SoCal LT w/DC fast-charge & both packages: 9,499 One-pay lease

[topaz024]

Hi all,

Disgruntled Leaf owner = new Bolt lessee!

Here are my deal details in case they help anyone:

• - Dealer: Rydell Chevrolet
  - 2017 LT base color +DC fast charging +both packages (MSRP 39,295)
  - Sales price: 35,295
  - Lease support: 4,350 (this should be the same for everyone in November)
  - 36 mo, 10k miles/yr
  - GM one-pay price out-the-door (9,499)
  - Post-sale incentives: CA rebate (2,500), Costco (700), GM rewards card (335), Credit card cashback (75)
  - Grand total after all incentives: 5,889

Not bad!

For anyone in the market, make sure you check your printout from finance! Those sheisty bastards tried to not adjust my money factor (it should read 0.00015 for GM One-pay), almost stealing $1,500 from me!

Now off to buy seat cushions

 

[Anonymous]

Hey there, thanks for posting. And congrats, seems like you got a great deal. Can you mention who speciifcally you dealt with over at Rydell? I am heading in this weekend to that same dealership. Also, I was told that GM doesn't do One Payment leases. That clearly doesn't seem to be the case for you... Also, does that one payment lease include Gap insurance? thank you! j

 

[topaz024]

Hi there,

FYI Rydell has fixed pricing, so you will get the same deal from every salesperson

I dealt with Mark, but I should have gone with Jose, he seems nicer/more informed

GM Financial definitely still does One-Pay leases--some Chevy dealerships also work with Ally and/or US Bank for their leases (and will often try to steer you that way to earn bonuses!) so make sure you stick with GM Financial's official One-Pay program, which lowers the money factory by 0.00072 (off of the Bolt's current already-low 0.00088 money factor)

This takes the interest rate from about 2.11% down to 0.38%! This is why most people save somewhere around 1,500 with one-pay

 

[michael]

I take it one pay is a single upfront payment in advance? If so that's really not a good idea. What happens if the car is stolen? Totaled? You are out of luck.

Pay zero drive-away and monthly thereafter. That's the safer way to go.

 

[IMAdolt]

I take it one pay is a single upfront payment in advance? If so that's really not a good idea. What happens if the car is stolen? Totaled? You are out of luck.

Pay zero drive-away and monthly thereafter. That's the safer way to go.

Pretty sure insurance works the same weather you're making payments or not bud.

 

[LeftieBiker]

I take it one pay is a single upfront payment in advance? If so that's really not a good idea. What happens if the car is stolen? Totaled? You are out of luck.

Pay zero drive-away and monthly thereafter. That's the safer way to go.

Pretty sure insurance works the same weather you're making payments or not bud.

Here's the issue. If the car is totaled while leased, you lose the car, owe nothing, and lease a new car. But you lose your down payment, and that would likely include the one pay lease, because you don't own it - you are still just leasing it. I always tell people to put no more down on a lease than they are willing to risk losing, and others tell everyone to put down $0 for this reason. I hope there is some clause in your lease that will help you, but otherwise you have a $10k bet down that the car won't be totaled during the lease period.

 

[DucRider]

Pretty sure insurance works the same weather you're making payments or not bud.

It does indeed - the owner of the car (GM Financial in this case) would get the ACV of the car at the time of loss.

GAP insurance would cover any shortfall, but not any overage you had prepaid. There is some indication that GM Financial would prorate your payments and refund any "unused" portion, but you would need to make very sure that is written into the contract as that has nothing to do with insurance, but the lease itself.

 

[michael]

I take it one pay is a single upfront payment in advance? If so that's really not a good idea. What happens if the car is stolen? Totaled? You are out of luck.

Pay zero drive-away and monthly thereafter. That's the safer way to go.

Pretty sure insurance works the same weather you're making payments or not bud.

The problem is that the ACV of the used EV is going to be below the amount left owing on the lease (effectively the lease buyout) almost for sure. You will get nothing. I totally agree with Leftie's advice...put down as little as possible, ideally nothing.

Think about it...

If you drive out of the dealer and get hit by a truck, are they going to pay you back your $9K? Your insurance company will pay the minimum necessary, GM Financial will pocket the entire $7500, and you will be in a jam bud.

 

[topaz024]

This has been covered extensively on the Leasehackr forums:

You do NOT lose your one-pay in the event of a total loss! (This is in writing in the GM contract)

You recover a pro-rated amount of your one-pay based on how many months are remaining in the lease

 

[LeftieBiker]

This has been covered extensively on the Leasehackr forums:

You do NOT lose your one-pay in the event of a total loss! (This is in writing in the GM contract)

You recover a pro-rated amount of your one-pay based on how many months are remaining in the lease

That's good. Now what is the down payment in that lease? I assume that this is still lost?