Anyone else receive a “4th of July Lease Termination Event” letter from a dealer?
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SparkE
Well-known member
Could you provide some details? (e.g., offer didn't exist, offered "no cost" but ended up costing $6000, etc.)
Well of course they covered themselves with words like "may" and that I "must meet certain criteria" in the letter, but I know I have excellent credit and actual went in with a pre-approved loan letter for up to $50,000 from my credit union:SparkE said:
In big letters they conclude:
"Which means:
NO Lease termination fees
NO Disposition fees
NO Charge for excess wear and tear
NO Over mileage fees"
Since they were 25 miles away in usual Los Angeles traffic on the Harbor Freeway, I called ahead of time to express my interest and my outlook for what I wanted: that is, they cancel the lease and I purchase a 2019 Chevy Bolt EV with all the options. Having done my research online and seeing what discounts were available to me as a current Bolt EV leasee; I was looking to pay $38,800 out the door and eliminate $2,780 in remaining lease fees.
I would later structure my "deal" as "$38,000 out the door" to give myself some negotiating room.
When I arrived, the saleswoman I had spoken to had her day off, so they introduced me to a young salesman who would give me a test drive; which we did in a Black model that had all the trimmings. It rode wonderfully, like my 2017 model, as expected.
The rub is that I want a Red model with all the trimmings and the closest one they had was missing the Drivers Confidence II package, which was a deal killer for me.
I told them in advance what I wanted and they indicated they could get one if necessary, from another dealer.
A more senior "sale manager" joined us to discuss and returned with paperwork that showed the car for $33,800 after $8,000 in all available discounts, yet the out the door price was $43,750!
When I insisted on going through the paperwork line by line, the final price included sales tax calculated BEFORE the discounts, a $1,999 dealer prep package AND the $2,780 outstanding on my lease!
I replied that I am giving up my lease early, yet having to pay the remaining 5 months in advance and yet with loan interest, too!?!
With a straight face the sales manager said: "Yes" and indicated that I did not have to give up my lease!
So the letter was a hoax to get a potential new customer in the door to buy a new Bolt EV at an inflated price with outstanding lease payments remaining.
This is not the situation where you own a used car with loan payments remaining, and they have to add in the remainder of the old loan; it is getting out of a lease early. Otherwise the letter has no value!
When they saw me heading for the door, a new "sales manager" appeared and they started to play "bad guy/good guy!"
He sat down with me and indicated that if I would take this Black model they would meet my deal:
$38,000
They would finance at terms equal or better
On closing of their financing, they would give me a check for $2,780 AND I could keep the leased car for the remainder of the lease!
Well you know what they say when "something is too good to be true!?"
I signed a credit application and waited while 2 or 3 other salesmen would come in and tell me what a terrific deal I had negotiated and/or was getting! If I only had a nickel for each enthusiastic salesman! hahahaha
Of course the junior salesman returned with paperwork to tell me that GM had vetoed the deal, and that they insisted on my paying another $1,699 to close the deal (and he indicated that they did NOT run my credit application when they hear this "bad news")
To make a long story short, since I had left myself $800 of negotiating room, I told them to get me the Red model and I would "split the difference" and pay an additional $850.
They called me the next day to indicate that GM would only accept the additional $1,699 and not a penny more.
Of course this is the minimum amount that GM indicated to the dealer that they would accept to cancel my lease early. So, in effect, they offered me a $1,000 discount on the remaining payments on my lease to give me a good deal on a specific Black model that they were advertising "on sale" and they wanted to get rid of it!
Since I am seriously considering buying out my lease in January for the $25,000 and I will go into mileage penalties that should total about $3,000 starting in late September, I am considering going to the dealer in Orange County that actually has the Red model fully loaded and see if I can get my price.
If I can, I may do it and put my existing leased model on Turo.com for the remainder of the lease to earn back my lease payments, insurance costs and some profit for my time and effort, too!
SparkE
Well-known member
Thanks for the update - useful info!
I found the exact 2019 Red Bolt EV Premier with all options at two dealers.
One would not budge, but the other sold it to me for an additional $1,500 reduction to help me towards the remaining $2,750 on my lease; offer to expire after July 31st.
I will garage my new Bolt for two months, burn off the remaining 7,000 miles on my lease, and then return my lease early at that point.
$36,499 out the door - only $8,000 more than my residual, including sales tax and license.
I am very happy
One would not budge, but the other sold it to me for an additional $1,500 reduction to help me towards the remaining $2,750 on my lease; offer to expire after July 31st.
I will garage my new Bolt for two months, burn off the remaining 7,000 miles on my lease, and then return my lease early at that point.
$36,499 out the door - only $8,000 more than my residual, including sales tax and license.
I am very happy
