Chevy Bolt EV Forum banner

1 - 10 of 10 Posts

·
Registered
Joined
·
13 Posts
Discussion Starter #1
I'm in Atlanta, trying to lease a Bolt. The dealerships in New York, New Jersey are rebating $250-and for no clear reason. The $2500 credit is missing from both quotes. Is this just a California only (Federal Tax Rebate)? The way Chevy is selling this car is just not making any sense.

Has anyone leased in NY or NJ and received the $2500 Federal Tax Credit as a rebate factored into your agreement?
 

·
Super Moderator
Joined
·
2,067 Posts
I'm in Atlanta, trying to lease a Bolt. The dealerships in New York, New Jersey are rebating $250-and for no clear reason. The $2500 credit is missing from both quotes. Is this just a California only (Federal Tax Rebate)? The way Chevy is selling this car is just not making any sense.

Has anyone leased in NY or NJ and received the $2500 Federal Tax Credit as a rebate factored into your agreement?
FWIW, carsdirect is saying that there is a total of $2,750 in lease cash available on Bolts (in at least CA and OR). Not sure about NJ/NY.



http://www.carsdirect.com/2017/chevrolet/bolt-ev


It seems GMF is offering an extra $250 this month on leases. That could be “national” lease cash that everyone qualifies for. The $2,500 lease cash could very well be a CARB-state only deal (so if you’re in GA, you’re out of luck. GM bases incentives off of the customer’s zip code of record).



Btw, you won’t see “FEDERAL TAX REBATE” anywhere on a lease sheet. GMF is passing on a portion of the tax credit in the form of “Capitalized Cost Reduction”.



So looks like GMF is now offering $250 lease cash for residents of all states, while the $2,500 seems to be a CARB state only incentive.
 

·
Registered
Joined
·
13 Posts
Discussion Starter #3
That is so bizarre that within a nationwide applicable tax credit, GM is keeping all $7500 from any lease written outside the state of California. Was it just about 8-9 years ago, when on the verge of financial collapse, all 50 states-not just California (i.e. the fed government) loaned GM a giant pile of money. I understand it has all been repaid, but a...don't do anyone any favors.
 

·
Registered
Joined
·
862 Posts
That is so bizarre that within a nationwide applicable tax credit, GM is keeping all $7500 from any lease written outside the state of California. Was it just about 8-9 years ago, when on the verge of financial collapse, all 50 states-not just California (i.e. the fed government) loaned GM a giant pile of money. I understand it has all been repaid, but a...don't do anyone any favors.
Do you have an actual lease quote from a dealer?

What was the residual %?

Was there any Capital Cost Reduction listed?

What were the payments (also would need to trim level and options on the car)

What was the Money Factor?

There are many ways the Tax Credit can be applied to a lease with the goal of reducing your monthly payments. Just because you don't see it as a CCR does not mean you are not benefiting from it.
 

·
Registered
Joined
·
32 Posts
Yes -- In New Jersey I just signed my lease and it did show a $ 2500 rebate from Chevrolet that was factored into the lease payments. I'm very happy with my new Bolt EV and I didn't bargain very hard since there are so few available and local dealers are not yet offering any other incentives.

The residual value on my lease for a Bolt Premier with fast charger (MSRP - $42,530) was $25,518 which is 60% of MSRP.
The capitalized cost reduction was $ 7140.

The lease manager explained that GM does not actually receive the $7500 federal tax credit but does receive a financial benefit from the lease, but it was unclear to me how it worked.

The longer you wait the better chance the lease prices will drop -- but I couldn't wait !
 

·
Registered
Joined
·
862 Posts
I'm in Atlanta, trying to lease a Bolt. The dealerships in New York, New Jersey are rebating $250-and for no clear reason. The $2500 credit is missing from both quotes. Is this just a California only (Federal Tax Rebate)? The way Chevy is selling this car is just not making any sense.

Has anyone leased in NY or NJ and received the $2500 Federal Tax Credit as a rebate factored into your agreement?
My information is from sales staff who know nothing of it, therefore, no quote produced.
???
 

·
Registered
Joined
·
13 Posts
Discussion Starter #8
Oops. Brain fade. After visiting lots of sites and phone calls. BOth is true. I have two quotes without mention of credit, and follow up phone calls the salesperson doesn't know anything about the program
 

·
Registered
Joined
·
39 Posts
The lease manager explained that GM does not actually receive the $7500 federal tax credit but does receive a financial benefit from the lease, but it was unclear to me how it worked.
Your leasing manager is wrong. The leasing company (e.g., GMF) can claim the credit since it is considered to be the purchaser of the vehicle. It seems that some of the credit was used to inflate your car's residual value.
 

·
Registered
Joined
·
13 Posts
Discussion Starter #10
A New Jersey dealership confirmed that they do reflect the Federal Tax Credit by taking a $2500 capital cost reduction + the current $250 rebate GM is doing for all. Oddly, earlier in the week, one of his staffers said this did not exist. It seems this is such a targeted small market of buyers, and with electric cars new to many dealerships, the staff may not be up to speed.
 
1 - 10 of 10 Posts
Top