Is this done by the dealer or GM? Is this negotiable?

I was quoted a $12,700 residual value on an 04 GTO this weekend. That was on a 3 yr lease with 12K miles per year. That seemed kinda low to me.

Automotive Leasing Guide ( http://www.alg.com/ ) is a major force in setting residual values. Residuals, however, are still negotiable. Residuals are affected by economy outlook, vehicle real-life reliability track record, competing vehicles, future models, current economic condition, lessor's market factors, etc. Aggressive manufacturers and lessors often boost residuals to lower monthly payment.