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Discussion Starter · #1 · (Edited)
ok, guys. i have never leased nor have i done a smartbuy on a new car. i think i pretty much understand the basics of how they work... but i have a question that i need to get answered before i go to a dealer because F&I guys can be guilty of telling you stuff to get the most money out of you.

seeing as i am thinking of leasing/smartbuying a new Camaro when they first come out in 2009, and then buying (traditional financing) one 2-3 years later (2011 or 2012)... i want to know what typical dealers policies are on early lease/smartbuy turn ins?

would it be better to just do a 2-3 year lease or SB and wait until the term is up? or could i do a longer lease/SB and get a lower note... and turn it in early without a penalty? are there differences between leases and SB's when it comes to this type of stuff?

thanks in advance for any advice :D
 

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I leased a minivan a few years ago, and there was definitely a penalty to turning it in early, and any scratches, dents, problems, mismatched tires, worn tires, stains, etc... they really charge you for. I will never lease again.

I still think you are better off just buying the car, and trying to pay more into the balance than you "have to" to build up equity (so it's worth more than you owe on it). Then you can sell it yourself.

That's just my opinion. I'm sure there are people that will say that leases are ok, but it just wasn't for me.

Edit: Plus, you can't really do any modifications to a leased car.
 

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I leased a minivan a few years ago, and there was definitely a penalty to turning it in early, and any scratches, dents, problems, mismatched tires, worn tires, stains, etc... they really charge you for. I will never lease again.

I still think you are better off just buying the car, and trying to pay more into the balance than you "have to" to build up equity (so it's worth more than you owe on it). Then you can sell it yourself.

That's just my opinion. I'm sure there are people that will say that leases are ok, but it just wasn't for me.

Edit: Plus, you can't really do any modifications to a leased car.
Don't they also limit your mileage?

I recall knowing a guy that had leased a vehicle but couldn't drive it because he was near the mileage limit. :screwy:


I always looked at vehicle leases to be for those that want to cycle into a new vehicle every few years and aren't concerned about always having a car payment.
 

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Yeah, I forgot to mention that part, because it was the one thing that wasn't an issue for us, our car was waaay under. Which, btw, they didn't give us credit for. They'll charge you for overage, but not credit you for under...age...
 

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Smart buys work well. Not sure about your state, but it is a program that they MAY or MAY NOT offer on the Camaro - (right now it is NOT offered on the NEW Malibu, at least in our region). Smart buys in WI on the Impala for instance, gets you about $2250 more off the price of the car (so a $24,750 Impala runs about $20,475 - almost a $5K savings). The Finance dept would "like" you to make 3 payments, but I think in WI you can payoff (or refi) after 1 payment....but then it is my belief the F&I dept loses out $$$$
 

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Discussion Starter · #8 ·
thanks for the info, Scotty. i checked GM's site about the Malibu and when i visit the payment calculator it's offering me lease and SB pricing... but that doesn't mean you an actually get it. lol.

interesting to know that they may have limitations on the new Camaro. i didn't even think about that.

i need to do some more research...
 

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It may depend on the area you live, in regards to the smartbuy/smartlease programs. Keep in mind any dealer jacking the price up on the camaro over MSRP........ that makes for one rather large lease payment!


EDIT***** The nice thing is, a dealer from another area (me for example) gives you the incentives of the region you live in...I think we have no choice)
 

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This is also something I may look into when the time comes as well.
For some reason I have it in my brain that I may lease a 2010 Camaro for 2-3 years, and then buy a new one after that, or maybe buy the 2010 after the lease is up.

So many choices. :D
 

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Not sure about Smart buy, but did a lease once and it was an enourmous nightmare I don't care to visit again. They overcharge you for every little nick and scratch for one thing. Then, after you give em back the ride, you have nothing as expected, not expected was the disposal fee which can really accelerate!! This hit me several months later in the mail when I thought I was done with it. There were a few other bad tastes in my mouth from it all but I don't recall the details. Lease? Not me:screwy:

Oh, we leased a vehicle that was a lemon and they kept charging us for all of its problems!!!!
 

