I’ve been struggling with what to do with replacing my 2019 Volt lease. I settled on a 2023 Bolt EUV (have a Fisker and Ford Lightning on order…some day) but I didn’t want to buy it outright and wanted to stick with a lease. Chevy’s best offer including Supplier and Lease Loyatly would have been $484 per month for 36 months ($1000from my order deposit included). I decided to go with a balloon loan backed by AFG through AmeriCU. Here are the details:
Loan terms: 3.74% for 24 months @ $231.48 with a balloon payment of $23,104.92 (includes Supplier discount and $1000 order deposit)
Vehicle info: Bolt EUV 2023 LT (no packages it’s a daily commuter for 30 miles a day) 7,500 mile allowance.
Note I don’t plan to keep the vehicle and plan to exercise my option to sell it back to AmeriCU/AFG at the end of the loan/lease. My current Volt lease was $319 a month so I was pretty shocked I was able to get lower monthly payments than that. My bet is that the Bolt won’t have $23k in value in two years but maybe it will either way I’ll have options.
Can’t really judge anything based on the numbers provided. You need to provide some more detail. A payment and balloon payment alone doesn’t really tell much on a lease.
Was there any money down or what was the size of the discount? Tried to run this through the AFG/AmeriUI calculator for the LT and 24-mo came out to $500+/mo.
Can’t really judge anything based on the numbers provided. You need to provide some more detail. A payment and balloon payment alone doesn’t really tell much on a lease.
Let me know what other details would be of interest…happy to share.
Was there any money down or what was the size of the discount? Tried to run this through the AFG/AmeriUI calculator for the LT and 24-mo came out to $500+/mo.
I screwed up in my original request to AmeriCU. I thought Supplier would be worth $1500 and it was only $1250. I also thought I could stack Uber/Education and I couldn’t. In the end I kept the Supplier discount(Uber was a hassle) and I applied my $1000 deposit + added another $1500 (so a total of $3700 down with Supplier included). I could have asked them to finance the $2500 cash I put in but I was up against a rate increase as my rate lock was expiring and Chevy took 3 weeks to ship it from the plant. I still think I came out pretty good all things considered even if I could have done better on discounts and not paid anything down.
So in the end $231.48 for 24 months and $3700 up front? Any additional taxes and fees? If not, all in ~$435 a month & to be able to hand the keys over at the end seems like a solid deal. I have no pulse on the EV market but can’t think of anything is much cheaper.
I have a few questions if you (or someone) can help,
Is this balloon loan available for residents of all states (through ameriCU)?
When you say you can sell it back to the bank, it sounds very much like a lease. Will the bank take it back at the price you mentioned, $23.1k, very much like a residual value?
Do we have to pay tax on the full price of the car?
I always thought balloon loans were more like traditional loan, you are financing the entire amount and pay full tax, and then you pay the remaining lump sum payment at the end of the term. Can you please clarify! Thanks!
Make sure you plan on mileage allowances, wear and tear expenses, disposition fee and drop off fee.
Yeah those are good points. The disposition fee is $195. I went and checked and there’s no mention of a “drop off fee.” I suppose when thinking about wear and tear it’s not unlike any other lease so it didn’t really factor into my thinking.
