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Discussion Starter · #1 ·
Hi Guys,

I have mainly leased cars all my life and I'm somewhat torn about what to do with the Sky Redline. According to my dealer, he is pretty positive there will be some good leases deals on the sky as well as the Redline by the time my car is delivered. I'm not really sure, but I wanted to see if i could get your opinions. Anyway feed back is greatly appreciated....Thanks!

--Ken
 

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I don't think I've heard of any leases on the Sky yet.
 

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Given a 3 year residual of 50-54% as listed in another thread, a lease on a SKY Redline should be pretty good. You can still lease a vehicle and not use GMAC.
 

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how could it be bad?I think the residual value would be good at least 2-3 years? and just make sure you are getting a good money-factor.... ( interest rate).... whatever the money factor is just multiply by 2400 (.0034 x 2400 for example) and it gets you your intrest rate....

dont let them say your money factor is higher since its new or some other bs, its the same as any interest rate should be..... right now you should hope for under 6% (as low as 4.5) in my area....

-Shu
 

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hope the redline is higher residual, but it may not be, could be lower....

54% isnt so bad..... id be doing a 2 yr lease this car is very nice but Im waiting for the Nissan GTR or a used Z06 vette
 

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SKYtime said:
I don't think I've heard of any leases on the Sky yet.
I agree, dont think you can lease this car. But I could be wrong
 

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Discussion Starter · #8 ·
you do not have to use GMAC?

Can you please explain what you mean by not having to use GMAC, as it what would be the benefits of not using and is that in reference to a finance or lease?
 

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Lease rates in Canada are 6.9%

I am going to try to do a extended term purchase to keep my payments down. The lease payment is not that low here as the residual is 31%
 

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kkohlmann said:
Can you please explain what you mean by not having to use GMAC, as it what would be the benefits of not using and is that in reference to a finance or lease?
You can lease a vehicle through other companies that do auto leasing. In essence, they buy the vehicle from the dealer and lease it to you. Most people go through manufacturers but you can go through any leasing company that will do the deal. Some finance companies also do leasing. You have to ask around.
 

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Even though the residual is high, the interest on the Solstice by GMAC was about 7 1/2 to 8 % I believe on leases, I'm notsure though, but it was a crazy amount, they say it's because of the high demand for the car. Go to Solstice forum and check out old post for more info.
 

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Just like any other financing deal, other leasing companies might have a lower money factor (interest rate) while offering different residuals. All of this affects your payment on a lease.

LeaseCompare.com is a good site to see what other companies have to offer.

On an example with a 730 FICO score, the money factors on a Saturn SKY ranged from .00253 to .00300 (6.072% to 7.2%) with the companies at LeaseCompare. The residual value at 36 months was a whopping 56%!! This resulted in a 36 month payment of $464 for 12000 miles per year with no down payment (MSRP I used was $27000).

Even on leases, it pays to shop around.
 

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Discussion Starter · #13 ·
Thank you guys...

Thank you guys, I really appreciate all the feedback. I pre-ordered a redline and I really don't want to go far over a $400 a month payment with around $3000 down, but this is reassuring. Thanks again!
 

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I researched leases when we bought the Sol. The cost was high, only around $60 a month more to buy. Ended up buying it just because I knew that I would never be able to keep this one under the mileage limits, have been leasing for about 15 years and have never come close to topping one out before. Got 6,000 mi. on the Sol in just under 4 months and summer is just starting. I think I made the right choice.
 

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Discussion Starter · #15 ·
One more question

This might be going way over the boundaries, so you don't have to answer if you don't want to, but what are your monthly payments around? Just out of curiousity...
 

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Not a problem, purchased for GMS price at $23,200 rolled in taxes and a 6 year 72,000 mi. GM protection plan for $515 a month for 5 years through my Credit Union.
 

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You can also use the Auto Loan Calculator Link at the bottom of the page to calculate some "What-If" scenarios for a loan changing variables such as interest rate, length of term and downpayment.
 

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kkohlmann said:
Thank you guys, I really appreciate all the feedback. I pre-ordered a redline and I really don't want to go far over a $400 a month payment with around $3000 down, but this is reassuring. Thanks again!
thats the thing for me.... with $3000-3500 down you can get an 06 Honda S2000 for a 36 month lease for $299 a month....

-shahul
 

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ShahulX said:
thats the thing for me.... with $3000-3500 down you can get an 06 Honda S2000 for a 36 month lease for $299 a month....

-shahul
Seriously, don't forget about the limited miles. These cars are way to much fun to drive and it will be hard to keep from going over. Especially if you start traveling to Runs and Meets and such.
 

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Devoking said:
Seriously, don't forget about the limited miles. These cars are way to much fun to drive and it will be hard to keep from going over. Especially if you start traveling to Runs and Meets and such.
nah, I have a kid and commute far to work, I have a Honda Ridgeline Nav I will drive 90% of the time....

12k miles would be enough for me....

-Shahul
 
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