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Discussion Starter · #12 ·
OUCH! right now, on a traditional finance the '08 Malibu has 7.9% finanacing for 60 months and 10.4% for 72 months. :eek:

looks like SB and SL are 3.3% so the monthly notes are a little better.

i wonder if the traditional finance APR's gonna get any better in the spring? summer? or since it's a new model, if they're gonna keep it jacked until Christmas? hmmmm...
 

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Discussion Starter · #13 ·
also, i wonder about GM card points on a new Camaro. we have a few that we'll be able to cash in... and i know sometimes they limit the amount you can cash in, but i wonder if they won't let you use any at all when the Camaro first comes out???
 

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also, i wonder about GM card points on a new Camaro. we have a few that we'll be able to cash in... and i know sometimes they limit the amount you can cash in, but i wonder if they won't let you use any at all when the Camaro first comes out???
I wonder about that too.
The new Camaro is the SOLE reason that I ever got a GM card. :)
 

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I wonder about that too.
The new Camaro is the SOLE reason that I ever got a GM card. :)
That's funny.....same reason I got a GM card. I guess great minds think alike!:D
 

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Ok guys I am a salesman at Reliable Chevrolet in Richardson, TX. So I will also try to help you guys with your questions just like Camaro Scotty is.

A SmartBuy is in my experience a whole lot better than a traditional lease. With the smartbuy you "own" the car vs. the leasing company owning the car with a lease. A smartbuy works like a lease in the case that you do have mileage limits but unlike most leases you can trade or sell it at anytime you want with no penalty and if you do then the mileage doesnt matter.

Mileage only comes into play on a smartbuy if you turn the vehicle in at the end of the term. If you sell or trade the car or just refinance it and keep it then mileage does not matter.

Now if GM will offer a smartbuy program....thats up in the air. In my opinion, they will because the Camaro will be a high volume car unlike the Corvette which does not have a smartbuy program.

Gerry
 

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Discussion Starter · #17 ·
Ok guys I am a salesman at Reliable Chevrolet in Richardson, TX. So I will also try to help you guys with your questions just like Camaro Scotty is.

A SmartBuy is in my experience a whole lot better than a traditional lease. With the smartbuy you "own" the car vs. the leasing company owning the car with a lease. A smartbuy works like a lease in the case that you do have mileage limits but unlike most leases you can trade or sell it at anytime you want with no penalty and if you do then the mileage doesnt matter.

Mileage only comes into play on a smartbuy if you turn the vehicle in at the end of the term. If you sell or trade the car or just refinance it and keep it then mileage does not matter.

Now if GM will offer a smartbuy program....thats up in the air. In my opinion, they will because the Camaro will be a high volume car unlike the Corvette which does not have a smartbuy program.

Gerry
thanks for the response. tht's good info to know.

one question i have about smartbuy is that say you do a 36 month smartbuy, and you wanna trade it in at say 24 months... i'm assuming you are gonna be upside down since the car has prolly depreciated more then you'v paid into it? i don't wanna be upside down and have to roll that into a later model Camaro.
 

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thanks for the response. tht's good info to know.

one question i have about smartbuy is that say you do a 36 month smartbuy, and you wanna trade it in at say 24 months... i'm assuming you are gonna be upside down since the car has prolly depreciated more then you'v paid into it? i don't wanna be upside down and have to roll that into a later model Camaro.
Yes you will probably still be upside down just like traditional financing. You could always do a 24 month or 30 month Smartbuy. 30 month ones are fairly common among the other salesmen I work with, so they can get into and out of new vehicles fairly fast.
 

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This is good info. Keeps options open. But I plan to keep my Camaro for a loooooooooooooooooooooooooong time :)
 

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About being able to use GM point on the Camaro. I (I'm sure we) get a list stating how many they will let you use on each car for that model year. The avg last year was 1k where the max was only 2500 on a few models. I think you can safe up for 7 years and carry over each year.
 
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