Bolt Lease Cost

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iletric

Well-known member
Joined
Dec 13, 2016
Messages
172
They knew I needed a car and had me by the balls because there are 10 buyers if I backed out. So at this stage it's full retail and no haggling. We got Premier, Package II white,

We decided to lease at 10,000 miles so as to make the lease as cheap as possible and purchase 3 years down the road if we liked the car. That depends on what happens in 3 years, the state of competition, and to avoid mile penalty via purchase.

We put down 5 grand even, the white stickers were automatically ordered by the dealer (Novato, Ca) at a cost of about 20 bucks. The resulting payments are in the neighborhood of $460.

Here is my gripe: GM is stealing large part of my federal 7,500 rebate discount. I received a price offset of only 2,500 and GM kept the 5,000 of the tax rebate. GM, of course, is also the leasing company. The last time I leased - Kia Soul - the 7,500 was taken off the total cost and lease was based on the remainder. Lease should have been calculated from the base price of roughly about 35,000, not 40,000. Something nefarious is going on here.

We have not driven the car since yesterday, but I am already noticing things. One that struck out right away was the fan speed. There are 6 or 7 bars, which is great, but the lowest level blows way too hard for our taste, I think it's a quirk that needs to be addressed. We actually switched the fan to defrost so that only the side vents blew air. Second, I had to call my daughter to help me figure out where the tone adjustment was hiding. It's not where you'll be looking for. It's not intuitive. Sorry. The other is the weird front view camera I don't need to stay on until I hit 5 mph. I don't think I can turn it off. It's annoying. There should be a setting to do so.

I do like the anti-gangsta low front door sills reminiscent of 80s cars. They offer nice side view. Also like large side mirrors. Plenty of real estate for the small blind spot mirror. All my cars have that. Those save our asses daily. Also, the leather seats are alright. No more issues with that metal bar I felt with the LT cloth seats. Thank god they are one solid (gray) color, none of that zebra nonsense. The seams pull and crease at the corner areas of seating. It will stretch and loosen up eventually. No big deal. But I did notice it. Jag this is not.

Oh, yeah, that TV rear view mirror. Hurts the eyes. You have to grossly adjust the eye lens, and it's not comfortable, at least for the older eyes. I never expected that, it's a new experience. I don't think I'll be using it, beside the fact it renders a sort of narrowed view of the scene behind you. It's a relief for the eyes to switch back to a normal rear view and those lovely defrost prison wires I described in my other missive.

Yeah. I recommend leasing. Better cars are coming down the pipe in 2-3 years. I'm just being critical, not ungrateful. Ultimately, the Earth benefits and that's the main reason we leased Bolt.
 
You have to ask yourself what do you really think the real value of the car will be at the end of three years and 30K miles. Do you really think that an EV will actually retain 60% of it's value at that point? Or do you think it might be closer to what has historically been the case so far which is closer to 40%? GM has opted to use the remaining $5000 of the federal tax credit to raise the residual rather than use it as a further capital cost reduction. The effect is the same on the monthly payment.
 
iletric said:
One that struck out right away was the fan speed. There are 6 or 7 bars, which is great, but the lowest level blows way too hard for our taste, I think it's a quirk that needs to be addressed. We actually switched the fan to defrost so that only the side vents blew air.
Be aware the the HVAC system in most cars will run the air conditioner when it's set to the "defrost" position. It does that to wring moisture out of the air before heating it so as to maximize the drying power of the air flowing across the windshield. So doing that on a regular basis may impact your power usage and therefore your range at bit.
 
iletric said:
I do like the anti-gangsta low front door sills reminiscent of 80s cars.

Me too. Not sure why a lot of cars are designed with door window sills so high it's uncomfortable to rest your left arm on it. I rented a Camaro last year...I'm average height but the car felt like I was sitting in a deep bathtub.
 
I actually meant how low the front windows are set, not the elbow rest. I don't get that "tank" feeling sitting in the front seats. Of course, the sills rise toward the back, but I have a feeling the rear passengers also sit higher (maybe - I'd have to try it again).

Right now my biggest problem is that folders/CDs in my thumb drive play one at a time. The the last track in the folder finishes and system does not automatically advance to the next folder. This is a first for me. Every EV, including GM Spark did advance to the next. I am flummoxed.

GM, is it an oversight or just plain stupidity? I am hitting the damn book to see if it's me or if it's really that screwed up. Call me fool if it's a setting that needs a tweak.

Also, there is not a button to be had on the steering wheel real estate to advance to the next track or volume up/down. Sad. My wife is not going to be happy. The only entertainment-related buttons are "favorites" which operate radio only, mixing everything in one bag, AM FM SiriusXM, and that with a 15-station max.

