Pigwich
Posts: 240
Joined: Tue Jan 03, 2017 2:01 pm
Location: Southern California

Re: Purchase / Lease details

Tue Jan 03, 2017 4:13 pm

c1987 wrote:Share your purchase details in this thread.


OTHER PEOPLE PLEASE POST DETAILS SO WE CAN KNOW HOW HARD TO PUSH DEALERS AND WHEN TO WALK AWAY.

Always the skeptic, I'm of course concerned I got hosed at Keyes Chevy in Van Nuys. Date was December 30, 2016, not a single Bolt on the lot. I also don't care if they read this, and I encourage everybody to be a bigger pain in the ass than I was. And I was a major pain in the ass, two salesmen later, an infant, and breastmilk spilled on their tables and loitering inside their little glass "sales" bullpen until they asked me and the baby to leave.

So here goes - I leased a loaded loaded loaded premiere, sparkly orange with all the bells and whistles, which they're saying is $43,908, 36 months, $475 a month. They were originally asking well north of $600 a month, which was bullshit and I wasn't having it. 10,000 miles a year, mind you, my last car I barely put 7500 a year on, so this is probably fine...

Didn't trade anything in, which simplifies calculations.

I put $2,500 down on a credit card, Credit score 819

Gross capital cost: $44,503.98
Capitalized cost reduction: $3,681.70 (should have been closer to the federal $7500?)
Adjusted capitalized cost: $40,822.28
Residual Value: $26,343.00
Depreciation: $14,479.28
Rent charge: $1,208.80
Total of base scheduled payments: $15,688.08
Number of payments: 36 months
Lease Payments: $435.78
Base Scheduled Payment: $39.22
$0.25 a mile if I go over 10,000. I wonder if I could re-negotiate for more miles? Is that a thing people do?

Also, apparently there was some $2500 GM Customer Incentive I got? This isn't the $2500 state rebate. The nice lady at the desk told me I was the first person she saw to get this incentive. Which could also be complete bullshit, like everything else at a car dealership. But maybe not. Either way, make them give it to you.

Also, hidden in there somewhere is $3,039.12 in tax, title, fee, registration, HOV stickers, chingaderas and licence plates.

and MAGICALLY all those numbers add up to a nice round $475 a month, which of course, round numbers always smell slightly of dead rat, but whatever. I DO want this car a lot, and on the grand scheme of things, I'm not paying a lot to have the latest and greatest toy.

As for the experience? I bought this car, sight unseen. I played around with one and got in to all kinds of compartments and poked and prodded one at the LA auto show this fall, and it was acceptable. As far as the dealer goes, it was typical awful shit. They sent out their sweetest 22 year old kid to try to get me to give them a billion dollars for this car. Then they scribble numbers all over a paper and make you "sign" something that says you will buy the car if the terms are favorable, which obviously is a joke. Then they argue and bitch and hem and haw and you ask them "So, how exactly are you applying the federal tax credit?" to which you'll never get a straight answer. "Oh this is a very hot car, the programs, the programs and GM and that's the price, blah blah" with no actual information. Then you run the numbers in front of them, and ask them where that $7500 federal credit is going, and they say "Well, they keep it. GM keeps it" and then "The dealer keeps it" and you ask them why it's not reflected in the price you're seeing scribbled on the paper, and then they disappear and come back with a lower price. Then they just want to see your credit card that you'd use for the deposit, because they just want to hold on to it. OK, whatver dude. At this point, hours later, I was told that they were simply not going to sell this car to me because plenty of other people would pay what they were asking and weren't going to be such a pain. Well, sorry in advance for this post, now nobody will pay more than $475 for a Bolt in Los Angeles. So now begins the waiting game for my car to show up. Yup, still somewhere on a train or truck in Mira Loma.

OTHER PEOPLE PLEASE POST DETAILS SO WE CAN KNOW HOW HARD TO PUSH DEALERS AND WHEN TO WALK AWAY. I'm really hoping that I didn't just "take one for the team"

Also, on that note, does anybody want to take over the lease on my red Spark EV? Next payment is in June (Doh!) and I've got 13,000 miles left (Doh!) and the lease ends January 2018. You pay the $595 transfer fee, then payments, starting in june are $220. Private message me.

Andy
(´・(oo)・`)

Schnort
Posts: 79
Joined: Sat Sep 24, 2016 10:00 pm

Re: Purchase / Lease details

Tue Jan 03, 2017 4:36 pm

Pigwich wrote:Capitalized cost reduction: $3,681.70 (should have been closer to the federal $7500?)

The rest of it is used to prop up the residual (the car will not be worth 60% of its MSRP at the end of 3 years. It will lose 25% just driving off the lot due to the $7500 federal credit being consumed.)

Pigwich wrote:Also, on that note, does anybody want to take over the lease on my red Spark EV? Next payment is in June (Doh!) and I've got 13,000 miles left (Doh!) and the lease ends January 2018. You pay the $595 transfer fee, then payments, starting in june are $220. Private message me.

