astroboy
Posts: 55
Joined: Wed Mar 15, 2017 8:37 pm
Location: i represent the Yay Area

experience with lease return process?

Sun Apr 28, 2019 2:09 am

Hi all,

in late march 2020, my 3-year lease on my 2017 bolt will be up. as partially discussed in this thread: viewtopic.php?f=3&t=8410, i thought that there would be more EV choices available by now but its not looking like it. i might be in for a 2020 bolt if chevy makes improvements, but not sure if it will actually exist in march 2020 and it might not be a good idea to jump at it if it is just brand-new at that time. so i'm thinking i'll just return the car and wait for a while for a new/better BEV.

i know absolutely nothing about this as the bolt is the first car i've ever leased. i have some questions:

1) i assume that the dealer the car was purchased at is not necessarily involved since the leasing company owns the car. is that correct?

2) what is the exact process for end-of-lease? i assume the leasing company contacts me with instructions? i've heard that people can schedule an inspection at their home, rather than at the dealer. is that correct? does the leasing company come to pick up the car or do they expect it to be delivered by the customer to the (or a) dealer?

3) if lease extension is a possibility, how is this arranged?

4) finally, the car is in really good shape overall, though there is some curb rash on the passenger side wheels. sort of bad on the front. is this kind of thing considered normal wear and tear? i've heard the "credit card rule" but of course since this is a wheel the damage is kind of long and narrow, and can not be fully covered by a credit card. i do have the extended lease warranty which i understand is supposed to cover things like this, but true to form i have no official documentation about this warranty, just the line item on my lease saying i paid for it.

thanks!

astroboy
Posts: 55
Joined: Wed Mar 15, 2017 8:37 pm
Location: i represent the Yay Area

Re: experience with lease return process?

Sun Apr 28, 2019 4:36 am

well, answering some of my own questions here -

i found this thread: https://forum.leasehackr.com/t/how-is-g ... h/53117/11

my leasing company is ACAR which i believe is GM Financial.

per the attachment at the end of that thread, it does sound like they will try to ding me on the front passenger tire since there are multiple rashes each > 3" in length. however i could probably just preemptively have someone come out and repair it before inspection if i don't want to hassle with it.

having said that, i *think* i have this lease excess damage insurance:

https://www.chevrolet.com/protection/xs ... protection

it says it covers "tires and wheels" but does not really elaborate on what that means. i suppose it could mean that i'm not responsible for the curb rash. worst case maybe i schedule an inspection 6 weeks early, find out what happens, and then pay someone the $150 or whatever to just fix the rim if need be.

only problem here is there's a chance the dealer cheated me - the sales contract says the insurance contract will be sent to me "as soon as practicable" but it was never sent to me. i suppose i still have 11 months to sort this out.

as for different dealers, it sounds like GM wants you to return to the purchasing dealer but they are at least willing to entertain the idea of the car being returned somewhere else.

one problem with extending the lease is that the excess damage contract (if it really exists) is only good for 36 months. so by extending the lease i'd be responsible for things i might not otherwise be responsible for, and another year on the tires means maybe i get charged for them...

sgt1372
Posts: 527
Joined: Mon Feb 06, 2017 4:21 pm
Location: SF Bay Area

Re: experience with lease return process?

Wed Sep 18, 2019 11:12 pm

My lease expires in Feb 2020.

I've had many lease returns in the past and it's really very simple. Just drive it to your local dealer and tell them you want to give up possession of your leased vehicle which is expiring on "x" date.

They will do a physical inspection of the car, check the mileage and prepare some paperwork for you to sign. You give them the keys and they give you a copy of the paperwork verifying return of the vehicle. It's also wise to call the lease company (GM Financial, in my case) to tell them when/where you plan to turn in the vehicle and that's it. Just make sure to take out anything that you want to keep (that didn't come w/the car in the 1st place) b4 you turn it in.

They will bill you for excess charges, if any, but they should tell you what items are at issue. Take pics of everything they claim is subject to excess charges b4 you give up possession of the car. I've never had that issue w/any of my leased vehicles, so I can't say what the negotiation process is for such charges is. Excess mileage is easy but the charges for excessive tire wear or body damage is beyond my knowledge, except that ordinary "wear and tear" should be excepted.

I personally haven't decided if I am going to return my Bolt yet or not. GM Financial sent me a letter saying that the lease will be expiring soon and that they'd get back to me about that but they haven't done that yet. I would consider extending the lease but I don't think I'd want to do a buy out.

Definitely will NOT get a Model 3 to replace the Bolt. Leased the Bolt after I got tried of waiting for a Model 3 and cancelled my reservation for one. I've driven a Model S as a rental that Iiked very much but it's too big and too costly for my needs. Nothing else in the EV market appeals to me more than the Bolt. So, it's quite possible that I'll keep the Bolt on a lease extension but it depends on the terms.
My vehicles:

2017 Chevy Bolt
2012 Mercedes ML350 4Matic
2008 BMW 335i
2002 Toyota MR2 Spyder
2002 Ford F250 7.3L 4x4 Longbed Turbodiesel
2000 Porsche 911 Carrera 4 Cabriolet

astroboy
Posts: 55
Joined: Wed Mar 15, 2017 8:37 pm
Location: i represent the Yay Area

Re: experience with lease return process?

Tue Oct 22, 2019 12:11 am

thanks for the reply, i had missed it.

the other day i talked to a friend who had a similar insurance policy on his leaf, and he told me that when he tried to claim warranty coverage for damage at the time the lease return was being processed, nissan told him the policy had lapsed some months before the car was due to be returned.

apparently this excess wear insurance is kind of a scam in that you need to make claims well ahead of returning the car. anyone else have a similar experience?

BoltEV
Posts: 225
Joined: Thu Feb 01, 2018 5:58 am

Re: experience with lease return process?

Thu Nov 28, 2019 12:23 am

My 2017 Bolt EV lease was due January 3, 2020, but I returned it early after I hit 44,640 miles onSeptember 10th.

They waived the $400 lease return fee as I purchased a new 2019 Bolt EV concurrently.

The did accelerate the three remaining payments but I called GM Financial and they agreed to a 50/50 payments over two months, the second payment I just mailed in.

PackardV8
Posts: 114
Joined: Mon Jun 12, 2017 2:39 pm

Re: experience with lease return process?

Sat Nov 30, 2019 1:03 am

Thanks for sharing and good information for those who are under the mistaken impression a lease contract is not negotiable.

jack vines
My vehicles
2017 Bolt Premier Cajun Red
2011 Saab 9-4X
2005 Saab 9-5
1998 Saab 9000 Aero
2004 Ford F250 6.0 Turbo Diesel
1963 Studebaker Avanti
1956 Studebaker Hawk custom with a supercharged Packard V8
1955 Studebaker custom pickup with a Packard V8

BoltEV
Posts: 225
Joined: Thu Feb 01, 2018 5:58 am

Re: experience with lease return process?

Sat Nov 30, 2019 8:03 pm

PackardV8 wrote:Thanks for sharing and good information for those who are under the mistaken impression a lease contract is not negotiable.

jack vines

Just to clarify, Jack:

I did have to pay all remaining payments at full price and early, too.

My only real savings by returning it early was on my auto insurance; and of course, no mileage penalties.

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