[Vicki37]

Hi Vicki,

I finally got a vehicle tagged, however the MSRP was $2k more than my current one. Curious did your residual remain the same and you would just pay the difference in MSRP or did it go up? Thanks.

Congrats, hope it arrives soon.

No besides the VIN # the contract remains the same, I have the same monthly payments and same residual at the end of the lease.

Just be sure to ready your new contract addendum paperwork thoroughly so there is no surprises.

 

[Mr.D18]

Hi Vicki,

I finally got a vehicle tagged, however the MSRP was $2k more than my current one. Curious did your residual remain the same and you would just pay the difference in MSRP or did it go up? Thanks.

I received my repurchase/trade offer last week. It appears they are charging me the mileage use fee only. The MSRP prices are about the same. The mileage use fee is $677 for around 8850 miles. So that is what the letter says I will pay when I pick up the new car.

 

[Psyclone]

Congrats, hope it arrives soon.

No besides the VIN # the contract remains the same, I have the same monthly payments and same residual at the end of the lease.

Just be sure to ready your new contract addendum paperwork thoroughly so there is no surprises.

Hi Vicki - I REALLY need to pick your brain...I'm in SoCal and I'm in the middle of the GM buyback and am wondering if I'm not asking the right questions. More importantly, or telling my coordinator what I want. We've been going 'round and 'round with them since around August of last year. First they gave us a buyout offer. (What a joke!) that basically would have given us about $1000 to surrender the vehicle. Ridiculously lower than our down payment and payments made to date. Then they offered, and we accepted, rental car reimbursement while we waited for "repairs". Sometime around December I discovered that we weren't offered a repurchase/buyback (not sure if that's the correct wording) and we've been waiting for that offer. BUT, since we're in a lease, it would be a slam dunk for us to do what you did and apparently @darnoc23 did. We DID just get a new 2022 EUV "tagged" over the weekend and I sent that info to my coordinator. Am I going down the right road now or do I need to tell her I specifically want an MSRP swap?

Thanking you in advance.
Kevin

 

[Vicki37]

Hi Vicki - I REALLY need to pick your brain...I'm in SoCal and I'm in the middle of the GM buyback and am wondering if I'm not asking the right questions. More importantly, or telling my coordinator what I want. We've been going 'round and 'round with them since around August of last year. First they gave us a buyout offer. (What a joke!) that basically would have given us about $1000 to surrender the vehicle. Ridiculously lower than our down payment and payments made to date. Then they offered, and we accepted, rental car reimbursement while we waited for "repairs". Sometime around December I discovered that we weren't offered a repurchase/buyback (not sure if that's the correct wording) and we've been waiting for that offer. BUT, since we're in a lease, it would be a slam dunk for us to do what you did and apparently @darnoc23 did. We DID just get a new 2022 EUV "tagged" over the weekend and I sent that info to my coordinator. Am I going down the right road now or do I need to tell her I specifically want an MSRP swap?

Thanking you in advance.
Kevin

From my experience (learned the hard way). you have to tell them by email / fax / phone what you want and don't want. I denied the buyback because it doesn't make any sense for leases.

You tell them you want a TRADE REPURCHASE (formerly known as MSRP Swap) w/ SOC - Substitution of Collateral (lease contract addendum). After this is settled (and in your case it looks like it is) you get a Dealer to perform the TAG. Basically you sit down w/ them and pick your Bolt EUV from the GM Pilot Program list. The dealer prints the vehicle info to include the VIN #.

Next you email that form to your RC (repurchase coordinator) w/ the Dealership Info, Dealer Contact Point, address and dealer BAC #. Once the RC has that he communicates w/ the host Dealer and sends you a formal offer that looks like what other ppl posted here: basically you pay for any difference (greater) in the MSRP, I paid $1100ish because my EUV was more expensive than the EV. They did not charge me mileage usage fees but may in some cases.

Make sure your host Dealer knows you got the formal offer and send them a copy.

