[EVadvocate]

What do I need to know? It seems we HAVE to do this at the dealership. Not sure why other than there is a $699 processing fee. I applied for the loan with my bank but they ran into snags trying to figure out taxes and such. I'm sure that they will try to sell us a maintenance package. We will decline - courteously.
2022 Blue Bolt EUV w/7k miles.

Thanks in advance!

 

[BobBolt]

At least around here, that is the only way to do it. The car belongs to GM or GM Financial and you have to complete the transaction at the dealer per your lease contract details. The buyout etc is all written in there somewhere. You can generally do it any dealership and I have never paid a processing fee for buying out a lease. Again, your contracts in the US could be different.

 

[AFXCAR]

I'm assuming you just leased it? Why the conversion so soon? It may be worth continuing your lease into the new year to find out the rules of this upcoming $4,000 Federal Used EV rebate. If you are getting a traditional loan with a good rate, maybe worth doing.

Limited details right now on the web, but the way I see it, GM is the 1st owner of your car, and you are the lessee "renter". Hopefully lease buyouts qualify as 2nd buyer. The used car transaction is required through a licensed dealer and they are required to submit to Dot.gov for you. Vehicle must be in service by first owner for 24 months, and there is a $25,000 cap on the selling price. Most Dealers wont make their first submission for 25 months. However, you are already a few months in, but I suspect you wont be under $25K until 30 months or so. Look for the end-of-lease buyout price on your contract.

You can call for a buyout on your lease at any time, just like conventional financing. You can also sell your leased car to your dealer for a higher price than the buyout. I've done it many times on high resale value trucks -- and they did the paperwork for me, and cut me a check back! I did pay their Doc fee.

Traditionally, GM leasing is the most easy-going with buyouts, the Financial holder only cares about "paid in full", whether for the month or full contract.

Hope this helps

 

[atc98092]

I'm assuming you just leased it?

If he's like me, he's had the car well over a year now. If he's happy with the car, and the buyout number works, why not?

The GM Financial app and web site both show the claimed buyout price. Don't trust it. According to several different dealers that have access to the numbers, my actual buyout price is more than $3000 lower than the web page/app says.

 

[EVadvocate]

We went to the dealer today. Their buyout price was different from what GM financial shows. Financial guy at the dealership was not able to find out why the numbers are not the same and the rep on the phone was no help either. So we wait…

Yes AFXCAR, I’d love to see if I could get the new federal rebate but I may be stuck. My EUV was a collateral swap from my leased 2020 bolt. My lease ends in April and I will probably only have 12,000 miles on it by that time.

I’d like to get it financed and pay it off sooner than later.

 

[EVadvocate]

If he's like me, he's had the car well over a year now. If he's happy with the car, and the buyout number works, why not?

The GM Financial app and web site both show the claimed buyout price. Don't trust it. According to several different dealers that have access to the numbers, my actual buyout price is more than $3000 lower than the web page/app says.

How is that possible? Mine balance always tracked well with my lease payments. GM financial correctly shows my residual as $1k lower that what I’d negotiated when I signed the paperwork due to the fact that I overpaid my lease at the end. How did yours get so far off?

 

[atc98092]

How is that possible? Mine balance always tracked well with my lease payments. GM financial correctly shows my residual as $1k lower that what I’d negotiated when I signed the paperwork due to the fact that I overpaid my lease at the end. How did yours get so far off?

I have no idea. We have always slightly overpaid the monthly payment, but only about $25 or so. Since I've made 15 payments, there's no way that accounts for it being so far off. But when I traded my Kia Niro in on the Bolt, it's lease payoff was less than the Kia Financial app showed as well. I don't recall it was quite that far off, and I was a bit over two years into my 3 year lease, so not quite the same position as now. But then GM Financial never did show an accurate monthly payment for my lease, even though when I called them to get it fixed they said their system showed the accurate monthly payment. They never could explain that either.