Chevy Bolt EV Forum banner
1 - 12 of 12 Posts

·
Registered
2021 Bolt LT
Joined
·
36 Posts
Discussion Starter · #1 ·
I just bought my 21 Bolt in June 21 but, I did roll a bit of neg equity(screwed on my Volt trade) into the loan. As much as I hate to say it, I am considering a buyback.....
My deal (other than the trade) was good, I got a new 21 with a $40k msrp for just over $28k. But I owe like $32k now. Is it even conceivable for me to come out not owning after a buyback? I am with the masses in that I LOVE my Bolt, There is a reason I traded my Volt, I wanted the car I was sold!!!! Like many I am torn between waiting....... for GM to "maybe" fix the Bolt or just get rid of it and hope for the next car.
 

·
Super Moderator
2020 Chevrolet Bolt
Joined
·
1,815 Posts
I just bought my 21 Bolt in June 21 but, I did roll a bit of neg equity(screwed on my Volt trade) into the loan. As much as I hate to say it, I am considering a buyback.....
My deal (other than the trade) was good, I got a new 21 with a $40k msrp for just over $28k. But I owe like $32k now. Is it even conceivable for me to come out not owning after a buyback? I am with the masses in that I LOVE my Bolt, There is a reason I traded my Volt, I wanted the car I was sold!!!! Like many I am torn between waiting....... for GM to "maybe" fix the Bolt or just get rid of it and hope for the next car.
I'm not familiar with Indiana's lemon laws (Google is your friend), but you might explore an MSRP trade rather than a buyback. In an MSRP trade, you would get another GM vehicle and the MSRP of the Bolt would be the credit in the trade, instead of your purchase price.

Some owners report that getting a lower MSRP GM vehicle in a trade resulted in the difference being applied to their loan.

So if you owe $32k, and find a GM vehicle in a trade that has an MSRP of $30k, the difference in MSRP ($40k - $30k = $10k) would be subtracted from your loan balance, so you would only owe ($32k - $10k = $22k). That might help you get out of being upside down.

However, Indiana may also allow GM to subtract a usage fee based on how many miles you've put on the Bolt. You would have to include that in your calculations.

Look up Indiana's lemon law to see if "replacement" is an option, and good luck.
 

·
Registered
2017 Chevy Bolt EV Premium - Metallic Grey
Joined
·
133 Posts
Indiana lemon laws are simple. It's the "rule of 18".

If either of these is true you ARE NOT eligilbe for lemon law protection:

(1) Your car has over 18,000 miles
(2) Your car is over 18 months old (from the date the car left the dealership)

I tried to get a buyback but since my car had 18,500 miles I was rejected.
It was only about 9 months since it left the dealership (was sold to me) but it was a 2017... so not sure if that changed things as well.
 

·
Registered
2021 Bolt LT
Joined
·
36 Posts
Discussion Starter · #4 ·
Indiana lemon laws are simple. It's the "rule of 18".

If either of these is true you ARE NOT eligilbe for lemon law protection:

(1) Your car has over 18,000 miles
(2) Your car is over 18 months old (from the date the car left the dealership)

I tried to get a buyback but since my car had 18,500 miles I was rejected.
It was only about 9 months since it left the dealership (was sold to me) but it was a 2017... so not sure if that changed things as well.
Thank you for the "easy" version of IN laws. I have had the Bolt for about 4mo and less than 900mi now so I think I will proceed with the buyback and see what the offer is.
So in that, do you start the whole thong with a call to the EV concierge hotline? Or elsewhere?
 

·
Registered
2018 Bolt Premium with every option
Joined
·
181 Posts
I just bought my 21 Bolt in June 21 but, I did roll a bit of neg equity(screwed on my Volt trade) into the loan. As much as I hate to say it, I am considering a buyback.....
My deal (other than the trade) was good, I got a new 21 with a $40k msrp for just over $28k. But I owe like $32k now. Is it even conceivable for me to come out not owning after a buyback? I am with the masses in that I LOVE my Bolt, There is a reason I traded my Volt, I wanted the car I was sold!!!! Like many I am torn between waiting....... for GM to "maybe" fix the Bolt or just get rid of it and hope for the next car.
Can only speak for myself, but what I would do, if you have the option for a cash adjustment like some states, is make the LL claim, take the "cash and keep" option, and get the battery replaced. Pay off part of the loan with the money they give you for your inconvenience, and enjoy the car.
That's just me, but I can't stand the concept of making perpetual car payments.
 

·
Registered
2021 Bolt LT
Joined
·
36 Posts
Discussion Starter · #6 ·
Like many here I love the Bolts style/design/practicality and there is no other price equivalent EV out there. If the deal go's through I have little choice for a replacement EV. Should have kept my Fiesta ST....
 

·
Registered
2017 Chevy Bolt EV Premium - Metallic Grey
Joined
·
133 Posts
Thank you for the "easy" version of IN laws. I have had the Bolt for about 4mo and less than 900mi now so I think I will proceed with the buyback and see what the offer is.
So in that, do you start the whole thong with a call to the EV concierge hotline? Or elsewhere?
Yep. Just call concierge and say why you want a buyback (in more words than that).
 

·
Registered
2021 Bolt LT
Joined
·
36 Posts
Discussion Starter · #8 ·
Soon to find out, Just got off the phone and have the emails to submit info now.
 

·
Registered
2021 Bolt LT
Joined
·
36 Posts
Discussion Starter · #9 ·
Will say that the 1st call was just a 10min wait, or less. Then just a few min to give vin. and not much beyond email and contact info.
 

·
Registered
2021 Bolt LT
Joined
·
36 Posts
Discussion Starter · #10 ·
FWIW I am in Indiana. Curious myself as to the monetary outcome of this....
Being that I just got the car a few mo ago and have under 900mi on it it's like new. Hope they treat it that way too...
Sucks!!! I finally got the car I have wanted for years(have always lusted for an EV) and am now afraid of it just after buying it. Not to mention I traded in my AWSOME 17 Volt for it.
 

·
Registered
2017 Chevy Bolt EV Premium - Metallic Grey
Joined
·
133 Posts
Ya man. And with Volt’s being discontinued…

did you buy your car new?
 
1 - 12 of 12 Posts
Top