Last step is your RC telling you they are sending all paperwork to the Dealer once it arrives (takes 4-6 days) you go over there and signed everything. In my case, this coincided w/ my EUV Arrival but it can vary.

Review the paperwork to see there is no change in your original Lease contract (change in payments, lease buyout etc), and it doesn't change anything they just ad the new EUV Vin number to replace the old collateral that's all.

Receive the EUV and celebrate!

 

[Psyclone]

From my experience (learned the hard way). you have to tell them by email / fax / phone what you want and don't want. I denied the buyback because it doesn't make any sense for leases.

You tell them you want a TRADE REPURCHASE (formerly known as MSRP Swap) w/ SOC - Substitution of Collateral (lease contract addendum). After this is settled (and in your case it looks like it is) you get a Dealer to perform the TAG. Basically you sit down w/ them and pick your Bolt EUV from the GM Pilot Program list. The dealer prints the vehicle info to include the VIN #.

Next you email that form to your RC (repurchase coordinator) w/ the Dealership Info, Dealer Contact Point, address and dealer BAC #. Once the RC has that he communicates w/ the host Dealer and sends you a formal offer that looks like what other ppl posted here: basically you pay for any difference (greater) in the MSRP, I paid $1100ish because my EUV was more expensive than the EV. They did not charge me mileage usage fees but may in some cases.

Make sure your host Dealer knows you got the formal offer and send them a copy.

Last step is your RC telling you they are sending all paperwork to the Dealer once it arrives (takes 4-6 days) you go over there and signed everything. In my case, this coincided w/ my EUV Arrival but it can vary.

Review the paperwork to see there is no change in your original Lease contract (change in payments, lease buyout etc), and it doesn't change anything they just ad the new EUV Vin number to replace the old collateral that's all.

Receive the EUV and celebrate!

Perfect! Thank you for your help. I'll make sure the RC knows what we want now that she has the tagged vehicle info. You Rock!!

 

[Pigwich]

Hello,
I recently got assigned a repurchase coordinator and he mentioned he's working on a Buy Back offer. My car is leased and will end in February. From what I'm reading, an MSRP swap would be a better choice especially since I'm planning on purchasing the vehicle at lease end. However, I'm also seeing some back in forth in this forum (depending on your coordinator) that an MSRP swap will not be offered for leases under a year and that if swapping for another bolt may not happen till the end of this year. Can anyone confirm if this is still the case? Can I request for an MSRP swap rather than a buy back although my lease end is under a year? What would happen if I choose an MSRP Swap and a Bolt is not ready with my lease ending? Will I be able to extend the lease? Also my understanding on a buyback is that they will repay the amount of money I've spent on the lease payments plus down payment, is this correct? Appreciate all the help in this forum. Thank you.

I asked for an MSRP swap in California, they dragged and stalled and delayed and stalled and eventually replaced the battery instead. I didn't get the ne car I had hoped for, but a fair deal on the miles I had driven it considering that I was getting the #1 wear item replaced with something better than the original. Just as well, since there weren't any new ones to buy anyways. I really think the MSRP swap is the last thing they wanted to do.

 

[Vicki37]

**** IMPORTANT ****

All of you w/ swapped cars please test this and advise here: Everyone w/ SWAPed EUV'S Unite - MyChevy App /...

Thank you!

 

[Psyclone]

I received my repurchase/trade offer last week. It appears they are charging me the mileage use fee only. The MSRP prices are about the same. The mileage use fee is $677 for around 8850 miles. So that is what the letter says I will pay when I pick up the new car.

Hi @Mr.D18 - I just got off the phone w/my actual RC (I guess ALL the other people were just intermediary folks) She's going to send the formal offer over once I send a couple more items requested. My question for you is, you mentioned having to pay mileage but @Vicki37 said she didn't have to. Are you in CA by chance? My RC told me we're the only state (imagine that...SMH) that does this. Either way, you said you paid about $677 for roughly 8850 miles. (approx. $0.07649 per mile) My RC quoted me $0.29783 per mile based upon us having driven around 6310 miles the total she said we're on the hook for is $1879.31.

