GMC Canyon Lease
This is your complete guide to leasing a GMC Canyon, including everything from upfront costs to lease-end options
Written by Sarah Gray
Reviewed by Jessica Barrett
A new GMC Canyon can be pretty expensive, but a lease can get you behind the wheel in an affordable way. All leases have their terms and conditions, though, so you need to be aware of each option’s unique features before you sign a lease contract.
When you lease a vehicle, you get the freedom of a new car, truck, or SUV every few years. But leasing isn’t always all sunshine and rainbows. You don’t really have the freedom to do much to modify your vehicle, and you’re often limited on the number of miles you can drive each year.
Leasing can be a great option, but it’s not for everyone. That’s why
car insurance
comparison app Jerry
is here with the details that you need to know if you want to lease a new GMC Canyon. We’re covering the leasing process, what it will cost you, and what you can expect at the end of the lease. (Read till the end to see how you can save on your GMC Canyon insurance cost
.)MORE: How to lease a car
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How to lease a GMC Canyon
Leasing a GMC Canyon is a fairly straightforward process—but that doesn’t mean you should run to the nearest dealer right away. Before you head to the lot, consider a few things to make sure a lease is right for you (and that you get the best deal):
- Check your credit score. Leasing a vehicle generally requires a higher credit score than financing—ideally at least 700.
- Calculate your budget. Any large expense should start with budget planning, and a vehicle lease is no different. Aim to keep your car payment at 15% or less of your monthly income. So, if you make $3,000 per month in income, your maximum affordable lease payment is around $450 per month.
- Calculate your down payment. You’re not going to be able to walk away with a new Canyon without putting down some cash. Plan to pay at least a few thousand dollars.
- Consider how much you drive. Most leases limit the number of miles you drive each year to no more than 15,000. If you have a long daily commute, a lease is probably not the right choice for you.
Once you have your finances in order, you can begin comparing lease offers at your local GMC dealership.
Your monthly payment on your lease will depend on the negotiated sales price, so if you’re more interested in just having a truck to haul things around, consider leasing the
Elevation Standard
. If your budget can handle it, and you want more perks, the Denali
edition might be more your speed.Be sure to keep your budget firmly in mind as you shop for your new Canyon. This will keep both you and your salesperson from getting distracted by expensive features and add ons.
The final step: shop for insurance
Not only is car insurance not included in your Canyon’s lease, but your dealer will also require that you carry what's called "
full-coverage insurance
" on your leased vehicle. MORE: How to calculate a car lease payment
How much does a GMC Canyon lease cost?
Leasing a GMC Canyon is cheaper than financing, but the exact cost of your lease will depend on several factors, including:
- The model
- The selling price
- The lease term
- The interest rate
- Selected add-ons and options
- Sales tax in your state
Dealer specials and incentives are almost always an option, but you can generally expect your monthly payment on a new GMC Canyon for a 36-month lease to be somewhere between $383 for an extended cab 2WD
Elevation Standard
and $580 for a crew cab long-box 4WD Denali
. Remember that these are just estimates. You’ll need to factor in other payments, including the down payment, acquisition fees, and other additional taxes and fees. This total will give you a pretty good estimate of the amount of cash you’ll need to put down upfront to begin your lease.
Let’s look at potential upfront costs associated with leasing a GMC Canyon Elevation Standard. Your monthly payment will be approximately $601, but your upfront costs will include:
- First month’s payment: $383
- Down payment: $2,799
- Security deposit: $0
- Acquisition fee: $695
That means you’ll have $3,877 due at signing.
But wait, there’s more! This estimate still doesn’t include taxes, optional features, or other factors that could further increase your monthly payment. Plus, this estimate is only for current GMC owners or lessees—so if you’re not currently driving a GMC, add another $2,000 to that figure.
Services included in a GMC Canyon lease
Like most manufacturers, GMC Canyon leases do not cover routine maintenance costs during your lease terms—but they do offer you the option to purchase one of two prepaid maintenance plans.
- The basic maintenance plan covers oil changes and tire rotations for the duration of your lease
- The Pre-Paid Maintenance Plus plan adds air filters, transmission and transfer case fluid changes, and spark plugs into the mix
Unless you purchase a prepaid maintenance plan, you’ll be footing the bill for all of your routine and scheduled maintenance on your new Canyon.
In addition to maintenance plans, you can also choose to purchase GMC’s
XS Wear Lease Protection
plan. This optional perk covers up to $5,000 in total charges for excess wear and tear at the end of your lease depending on how many miles a year you’ve driven. Key Takeaway Don’t forget to include routine maintenance costs when budgeting for your GMC Canyon lease.
What to do when your GMC Canyon lease is up
As with most leases, you have the choice to either purchase your Canyon or return it when your term ends.
How to return a leased GMC Canyon
The process for returning your GMC includes the following:
- Review your inspection results and make any necessary repairs
- Complete theReturn Checklist
- Return your vehicle to your local dealer (it’s not required, but it’s always recommended you make an appointment for this return)
- Receive your lease end liability notice in the mail
Whether your Canyon is in rough shape or pristine condition, count on a $395 disposition fee at the end of your lease. The dealer will likely waive this fee only if you choose to purchase your Canyon or lease or buy another GMC vehicle.
How to purchase a leased GMC Canyon
It’s easy to fall in love with your leased vehicle. After all, you’ve spent years together! If you decide you want to keep your Canyon, you can buy it outright or negotiate financing with
GM Financial
or your own bank or credit union.How to find affordable car insurance for a GMC Canyon
No matter what model GMC Canyon you choose to lease, you’ll have to carry full coverage insurance to protect it. This can get expensive—unless you have an insurance genius and
trusted super app
like Jerry
on your side!Jerry will generate competitive quotes from top providers in less than a minute—and to save you time, Jerry gathers your information from your past insurer, so you're not responsible for any long forms or phone calls. You’ll get all of the savings and coverage with none of the hassles.
This level of service is why Jerry earned a 4.7/5 rating on the App Store and reigns as the top insurance app in the country.
“When I started shopping for insurance for my new car, the estimates I received were around $150.Jerryfound me full-coverage insurance for $102. This is NOT a joke!” —Auden D.
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Is GMC Canyon leasing worth it?
Whether leasing any vehicle is worth it depends on your finances and your priorities. If you’re looking for long-term options, financing is probably better for you. If you’re more interested in ensuring you can afford the GMC Canyon you want, leasing may be a great choice.
What’s the cheapest GMC Canyon you can lease?
Your GMC Canyon lease cost will depend on several factors including price, taxes, your credit score, and the amount you have to put down. Generally speaking, though, the Canyon with the cheapest monthly payment and upfront costs is the Elevation Standard.
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