Acquired seems to refer to purchase of the used vehicle, not the original in service date based on the actual IRA language.
(e) Effective Date.—
(1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to vehicles acquired after December 31, 2022
Based on the above interpretation, it refers to the MY of the vehicle. So in 2023 it would seem 2021 MY or older vehicles would be eligible. MY 2022 wouldn’t be eligible until 2024. Also, can only be done once on each specific vehicle. Also appears to need to be done at a dealer (not private sale). This would seem to keep a more solid floor on vehicles such as the bolt.
How long did it take for your order to arrive? I see 2023 hitting the lots and wondering if I should order one now and decide later.
Probably has nothing to do with the price of tea but it makes sense that it will provide a higher floor for used EV sales as it comes straight off the sales price now (as opposed to being a tax rebate). That makes a big difference to a lot of people. Also, GM just delivered a record sales quarter for Bolts to the extent that GM plans to now increase production! So to compare the used EV sales of older Bolts seems to be flawed as the new design is showing signs of demand. Also, those newer platforms won’t be eligible for several years so the floor should be intact in the short term but in the longer term may be affected.
Dear all, not sure if this belongs here, but did a search and confused, and could use some help.
I have a 2020 bolt premier lease expiring in January '23 (paid for 12k miles/yr, car has 30k rn). What’s the recommendation for returns? I know Chevy was giving cash back for purchasers due to the battery debacle (Chevrolet Is Giving Money Back to Chevy Bolt Buyers Who Missed), but I never got a letter like that.
When searching, I saw another thread something about getting an extra cash back if you lease or purchase another Bolt with your return. I rather not get another, but what’s the skinny? Which thread has a summary? I’m a little confused trying to put all the pieces together (the new price drop, the “goodwill” refund, having a lease rather than purchase, etc).
Many thanks in advance, and sorry in advance if I didn’t do enough research!
Check the thread above. It will have information about repurchases, MSRP Swaps, Substitutions of Collateral, and more. You will need to do some reading, but there is also an EV hotline from Chevy that you can call to try to get someone to verbally explain options to you (1-833-EVCHEVY).
I will caveat all of this with the assumption that you have not already had your battery replaced which would close out all of these options from you.
If you ground your lease, it’s $3750 lease cash in most regions. Leases are worse than purchases though due to purchase cash.
so by ground you mean return early I think. Does that mean if I started a new chevy lease I’d get the $3750, or if I just ground it now and return I’d still get $3750? For reference, I did a one-pay on this bolt, so I’m not making any payments anymore either.
You end your current Bolt lease and start a new Bolt lease for $3750.
You get $0 for returning only.
The refunds were for people who purchased 2022’s before the price cut. 2020s were not part of that. You’re probably too late but your best bet would have been to try and contact the Chevy EV Concierge about a buyback or Substitution of Collateral. At this point you’re probably just going to have to return it when it is due. Did your battery ever get replaced due to the recalls?
Explain it to me like I’m 5. You end your current bolt lease, and then you start a new 3 year lease and you get 3750 off that new lease right? And this has to be before the return date? or is there some statute of limitations which has passed? And yeah, shame about the $0 just for returning.
can you get that 3750 on a different chevy? does it have to be an ev? and it has to be a lease, not a purchase, right?
battery never got replaced. stupidly, I was waiting for that, and then late to the party I started researching what I can do since my lease is almost up. I was half thinking of buying out the lease since car prices went up since I did my deal (I got a decent deal off of msrp back in '20), but with no battery replacement imminent, I’d rather not be stuck with this in its current condition.
buyback wouldn’t have helped me if I was on a one-pay, right? I guess they could prorate the amount left on my lease, but that’s almost just like a refund rather than “getting something back for my trouble” kind of thing.
The currently Bolt loyalty offer if you return your Bolt is $3750. You must start a new Bolt lease. Does not apply to any other GM/Chevy vehicle.
Chevy will refund your full lease amount if you ask them. Not sure if they are still doing it though. If you choose this path, Chevy owes you nothing.
Your best bet is to call EV concierge line and start a case number. Then the next person that will contact you will be able to tell you what your options are. This can take a few weeks.
Like you, my 2020 one-pay lease is due end of Jan. I started my process beginning of Aug and I think I will be done with my swap just in time (crossing fingers). I’ve read cases of people getting the whole process done in 2 months, but don’t think that is normal. Most people on this forum are doing a “trade repurchase” (or substitution of collateral (SOC) or “MSRP swap” (don’t use this term with GM reps)). What is happening is you are giving up your old Bolt for any new GM car (most people are just swapping into a 2023 Bolt nowadays). The new car’s MSRP should be less than your old car’s MSRP if you don’t want to pay anything out of pocket. One benefit of doing a swap is GM has dropped the price of the Bolts significantly in 2022 and 2023. This means for the MSRP of my old 2020 Bolt LT, I can get into a maxed out 2023 Bolt Premier with no money out of pocket.
Everything on your lease contract stays the same, except the VIN is replaced with the new vehicle. So lease end date and residual value is the same. The main reason most people are doing this is because when your lease is up (or even before it is up), you can buy out your new 2023 Bolt for the residual value of your old Bolt (~$20k). If you wanted to you could immediately sell it for probably >$30k.
I’m not sure what happens if you start this process and it’s not done before your lease ends. You should call GM Financial (not the EV concierge line) and see what options you have to extend your lease by 1-3 months.
There may be other compensation options if you don’t want to go with this route, but I’m not familiar with them.
Has anyone successfully done a swap in Michigan? I called and they told me that option was not available to me. My lease is also up in Jan 2023. Also, my dealership contact said GM met its EV quota so no tax credits until January.
This was an extremely helpful comment. Thanks for walking me through it. I called EV concierge, who pretty much just started the case process and gave me a case number. They did say that I should get a call in 3-4 business days, so given how tight things are, good chance I reach back out early next week if I haven’t heard anything by then.
So, a couple of follow up questions, possibly,
GM ran out of credits many years ago, even before you got your 2020 Bolt.
I was just direct in saying I was looking to do a trade repurchase/substitution of collateral. I didn’t get much pushback. I think they deal based on each state’s lemon laws, so maybe Michigan is different. Not sure how being in a different state now will change things.
One other thing you may have to deal with is finding a dealer that will host your swap. I’m in CA and just picked one close to me that I knew other people successfully did swaps at. You can probably call nearby Chevy dealers and ask if they host swaps for Bolts, but if you’re in an area that doesn’t have a high EV presence they may not know what you’re talking about. I think you can also let the GM repurchase coordinator find a dealer for you, but that will take more time.
Thanks for this. I’ll bet CA has the best lemon laws, which is why they referred me to a CA person. Since I acquired the lease in CA, I guess I can hope that I’ll fall under CA’s jurisdiction, even if I registered it elsewhere.
Make sure you specifically use the magic words “substitution of collateral”. I asked for a lease swap and they told me it wasn’t possible. I requested the SOC in writing over email and that got the ball rolling