I'm just curious if anyone else in CA with a leased vehicle has been able to negotiate this away or get it reduced?? Thank you all

 

[Vicki37]

Hi @Mr.D18 - I just got off the phone w/my actual RC (I guess ALL the other people were just intermediary folks) She's going to send the formal offer over once I send a couple more items requested. My question for you is, you mentioned having to pay mileage but @Vicki37 said she didn't have to. Are you in CA by chance? My RC told me we're the only state (imagine that...SMH) that does this. Either way, you said you paid about $677 for roughly 8850 miles. (approx. $0.07649 per mile) My RC quoted me $0.29783 per mile based upon us having driven around 6310 miles the total she said we're on the hook for is $1879.31.

I'm just curious if anyone else in CA with a leased vehicle has been able to negotiate this away or get it reduced?? Thank you all

Hi buddy, it was determined that I didn't pay usage fees because mine was a Lease so it does not apply!

 

[Mr.D18]

Hi @Mr.D18 - I just got off the phone w/my actual RC (I guess ALL the other people were just intermediary folks) She's going to send the formal offer over once I send a couple more items requested. My question for you is, you mentioned having to pay mileage but @Vicki37 said she didn't have to. Are you in CA by chance? My RC told me we're the only state (imagine that...SMH) that does this. Either way, you said you paid about $677 for roughly 8850 miles. (approx. $0.07649 per mile) My RC quoted me $0.29783 per mile based upon us having driven around 6310 miles the total she said we're on the hook for is $1879.31.

I'm just curious if anyone else in CA with a leased vehicle has been able to negotiate this away or get it reduced?? Thank you all

I haven’t paid yet. $677 is the amount in the offer letter we signed and sent back to GM.
There is another alternate reason for my price for miles. When I started this process I had closer to 7k miles on the car, by the time it got to the repurchase agent I had 8850 on it. So maybe they based it on the earlier odometer photo.
I also don’t have a lease, I paid cash.

 

[Psyclone]

Hi buddy, it was determined that I didn't pay usage fees because mine was a Lease so it does not apply!

Gotcha. We're both in CA right? I wonder why she's telling me I have to pay it BECAUSE I'm in CA??

 

[Psyclone]

I haven’t paid yet. $677 is the amount in the offer letter we signed and sent back to GM.
There is another alternate reason for my price for miles. When I started this process I had closer to 7k miles on the car, by the time it got to the repurchase agent I had 8850 on it. So maybe they based it on the earlier odometer photo.
I also don’t have a lease, I paid cash.

I see, still considerably lower per mile but maybe it's a different rate on purchase vs lease. Thanks for the insight. I too have more miles on it now so we'll see I guess

 

[Mr.D18]

Gotcha. We're both in CA right? I wonder why she's telling me I have to pay it BECAUSE I'm in CA??

I am in CA.

 

[Lite2]

Not Sure as far as ll's go But for me in IN I was told early in this that I would get hit with a usage fee but Indana ll states that use applies to buybacks and not trades.

 

[Greenvy]

I have a 2017 Bolt LT with 36,000 miles in CA - Had paid in cash earlier. After months, I have been offered a swap with a 2022 Bolt EUV LT for the usage amount $10K. RC said that CA lemon law allows them to charge for the full usage fee. MSRP between the two vehicles is quite similar. Trying to decide whether it is worth it. Any thoughts?

 

[Lite2]

Sounds like a fair deal for the "use" you got out of the 17 and then figure in the upgrade.

 

[sbroumley]

I have a 2017 Bolt LT with 36,000 miles in CA - Had paid in cash earlier. After months, I have been offered a swap with a 2022 Bolt EUV LT for the usage amount $10K. RC said that CA lemon law allows them to charge for the full usage fee. MSRP between the two vehicles is quite similar. Trying to decide whether it is worth it. Any thoughts?