Am I glad I leased.
 
To use the steering wheel up/down arrows to change audio tracks, you need to have the center instrument cluster screen set to Audio. Page 113 in the manual explains it.
 
devbolt said:
To use the steering wheel up/down arrows to change audio tracks, you need to have the center instrument cluster screen set to Audio. Page 113 in the manual explains it.
Thanks, I will play with it.

Meanwhile, I just finished talking to GM. The folder advance is not there. Once the folder plays the last track it is designed to stop and have you seek another folder.

Stupid.

The agent will pass it on to the GM engineering dept, and they will get back to me if they think stupid as well, and perhaps even decide to fix it. Fat chance, right?

Also. I put in some miles last night. I felt like I was riding a roller coaster. Bolt is "hoppy" and trucky. Not impressed. Now, admittedly, this was Oakland's 580, not exactly an engineered piece of freeway, but nevertheless. On smooth roads it should not be an issue. Go find new roads, right? Or is that Ford? Toyota? Nissan? Can't remember now.
 
iletric said:
devbolt said:
To use the steering wheel up/down arrows to change audio tracks, you need to have the center instrument cluster screen set to Audio. Page 113 in the manual explains it.
Thanks, I will play with it.

Meanwhile, I just finished talking to GM. The folder advance is not there. Once the folder plays the last track it is designed to stop and have you seek another folder.

Stupid.

The agent will pass it on to the GM engineering dept, and they will get back to me if they think stupid as well, and perhaps even decide to fix it. Fat chance, right?

Also. I put in some miles last night. I felt like I was riding a roller coaster. Bolt is "hoppy" and trucky. Not impressed. Now, admittedly, this was Oakland's 580, not exactly an engineered piece of freeway, but nevertheless. On smooth roads it should not be an issue. Go find new roads, right? Or is that Ford? Toyota? Nissan? Can't remember now.

You should look into creating playlists for your music instead of going folder by folder. If you have the MP3 tags setup properly for your music files, the infotainment system should allow you to browse music on the USB stick by Artist, Album, Song, or even playlist, and avoid the browsing by folder problem.

What part of 580 were you on? And yeah, it's not the greatest road. Not sure what you mean by hoppy or trucky. Too much bounce? Doesn't hold the road well? Do other cars experience the same problem on the same stretch of road?
 
iletric said:
They knew I needed a car and had me by the balls because there are 10 buyers if I backed out. So at this stage it's full retail and no haggling. We got Premier, Package II white,

We decided to lease at 10,000 miles so as to make the lease as cheap as possible and purchase 3 years down the road if we liked the car. That depends on what happens in 3 years, the state of competition, and to avoid mile penalty via purchase.

We put down 5 grand even, the white stickers were automatically ordered by the dealer (Novato, Ca) at a cost of about 20 bucks. The resulting payments are in the neighborhood of $460.

Here is my gripe: GM is stealing large part of my federal 7,500 rebate discount. I received a price offset of only 2,500 and GM kept the 5,000 of the tax rebate. GM, of course, is also the leasing company. The last time I leased - Kia Soul - the 7,500 was taken off the total cost and lease was based on the remainder. Lease should have been calculated from the base price of roughly about 35,000, not 40,000. Something nefarious is going on here.

We have not driven the car since yesterday, but I am already noticing things. One that struck out right away was the fan speed. There are 6 or 7 bars, which is great, but the lowest level blows way too hard for our taste, I think it's a quirk that needs to be addressed. We actually switched the fan to defrost so that only the side vents blew air. Second, I had to call my daughter to help me figure out where the tone adjustment was hiding. It's not where you'll be looking for. It's not intuitive. Sorry. The other is the weird front view camera I don't need to stay on until I hit 5 mph. I don't think I can turn it off. It's annoying. There should be a setting to do so.

I do like the anti-gangsta low front door sills reminiscent of 80s cars. They offer nice side view. Also like large side mirrors. Plenty of real estate for the small blind spot mirror. All my cars have that. Those save our asses daily. Also, the leather seats are alright. No more issues with that metal bar I felt with the LT cloth seats. Thank god they are one solid (gray) color, none of that zebra nonsense. The seams pull and crease at the corner areas of seating. It will stretch and loosen up eventually. No big deal. But I did notice it. Jag this is not.

Oh, yeah, that TV rear view mirror. Hurts the eyes. You have to grossly adjust the eye lens, and it's not comfortable, at least for the older eyes. I never expected that, it's a new experience. I don't think I'll be using it, beside the fact it renders a sort of narrowed view of the scene behind you. It's a relief for the eyes to switch back to a normal rear view and those lovely defrost prison wires I described in my other missive.

