End of lease offers for purchase - Chevy Bolt EV Forum
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post #1 of 8 (permalink) Old 05-17-2019, 09:42 PM Thread Starter
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End of lease offers for purchase

I wish that my Leaf had been leased rather than purchased as its value
decreased significantly after 3 years of ownership when I switched to
the Bolt.

For that reason I chose to lease rather than buy the Bolt. The expectation
being that a discounted purchase price would be offered at the end of the
lease. After all it will be a second hand car. The paperwork that
came with the car stated that for an additional ~$24,000 the car would
be mine. So yesterday while waiting for the second yearly checkup I visited
with the sales person and asked if she knew what the figure might be.
Her answer was $24,000. I pointed out that didn't make much sense with
which she agreed. She then went on with a sales pitch about the advantage
of another lease of a newer model. I replied with a statement that
my current Bolt would have to be sold for significantly less than $24,000
(she agreed) by GM and that my best choice might be to buy a second hand one elsewhere. There are significant reasons for keeping my current Bolt,
at least for a few years.

The internet offered no help. Anyone know what the truth is?
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post #2 of 8 (permalink) Old 05-17-2019, 09:50 PM
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The answer today and a year from today will be different. And different again in another year.

You didn't really give enough info (LT, Premier, mileage, options, etc) for a definitive answer. But as of today, there are relatively few used Bolts on the market and they tend to ask about the cost of a new one - or even more (after incentives). Not sure when that will change, but as the first wave of lease returns hits the market, it is bound to have some influence on price.
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post #3 of 8 (permalink) Old 05-17-2019, 11:38 PM
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From what I understand, the industry protects the process of the 'lease'. I just don't think it's reasonable that you're going to be able to buy your Bolt at the end of the lease for anything less than $24,000. They will auction it off for much much less as you know and they will take a tax break at the 'paper' loss. From what I'm told by friends in the auto industry, there are a lot of back end mechanics to a lease and a lot of it can't be touched.
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post #4 of 8 (permalink) Old 05-18-2019, 12:14 AM
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Originally Posted by ZoomZoom View Post
From what I understand, the industry protects the process of the 'lease'. I just don't think it's reasonable that you're going to be able to buy your Bolt at the end of the lease for anything less than $24,000. They will auction it off for much much less as you know and they will take a tax break at the 'paper' loss. From what I'm told by friends in the auto industry, there are a lot of back end mechanics to a lease and a lot of it can't be touched.
OTOH, BMW was very flexible with one such lease. The lessee went to his dealer, said, "Here's the current blue book, $4,000 less than the residual." The dealer called BMW USA and got authorization to allow the lessee to buy it for that. Your results may vary.

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post #5 of 8 (permalink) Old 05-18-2019, 02:00 PM
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Originally Posted by Packard V8 View Post
OTOH, BMW was very flexible with one such lease. The lessee went to his dealer, said, "Here's the current blue book, $4,000 less than the residual." The dealer called BMW USA and got authorization to allow the lessee to buy it for that. Your results may vary.

jack vines
That's a glimmer of hope I want to encounter someday. I have never heard of that with my life experiences and interactions. My best friend owns a dealership franchise for GM/BUICK/CHEVY/JEEP/DODGE and he says it doesn't happen in his world.
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post #6 of 8 (permalink) Old 05-18-2019, 02:24 PM
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Originally Posted by ZoomZoom View Post
That's a glimmer of hope I want to encounter someday. I have never heard of that with my life experiences and interactions. My best friend owns a dealership franchise for GM/BUICK/CHEVY/JEEP/DODGE and he says it doesn't happen in his world.
Agree, until I encountered this from BMW, I'd been told the residual was immutable.

It does boggle the mind the lessor usually will decline to sell to the lessee for current book, then run it through an auction and net thousands less than book.

FWIW, I've heard it blamed on the dealers forcing leasing companies with which they work to take off-lease car to auction. The logic is never give a sucker an even break. Make it punitive for the lessee to buy his present leased car and he'll feel it more cost-effective to lease a new one.

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post #7 of 8 (permalink) Old 05-18-2019, 02:30 PM
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Originally Posted by Packard V8 View Post
Agree, until I encountered this from BMW, I'd been told the residual was immutable.

It does boggle the mind the lessor usually will decline to sell to the lessee for current book, then run it through an auction and net thousands less than book.

FWIW, I've heard it blamed on the dealers forcing leasing companies with which they work to take off-lease car to auction. The logic is never give a sucker an even break. Make it punitive for the lessee to buy his present leased car and he'll feel it more cost-effective to lease a new one.

jack vines

...or change to a different brand due to predatory financial practices...

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post #8 of 8 (permalink) Old 05-18-2019, 03:50 PM
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Here's another example from the other Bolt forum:
Quote:
Leased my 2012 electric car (non-Bolt) in 2013 thru Ally finance. Toward the end of the lease (two years) I contacted Ally to ask about a reduction in the residual value for a purchase of the car. They did not want to talk at all. When the lease came due due I went to the dealer to turn in the car and mentioned to the salesman my interest in purchasing the vehicle. He called the finance company and in a short time I was offered a reasonable price for the car that was substantially below the residual value in my contact. I purchased the car and am still driving it today.
https://www.chevybolt.org/forum/vie...7671652#p33722

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