Andy

Alas, I'm in Texas. Too far to make it work, plus I think I'd get reamed by sales tax (Texas requires full sales tax payed up front on leases. I'd only get credit for the tax you've paid so far, which is probably a lot less than than the ~$1600 in sales tax on the new car.

DucRider
Posts: 599
Joined: Tue Feb 09, 2016 5:25 pm

Re: Purchase / Lease details

Tue Jan 03, 2017 5:17 pm

Pigwich wrote:
c1987 wrote:Share your purchase details in this thread.


OTHER PEOPLE PLEASE POST DETAILS SO WE CAN KNOW HOW HARD TO PUSH DEALERS AND WHEN TO WALK AWAY.

Always the skeptic, I'm of course concerned I got hosed at Keyes Chevy in Van Nuys. Date was December 30, 2016, not a single Bolt on the lot. I also don't care if they read this, and I encourage everybody to be a bigger pain in the ass than I was. And I was a major pain in the ass, two salesmen later, an infant, and breastmilk spilled on their tables and loitering inside their little glass "sales" bullpen until they asked me and the baby to leave.

So here goes - I leased a loaded loaded loaded premiere, sparkly orange with all the bells and whistles, which they're saying is $43,908, 36 months, $475 a month. They were originally asking well north of $600 a month, which was bullshit and I wasn't having it. 10,000 miles a year, mind you, my last car I barely put 7500 a year on, so this is probably fine...

Didn't trade anything in, which simplifies calculations.

I put $2,500 down on a credit card, Credit score 819

Gross capital cost: $44,503.98
Capitalized cost reduction: $3,681.70 (should have been closer to the federal $7500?)
Adjusted capitalized cost: $40,822.28
Residual Value: $26,343.00
Depreciation: $14,479.28
Rent charge: $1,208.80
Total of base scheduled payments: $15,688.08
Number of payments: 36 months
Lease Payments: $435.78
Base Scheduled Payment: $39.22
$0.25 a mile if I go over 10,000. I wonder if I could re-negotiate for more miles? Is that a thing people do?

Also, apparently there was some $2500 GM Customer Incentive I got? This isn't the $2500 state rebate. The nice lady at the desk told me I was the first person she saw to get this incentive. Which could also be complete bullshit, like everything else at a car dealership. But maybe not. Either way, make them give it to you.

Also, hidden in there somewhere is $3,039.12 in tax, title, fee, registration, HOV stickers, chingaderas and licence plates.

and MAGICALLY all those numbers add up to a nice round $475 a month, which of course, round numbers always smell slightly of dead rat, but whatever. I DO want this car a lot, and on the grand scheme of things, I'm not paying a lot to have the latest and greatest toy.

As for the experience? I bought this car, sight unseen. I played around with one and got in to all kinds of compartments and poked and prodded one at the LA auto show this fall, and it was acceptable. As far as the dealer goes, it was typical awful shit. They sent out their sweetest 22 year old kid to try to get me to give them a billion dollars for this car. Then they scribble numbers all over a paper and make you "sign" something that says you will buy the car if the terms are favorable, which obviously is a joke. Then they argue and bitch and hem and haw and you ask them "So, how exactly are you applying the federal tax credit?" to which you'll never get a straight answer. "Oh this is a very hot car, the programs, the programs and GM and that's the price, blah blah" with no actual information. Then you run the numbers in front of them, and ask them where that $7500 federal credit is going, and they say "Well, they keep it. GM keeps it" and then "The dealer keeps it" and you ask them why it's not reflected in the price you're seeing scribbled on the paper, and then they disappear and come back with a lower price. Then they just want to see your credit card that you'd use for the deposit, because they just want to hold on to it. OK, whatver dude. At this point, hours later, I was told that they were simply not going to sell this car to me because plenty of other people would pay what they were asking and weren't going to be such a pain. Well, sorry in advance for this post, now nobody will pay more than $475 for a Bolt in Los Angeles. So now begins the waiting game for my car to show up. Yup, still somewhere on a train or truck in Mira Loma.

OTHER PEOPLE PLEASE POST DETAILS SO WE CAN KNOW HOW HARD TO PUSH DEALERS AND WHEN TO WALK AWAY. I'm really hoping that I didn't just "take one for the team"

Also, on that note, does anybody want to take over the lease on my red Spark EV? Next payment is in June (Doh!) and I've got 13,000 miles left (Doh!) and the lease ends January 2018. You pay the $595 transfer fee, then payments, starting in june are $220. Private message me.

Andy

Re: The tax credit
It appears you got it all, some in the form of a higher residual (as Schnort pointed out). Saved you in sales tax (a CCR reduction is taxable), cost you a little in "rent" (you pay interest on the residual)
And, as is not unusual, the dealers had no clue about the tax credit or how it is applied. The purchaser (in this case the leasing company (GM Financial?) is entitled to and files for the credit with their tax return - neither "GM" nor "the dealer" keeps it.

Don't forget to file for your CA rebate!
https://cleanvehiclerebate.org/eng
Most will get $2500 (low income get $4k, high income = no rebate for you!)

