Current mileage: 25,500
Maturity mileage: 36,000
Effective miles per month: Roughly 900 miles per month
Maturity date: November 1, 2023
MSD due (if any): $0
Cash due (if any): $1,000
Incentive for new lessee (if any): $0
Financial institution: GM Financial
Transfer fee: $595 I believe
Out-of-state transfer allowed (yes/no): No
Vehicle condition (accidents, tire wear, etc.), options, and other details: Excellent
White with dark cloth interior, car has been wonderful but is no longer needed. 12 payments remaining. Registration due next month. It’s nice to have at the house as a spare car but has not been used much recently so I thought I would post it to see if there is any interest. No accidents, no damage, etc. Has the DC fast charging option as well as the Comfort and Convenience Package. The payment is $182 ($196 with OC tax). With $1k down and the transfer fee, the effective monthly would work out to about $315 (without tax).
Have you gotten the battery replaced yet? If you’ve been MIA from this forum for a while, you might want to go down the MSRP swap rabbit hole and see if it works for your situation. You can definitely come out positive money.
I haven’t gotten the battery replaced, 2021 wasnt “an effected year” so its low on the replacement list for Chevy.
I really appreciate the help, can you tell me a bit about that so I know where to look?
As of now, the current buyout and the purchase offer from places like shift/cargurus is showing $2k positive equity. But I’d rather get it to someone at my rate for only $1k, so they can benefit from it (rather than Shift selling it for $2k more than they buy it from me).
I’d see what GM would offer you to buy it back through the Bolt recall program, if you haven’t already. Alternatively you could go through Substitution of Collateral for a similarly priced gas vehicle (Base Silverado or Blazer for example?) and flip that at a dealership. Should end up making you more than $1,000 either way you go.
I appreciate the insight! Im working with Chevy now regarding the MSRP Swap. However, at a 35k MSRP, and the useage being about $7k, a swap for a new Bolt would be a loss with the $7,500 tax credit coming back January (if I’m doing my math right). So still on the fence
No, the term you want to use is Substitution of Collateral, not Swap or Repurchase. There would be no penalties and you would be able to sell the new car. The buyout price from the Bolt would stay the same so you would receive the equity. Also, it doesn’t have to be a new Bolt. Just get a vehicle with a similar MSRP to flip. A Silverado or Blazer would work much better for those purposes.
So when I speak to Chevrolet I should specifically say “substitution of collateral”? When I spoke to them yesterday, they said the options were a buyback and replacement. I dont care to flip a car for a profit tbh, I’d prefer to get a car that would be of use.
So what kind of deal should I be aiming for? If my MSRP was actually $37k, and my sales price (before incentives) was $35k with 25k miles on the odometer?
Read through the Bolt threads. A substitution of collateral is very different than a buyout or swap. Does your letter from GM say “Substitution of Collateral”? If not, they’re buying a vehicle and selling you another.
Many of use swapped our Bolts for another GM car with similar MSRP as the Bolt and they just change the VIN in your existing lease. On the substitution, they don’t care about incentives, you find another car around $37k and they swap, if it’s a little more, you pay them, a little less, they might pay you. Usage fees on the existing lease depend on your state lemon laws.
Again, check your letter from GM to see if it specifically says “Substitution of Collateral” if not, push them to go that route.
So I looked through threads and saw conflicting information which is why I was confused.
Also, when I contacted GM, they told me to speak with Chevrolet directly. So I called Chevy and they sent over the documents on the buyback/swap. Do I need to go back and speak to GM instead (my lease is through GM financial).
Correction: although GM financial had me call Chevrolet directly, the files they sent over are from “General Motors”
So should I respond and say I want a substitution of collateral rather than a buy back/swap?
Also, again because I have seen conflicting information, does anybody have a straight answer for usage deductions in California? Also, is it the same whether its a buy back, swap, or substitution of collateral?
You should be speaking with a repurchase rep from GM about the particulars. When you say “Chevrolet”, are you referring to the dealer? The dealer is there to facilitate the transaction and let you order a new car (most likely) or take one from their inventory (not as likely).
So if I do a substitution of collateral and there is no deduction for usage… they would just swap VINs/Cars with a similar MSRP Bolt and I would carry on my current lease structure and pricing? Would the lease end at the same time and have the same buyout?
Well I called GM financial, they told my to “Call Chevrolet” (not the dealer, but corporate). And the documents I received are from GM. So I’m going to mention the substitution of collateral to the rep I have assigned and see what they say