So you'd be paying $10K out of pocket if you swapped to an EUV. If you didn't take it, do you have the option of GM buying back your Bolt and if so how much would they offer you? If you bought new, they would offer you what you paid for it minus usage fees - then you'd have to buy another EV (you'd probably go for one that still has the $7.5K fed-tax-credit). You should compare the out of pocket of that scenario and compare the 2 to see if it is worth it. With the price of other EV's and availability right now, it's tough to beat swapping into a EUV.

 

[Greenvy]

So you'd be paying $10K out of pocket if you swapped to an EUV. If you didn't take it, do you have the option of GM buying back your Bolt and if so how much would they offer you? If you bought new, they would offer you what you paid for it minus usage fees - then you'd have to buy another EV (you'd probably go for one that still has the $7.5K fed-tax-credit). You should compare the out of pocket of that scenario and compare the 2 to see if it is worth it. With the price of other EV's and availability right now, it's tough to beat swapping into a EUV.

Yes, that's a good summary. The buyback offer is $28K. So, add in the $10K that I am paying out of pocket and the $7.5K fed tax-credit. It comes out to ~$40K + tax for another brand car. Looking at similar options like ID.4 - there isn't anything available in that price range. Even if available, it will cost above MSRP.

Went to a Chevy dealer today to look at the new EUV - can't test drive due to battery not being replaced. He said that people are reserving these cars and once the dealer gets notified by GM that a car's battery will be replaced, they notify the customer, then, and it gets sold. If Chevy is not able to keep inventory despite its recall, it is highly doubtful anyone else will have much inventory.

So, leaning heavily towards the swap. Deciding by tomorrow.

 

[TheCarGuy]

From my experience (learned the hard way). you have to tell them by email / fax / phone what you want and don't want. I denied the buyback because it doesn't make any sense for leases.

You tell them you want a TRADE REPURCHASE (formerly known as MSRP Swap) w/ SOC - Substitution of Collateral (lease contract addendum). After this is settled (and in your case it looks like it is) you get a Dealer to perform the TAG. Basically you sit down w/ them and pick your Bolt EUV from the GM Pilot Program list. The dealer prints the vehicle info to include the VIN #.

Next you email that form to your RC (repurchase coordinator) w/ the Dealership Info, Dealer Contact Point, address and dealer BAC #. Once the RC has that he communicates w/ the host Dealer and sends you a formal offer that looks like what other ppl posted here: basically you pay for any difference (greater) in the MSRP, I paid $1100ish because my EUV was more expensive than the EV. They did not charge me mileage usage fees but may in some cases.

Make sure your host Dealer knows you got the formal offer and send them a copy.

Last step is your RC telling you they are sending all paperwork to the Dealer once it arrives (takes 4-6 days) you go over there and signed everything. In my case, this coincided w/ my EUV Arrival but it can vary.

Review the paperwork to see there is no change in your original Lease contract (change in payments, lease buyout etc), and it doesn't change anything they just ad the new EUV Vin number to replace the old collateral that's all.

Receive the EUV and celebrate!

Does it changes the lease term or milage?My lease has 16 months and 18k miles left. When I get a new Car as SOC, do I get another 36 months with 36k miles or 16 month remaining with remaining 18 miles?

 

[Vicki37]

Does it changes the lease term or milage?My lease has 16 months and 18k miles left. When I get a new Car as SOC, do I get another 36 months with 36k miles or 16 month remaining with remaining 18 miles?

Not the lease term, the mileage is 36k miles and I don't think you will run 36k miles in a brand new EUV in 16 months!

You have to return the lease in 16 months or ask for a lease extension (bad idea) but you would be silly if you do, just buy the lease and sell it or keep it... I plan on buying my brand new EUV Premier for 19k in a year...