Total price came to $35K with another $2K for tax.

Needless to say, I was a little surprised, considering the payment is comparable to an H2. But apparently, because it's a hot new vehicle, GMAC is not offering any special incentives or financing. Ouch.

[RT0870]

Does the $1000 from the "HOTBUTTON" not apply to the H3 if purchased before 5/31?

[HUMMER H3 4 ME]

I don't think so, the certificate says something like $1,000 off a new 2004 or 2005 GM vehicle.

[RT0870]

Yep.....I saw that, too. Doesn't hurt to ask, though.

[lexpro]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by MisterE:
Leasing information I got from reliable source:
A 36 month lease with 12k miles per year you are at $449.26/mos with $1177.96 due at signing.

Does this sound right?

This is how I figured out my rough payment:As I figured it out:
MSRP 33715.00 GMS 29745.08 with 3 year lease 12K miles 53% residual value

so GMS 29,745.08 - Residual 17,868 (MSRP*53%) = 11,877.08 Lease Amount
11,077.08 + 1,784.70 (taxes on GMS price) = 13,661.78 Lease Amount (estimated)
13,661.78 / 36 Months = $379.49 per month


Now I know that there will be interest and some other fees but 80.00 per month plus 1,200 out of pocket.

Any thoughts would be a helpful! </div></BLOCKQUOTE>

With TX registration the above price and residual with 1177 down and 0.0 money factor(rate) the payment would be 375.66 for 36 months.....with a money factor of .0018 which equates to 4.10% (current H2 rate) apr the payment would be 464.33 for 36 months...

[HUMMER H3 4 ME]

They may honor it at some "remote" HUMMER dealership( not a very populated city/county). Maybe if the want the business, but selection will be limited.

[baby_hummer]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">with a money factor of .0018 which equates to 4.10% (current H2 rate) apr the payment would be 464.33 for 36 months... </div></BLOCKQUOTE>

The current money factor for the H3 is almost twice that of the H2. The lease payment quote I received today was $640 for 36 months.

[lexpro]

Money factors are not set...in fact they may be the same as the H2....the rate can be marked up and the dealer and the bank split the markup....that happens alot in leases..

[H3wannabe]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">The current money factor for the H3 is almost twice that of the H2. The lease payment quote I received today was $640 for 36 months. </div></BLOCKQUOTE>

That amount makes no sense to me. At 36 payments you are paying $23,040. Using your $37,000 total cost, your residual is only $13,960 or 38%????? That does not sound like a good deal at all.

I was at a dealer yesterday and they said that GM had not released the residual amount yet. My guess would be that your dealer "made up" that residual which would more than cover their a$$. Did you ask where they got the residual amount? I don't think it is avail. from GM yet.

H3wannabe

[baby_hummer]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">At 36 payments you are paying $23,040. Using your $37,000 total cost, your residual is only $13,960 or 38%????? </div></BLOCKQUOTE>

While the rate I was quoted today might have been too high, you can't use this equation: $37K - (Payment x 36 months) = Residual.

The dealership is loaning you money, so there is an interest rate (borrowing cost) included in the payment quote. For 36 months, the residual is probably closer to 50% or $18.5K (let's hope), so you'd be paying $4540 in interest over the term.

However, in every scenario I've done thus far, buying seems to be the better option.

[lexpro]

The current money factor for the H3 is almost twice that of the H2. The lease payment quote I received today was $640 for 36 months.[/QUOTE]

Also the payment you are qouted i bet is at a higher price than the guy with GMS pricing above..

[MisterE]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Leasing information I got from reliable source:
A 36 month lease with 12k miles per year you are at $449.26/mos with $1177.96 due at signing.

Does this sound right?

This is how I figured out my rough payment:As I figured it out:
MSRP 33715.00 GMS 29745.08 with 3 year lease 12K miles 53% residual value

so GMS 29,745.08 - Residual 17,868 (MSRP*53%) = 11,877.08 Lease Amount
11,077.08 + 1,784.70 (taxes on GMS price) = 13,661.78 Lease Amount (estimated)
13,661.78 / 36 Months = $379.49 per month


Now I know that there will be interest and some other fees but 80.00 per month plus 1,200 out of pocket.

Any thoughts would be a helpful! </div></BLOCKQUOTE>

Thanks to all your comments have been helpful. However even if I factor in 4% on the amount (higher then what my credit union offers) I still come out at 403.00 per month. Ok, I know we are not apples to apples since this isn't a loan but I'm still 46.26 per month less then what I was quoted. 36 payments * 42.26 = 1521.36+1200 out of pocket = 2721.26 I can't really account for.

[lexpro]

The money factor is being marked up by the dealership....ask them for the money factory they are using to determine your lease...

[RT0870]

I contacted HUMMER about the "HOTBUTTON" offer, and here is what they said:

"Thank you for contacting HUMMER and for your interest in the 2006 HUMMER H3!
Program rules for the "Hot Button" promotion state:
"Of the total available vehicle prizes approximately 0.3% will be HUMMER,
minimum MSRP $31,800." Therefore the H3 will be one of the eligible vehicles.
No purchase is necessary to participate in this promotion. You must participate
on or before May 31, 2005."

Hmmm......