Cadillac ELR Forum

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 Post subject: I've got real lease numbers!
PostPosted: Sat Jan 18, 2014 6:35 pm 
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Joined: Fri Jan 17, 2014 10:55 am
Posts: 54
I went to a local Cadillac dealer and got firm lease numbers to share.

This is for an ELR with the Luxury Package and Adaptive Cruise Control package ($79,685).

NOTE: The drive-off cash would be $1,000 more for customers who do not qualify for the GM loyalty discount.

This is for a 39-month lease, only 10k miles per year, and a 51% residual ($40,639.35):

Code:
$79,685.00 price
$ 2,412.49 drive-off cash (i.e., out-of-pocket at delivery)
$ 3,000.00 GM Card redemption (or additional drive-off cash, if no GM Card)
$ 5,575.00 Ally Bank incentive ($1,925 less than the $7,500 tax credit)
$   628.00 government fees
$ 3,759.33 total taxes (CA - 9.00%)
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$   925.54 monthly payment

The gross cap cost for this deal is $80,480; the net cap cost is $71,905. The base payment (before tax) is $849.12, and then $76.42 in CA (Los Angeles) sales tax is added.

The drive-off cash includes the first month's lease payment ($925.54), upfront sales tax ($778.95), first year fees ($636.75), and "other" ($80).

Total out-of-pocket cost for this lease will be $36,096.06 for monthly payments + $2,412.49 drive-off + $3,000 GM Card or additional drive-off, for a total of $41,508.55. So for about half the cost of the car, you get to drive it for a total of 3 1/4 years.


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 Post subject: Re: Leasing Information of Cadillac ELR
PostPosted: Mon Jan 20, 2014 8:52 am 
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Joined: Wed Oct 17, 2012 4:23 pm
Posts: 28
Great, thanks for that Blastphemy!

So from that we can determine that's about a 50% residual... that's what was interested to me. I couldn't find the numbers, but isn't the Volt residual higher than that?


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 Post subject: Re: I've got real lease numbers!
PostPosted: Mon Jan 20, 2014 9:03 am 
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Joined: Thu Sep 12, 2013 8:35 am
Posts: 18
Blastphemy wrote:
I went to a local Cadillac dealer and got firm lease numbers to share.

This is for an ELR with the Luxury Package and Adaptive Cruise Control package ($79,685).

NOTE: The drive-off cash would be $1,000 more for customers who do not qualify for the GM loyalty discount.

This is for a 39-month lease, only 10k miles per year, and a 51% residual ($40,639.35):

Code:
$79,685.00 price
$ 2,412.49 drive-off cash (i.e., out-of-pocket at delivery)
$ 3,000.00 GM Card redemption (or additional drive-off cash, if no GM Card)
$ 5,575.00 Ally Bank incentive ($1,925 less than the $7,500 tax credit)
$   628.00 government fees
$ 3,759.33 total taxes (CA - 9.00%)
----------
$   925.54 monthly payment

The gross cap cost for this deal is $80,480; the net cap cost is $71,905. The base payment (before tax) is $849.12, and then $76.42 in CA (Los Angeles) sales tax is added.

The drive-off cash includes the first month's lease payment ($925.54), upfront sales tax ($778.95), first year fees ($636.75), and "other" ($80).

Total out-of-pocket cost for this lease will be $36,096.06 for monthly payments + $2,412.49 drive-off + $3,000 GM Card or additional drive-off, for a total of $41,508.55. So for about half the cost of the car, you get to drive it for a total of 3 1/4 years.


Blastphemy, I linked here from the other post on this ERL forum where you said in California it's $900 per month even though Cadillac advertises it at $699/mo. Can you explain that a little bit? In your breakdown, I expected to see a lease price of $699, and then all the taxes/fees etc adding up to $900/mo, but your breakdown doesn't have $699 anywhere in it?

Thanks very much for your help!


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 Post subject: Re: Leasing Information of Cadillac ELR
PostPosted: Mon Jan 20, 2014 10:18 am 
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Joined: Fri Jan 17, 2014 10:55 am
Posts: 54
It's only $699 per month if you buy the base model ($75,995), put down $6,000 cash ($5,000 if you qualify for the GM loyalty discount), live in a state without sales tax, and pay all additional drive-off fees. Good luck finding that deal in the real world.


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 Post subject: Re: Leasing Information of Cadillac ELR
PostPosted: Mon Jan 20, 2014 10:56 am 
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Joined: Fri Jan 17, 2014 10:55 am
Posts: 54
marta wrote:
So from that we can determine that's about a 50% residual
Specifically, it's a 51% residual. But only if you drive your ELR 32,500 miles (10,000 miles per year) or fewer over the course of the lease. Also, the interest rate appears to be just 1% for the $925.54 lease I quoted previously (money factor of 0.00042). But I don't have written proof of that money factor from the dealership.

Here's an interpolated lease deal for a base model in Los Angeles:
Code:
$75,995.00 price
$ 2,100 drive-off cash (i.e., out-of-pocket at delivery)
$ 3,000 GM Card redemption (or additional drive-off cash, if no GM Card)
$ 5,575 Ally Bank incentive ($1,925 less than the $7,500 tax credit)
$   628 government fees
$ 3,184 total taxes (CA - 9.00%)
----------
$   843 monthly payment
So even with the base model, you're never going to see $699/mo in California (due to the sales tax and fees) unless you put down much more than the required $6,000 (or $5,000 if you qualify for the GM loyalty discount).

You can use http://www.leaseguide.com/calc.htm to play with lease numbers.


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