You did not give all the detail such as money factor, but it appears your deal falls in line with the rumored GM Financial numbers
https://leasehackr.com/blog/2016/11/21/bolt-ev-lease-program-announced-309-month

If you want to post:
  • The "agreed upon purchase price" (likely MSRP)
  • Money Factor (likely .0005)
  • Acquisition Fee (likely $595)
  • Amounts of any other fees and charges (DMV, etc.)
It will give a better picture of what you really paid (but you did not get ripped off)

Re: Miles
No renegotiating for more after you sign the contract (that priveledge seems to apply only to professional athletes).
If you had gone for the 12K/yr lease, your payment would have been ~$501/mo. Those miles would have cost about $0.13 each (if you had used 100% of them).

It appears that the $2500 on your CC was your total "drive off"? You didn't pay separately for the registration, etc?
Gary

2014 Honda Fit EV - lease ends Jan 2019

michael
Posts: 651
Joined: Thu Jan 29, 2015 10:13 pm

Re: Purchase / Lease details

Tue Jan 03, 2017 5:43 pm

I'm sorry, I had a little trouble following all that, so could you please clarify...

MSRP of your car (including destination, etc) = ???

How much money did you pay at signing? ($2500? more? Less?)

How many miles/year? (10,000??)

What is your monthly payment, including sales tax? (475? 475 plus tax? something different?)

How many months (36?)

Thanks!
2013 Ford Focus Electric 51000 miles in 34 months, returned
2014 Volt, returned
2014 Volt, returned,

2017 Volt
2017 Volt
1967 Corvette 427
1962 Corvette 327

leodoggie
Posts: 140
Joined: Fri Oct 21, 2016 6:46 pm

Re: Purchase / Lease details

Tue Jan 03, 2017 5:51 pm

Excellent post Pigwich, informative and witty, brilliant, thanks.

Pigwich
Posts: 240
Joined: Tue Jan 03, 2017 2:01 pm
Location: Southern California

Re: Purchase / Lease details

Tue Jan 03, 2017 9:24 pm

michael wrote:I'm sorry, I had a little trouble following all that, so could you please clarify...

MSRP of your car (including destination, etc) = ???

How much money did you pay at signing? ($2500? more? Less?)

How many miles/year? (10,000??)

What is your monthly payment, including sales tax? (475? 475 plus tax? something different?)

How many months (36?)

Thanks!


OK, yeah, sorry..

So the "Agreed upon value of the vehicle" is $43,908
I paid $2,500 at signing.
10,000 miles a year
$475 is the amount of the check that I write every month, for 35 months (it seems that somehow my first payment was already made?)

I'm tempted to just scan the whole damn lease agreement for all to see.

I can say, in looking over my Spark EV agreement, my capital cost reduction was $7422.56, with a SILLY residual value of $16,407
If anybody wants to look at the google doc I prepared about taking over the lease, it's at:
https://docs.google.com/document/d/1dGy ... gYUYE/edit
(´・(oo)・`)

bro19991
Posts: 48
Joined: Tue Jan 03, 2017 9:17 pm

Re: Purchase / Lease details

Tue Jan 03, 2017 9:29 pm

$1k off MSRP, $799 to ship back to MD! 2.99% interest on 72 month financing. Will likely refinance this in the near future.

Image

robot
Posts: 9
Joined: Fri Mar 25, 2016 4:37 am

Re: Purchase / Lease details

Tue Jan 03, 2017 9:45 pm

bro19991 wrote:$1k off MSRP, $799 to ship back to MD! 2.99% interest on 72 month financing. Will likely refinance this in the near future.

Image


This is very interesting to me.... rather than waiting for them to show up in Washington. I have relatives in CA and I'm always down there, plus with the electric highway, driving it back North would be fun.

Did you have a hard time finding a dealership that would sell to an out-of-stater?

leodoggie
Posts: 140
Joined: Fri Oct 21, 2016 6:46 pm

Re: Purchase / Lease details

Tue Jan 03, 2017 9:59 pm

I'm tempted to just scan the whole damn lease agreement for all to see.


That would be really useful for those of us who have never leased a car before.

DucRider
Posts: 599
Joined: Tue Feb 09, 2016 5:25 pm

Re: Purchase / Lease details

Tue Jan 03, 2017 10:01 pm

robot wrote:This is very interesting to me.... rather than waiting for them to show up in Washington. I have relatives in CA and I'm always down there, plus with the electric highway, driving it back North would be fun.

Did you have a hard time finding a dealership that would sell to an out-of-stater?

If you pick it up in CA, you will have to pay CA Sales Tax. If you have it shipped from CA, you do not (this is dictated by the State, not the dealership)

And driving I5 on CCS would be possible, but painful. Many of the Combo chargers shown on Plugshare are 24 kW or at least 2 hours to get to an 80% charge (~140 miles? range this time of year). Drive for 2 hours, stop for two hours?
Gary

2014 Honda Fit EV - lease ends Jan 2019

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