Yeah. I recommend leasing. Better cars are coming down the pipe in 2-3 years. I'm just being critical, not ungrateful. Ultimately, the Earth benefits and that's the main reason we leased Bolt.

Can you give us some deep specifics of your lease? The more data we accumulate the better. MF, cap cost, etc...the whole deal.
 
iletric said:
Yeah. I recommend leasing. Better cars are coming down the pipe in 2-3 years. I'm just being critical, not ungrateful. Ultimately, the Earth benefits and that's the main reason we leased Bolt.

Well, I don't want to be too sarcastic here, but how does the Earth benefit from getting a new car every 2 - 3 years?
 
devbolt said:
GM has opted to use the remaining $5000 of the federal tax credit to raise the residual rather than use it as a further capital cost reduction. The effect is the same on the monthly payment.

Is it though? I get that this lowers the monthly lease payments, but aren't you stuck with a high buyout cost if you want to buy the car at the end of the lease? Or does GM sell you the car for $5K less that the residual - is the post-lease purchase price given in the lease agreement?
 
tgreene said:
devbolt said:
GM has opted to use the remaining $5000 of the federal tax credit to raise the residual rather than use it as a further capital cost reduction. The effect is the same on the monthly payment.

Is it though? I get that this lowers the monthly lease payments, but aren't you stuck with a high buyout cost if you want to buy the car at the end of the lease? Or does GM sell you the car for $5K less that the residual - is the post-lease purchase price given in the lease agreement?

Yes, you are stuck with higher buyout, if you plan to buy at lease end. It's possible that at the end of the lease, GM may find that they overestimated the actual value of the car, and probably will be in a mood to offer incentives to get people to buy the car at lease end, much like Nissan did with early Leafs.
 
$460/month seems steep. The official Chevrolet website calculator (which assumes MSRP and doesn't factor in any incentives) gives $380+tax (which is around $420 including tax) for a premiere with that much down. Sorry to break it to you.
 
jintoku said:
$460/month seems steep. The official Chevrolet website calculator (which assumes MSRP and doesn't factor in any incentives) gives $380+tax (which is around $420 including tax) for a premiere with that much down. Sorry to break it to you.

When comparing leases, it's important to include all the relevant information: Money Factory, any incentives (CCR), drive-off amounts, taxes, down payments amounts, actual cost of car and any options it has, etc. The calculator on Chevy's website is rather opaque on some of that stuff, so it's hard to make an apples to apples comparison and figure out if someone actually got screwed over by the financing company.
 
I usually tell people to ignore the money factor and look at the total lease cost, but this time the .005 (?) GM lease MF is substantially higher than the .003 I got in my lease.
 
devbolt said:
You should look into creating playlists for your music instead of going folder by folder.
I don't do playlists. CDs/folders and that's it.
JupiterMoon said:
Can you give us some deep specifics of your lease? The more data we accumulate the better. MF, cap cost, etc...the whole deal.
I would have to look through it. As I said, they had me by the balls. Don't like the price? Neeext...
tgreene said:
Well, I don't want to be too sarcastic here, but how does the Earth benefit from getting a new car every 2 - 3 years?
I bought Leaf and lost more money then if I had leased. I also learned that with EVs we are in Moore's law territory until the range and charge speed settles in the future. The leasing cost and resale cost are about the same since the cars are now better, Leaf was the first and the worst in terms of resale. I will buy once the advancemet slows, hopefully in 3-4 years.
tgreene said:
Or does GM sell you the car for $5K less that the residual - is the post-lease purchase price given in the lease agreement?
I don't know. All I know is, I was supposed to get 7,500 off the top as starting price: 42,500 minus 7,500 plus 8.5% times 0.4 divided by 36 = $422. I'm 40 bucks more, so that's where those 5 grand went - to GM. The GM rip. I called on to the manager, to no avail.

And one last thing: I finally figured out the ride feel. It's like (a little exaggerated) riding shotgun on a tow truck.
 
iletric said:
I was supposed to get 7,500 off the top as starting price: 42,500 minus 7,500 plus 8.5% times 0.4 divided by 36 = $422. I'm 40 bucks more,
You're missing interest.
 
Interest is minimal. I don't think it's 40 bucks per payment. But I'm not a banker either.
 
iletric said:
Interest is minimal. I don't think it's 40 bucks per payment. But I'm not a banker either.
Do the math yourself: https://www.edmunds.com/car-leasing/calculate-your-own-lease-payment.html

$40/mo in interest means you have a decent rate.
 
That's 10% interest, I don't believe it can be so high.

GM's financial makes more money than its auto division. In 2008 GM financial was doing well while auto almost died and needed Obama bailout.
 
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