experience with lease return process?

[michaelbolt]

We turned in two Volts recently. We did NOT do an advance inspection, just turned them in. They both had worn tires and bad curb rash on the rims. One of the cars had significant scuffs on the bumpers

We replaced the Volts with leased Bolts so GM did not charge the normal lease termination fee, and they waived all the excess wear on one car. On the other car, they said I owed them $3 (yes, three dollars) for excess wear even after the credit for getting a new car.

But...they issued a bill for $3 not due until 2099...effectively their books balance but they never expect to actually receive the payment

Easy stuff

 

[paulgipe]

Thanks for the report Michael. Useful info.

What did you lease your Bolts for?

Paul

 

[SparkE]

Paul -

Did you mean "why did you lease the Bolts?" or "how much did you pay for the lease?" (both are valid interpretations of your comment )

 

[paulgipe]

Yes, how much did you pay for your Bolt lease.

Paul

 

[BoltEV]

Paul -

Did you mean "why did you lease the Bolts?" or "how much did you pay for the lease?" (both are valid interpretations of your comment )

What he meant to say was: "Viaduct, better a goose!"

 

[astroboy]

i forgot to close this out. as most people know the dealerships opened again in mid may, so as soon as the dealership opened, i took the car down there and turned it in. just prior to that GM told me that they would not send a truck to pick up the car, i guess because they believed the dealerships would open.

everything was done at arms' length with masks. they didn't bother trying to upsell me on a new lease - the salesman offered with out asking me that i must be driving a model 3 now, and i said "right." that was the extent of our conversation and the whole thing took about 20 minutes.

the next fun thing was that a couple weeks before this i received a notice of delinquent registration from the DMV. of course back in late 2019 when the registration renewal paperwork came i put it aside and forgot all about it, since it should not have been relevant. when i explained the situation to them on the phone they said to just send in the $22 for PNO and not to include the late PNO fine, since newsom had waived all DMV fees. a few weeks went by and i got another letter from the DMV saying i had to pay the fine, so at that time they told me to file a "statement of facts" describing everything that happened. i assume that all worked out because i have not heard from the DMV in months now.

maybe about a month after turning the car in i got a bill for the end-of-lease fee, so i paid that. the damage to the car was covered by the XS wear policy. that turned out to be a wash since i paid just about as much for the policy as the damage that was done to the car (curb rash and uneven tire wear.)

so the experience worked out OK, but due to GM joining the lawsuit against california's EPA waiver i will never buy or lease a GM product again.

 

[benjaja]

My lease will mature in early Oct but decided to return it 1+ months early because I was told I will only be responsible for the disposition fee + wear and tear + any monthly remaining ( in my case there is 1 more payment that I am supposed to make).

Today I got a letter form GM financial saying:
"The amount you owe for early termination will be no more than the difference between the Gross early Termination amount stated above and (1) the appraised value of the vehicle or (2) if there is no appraisal, either the price received for the vehicle upon disposition or a greater amount established by the lessor or the lease contract.

I am worried seeing the letter wondering if I have violated any part of the lease contract by returning it 1.5 months early with 1 remaining payment ended up causing me thousands of dollars.

Anyone has any experience of this?

 

[theothertom]

The letter from GM sounds like gibberish to me. What you were told sounds like the way it should be.
Edit: If they give you a hassle for turning it in early, just keep it for the extra month. You're making the lease payment either way. You don't have to actually drive it during that month if you don't want to.

 

[AyeJay]

I avoided the last payment on my previous lease by doing the GM 'pull ahead' program.
Returned my '17 Bolt LT, 'grounding' the lease and got a screaming deal on a new '20 Bolt Premier lease.
$5,255 out-the-door (incl all tax, lic, fees) +$168/mo... It was a very easy process.

Minus California grants & rebates that include a $1K free EV charging card ..
-- Most of my costs during the 3 year lease will be for auto insurance.

I was able to get a 'one at this price' deal based upon an internet ad by my dealer.

AyeJay

( PS: I drove the comparable Hyundai Kona but I still liked the Chevy Bolt better ).

 

[paulgipe]

Was that a "Premier" you're referring to? If so that is a good deal.

Paul

 

[BoltEV]

Today I got a letter form GM financial saying:
"The amount you owe for early termination will be no more than the difference between the Gross early Termination amount stated above and (1) the appraised value of the vehicle or (2) if there is no appraisal, either the price received for the vehicle upon disposition or a greater amount established by the lessor or the lease contract.”

This actually protects you in the extremely unlikely event that your returned Bolt EV sells at auction for a much higher price than is expected.