Deal check for an EV equinox in MI. This is a demo vehicle w ~1k miles to sell at that pricing. Dealer says 220/mo w 1st DAS or 4637 one pay. I’m pretty maxed out in rebates and wanted to get the GM rewards card but sales rep said deal won’t fund if any more rebates are added.
They can always do the magic and shift the numbers on the contract. My one pay was $3100 for 24/10 for the same car
Wow that’s super low @zenek. What were your rebates and discounts if you don’t mind sharing? And what region? I checked your post history and found something from 24, not sure how much of that still applies today though. Thanks for sharing.
It was back in June with $6500 in rebates
Whatever rebates you have, there is a way to make this work. It is up to the dealer, if he is willing to apply the rebates in a different way.
Look at the signed deals section for Chevy Equinox EV. There are some examples of that.
I am in NY
The lease program in August got worse though, with the money factor shooting way up…
Yeah, it seems like every dealer I’m talking to is having trouble getting the lease funded with all the rebates I have stacked (~$8600 total) since they’re running into “negative depreciation”. I’m in talks with one now who is willing to write it to what amounts to a net of $200/mo and 0 down. It’s a juggle though. I’ll post here when I have a contract signed.
Take a look at my deal I did at the beginning of August (but it was July incentives structure). I don’t think the numbers are too terribly worse. You can see the signed details here: SIGNED! – See what others paid for their leases
As others said, they can throw the other rebates into a check back to you so you avoid the negative depreciation issue. The GMF contract shows a slightly positive depreciation amt.
Hope this helps and good luck!
Edit: and for what it’s worth, I tried to put a deal together in MI since my brother lives in Royal Oak (and he is a GM employee), but they wouldn’t play ball. Which surprised me, but I ended up finding one very close to home here in GA.
Yeah, really nice deal! Your MF is half of what’s available this month, so well done there. And yeah, I had to go to a different dealer than the one in the picture. I’m not as fortunate on the MF side, but I’ll settle for a net 200/mo and 0 down.
Actually, today’s One-Pay rate is .00252 (~6% APR), and I paid .00207 (~5% APR) last month, so not too much higher (<20% higher). I don’t think you’ve got much to worry about there. I would, however, force the dealer to allow you to use more rebates (like GM Card) and fix the negative depreciation with a check back to you.
But at the end of the day, $200/mo for a nearly new $45K car is not too shabby. Enjoy!
Hey @amasih can you help me understand negative depreciation issue where GMF cannot fund the lease a little more. It it like if selling price with total cap reduction of dealer discount and incentives goes below car lease residual value scenario?
And work around is to make a higher upfront payment and get a check back from dealer for the difference?
If you could please point me to a discussion covering this then that would be helpful for me to learn this. I am trying to make an offer on Cadillac and they are saying car no more available for lease but can be purchased. I am guessing they are saying this due to negative depreciation situation.
Thanks in advance.
Please see below . I hope it can help.
Also, from my experience if you go with one pay ( got one pay of $3100 for $45k Equinox Ev with $6500 total in rebates), it is up to the dealer to shift the numbers on the contract to make this work.
Hey @vicks .
yep, you got it. If the total discount and incentives is less than the residual value, there is essentially no “depreciation” that can be calculated, making the lease not fundable. So the goal is to have the depreciation amount be something nominal, typically less than $1.
@Zenek is right. Essentially this all depends on the dealer’s willingness to paper the deal in a way to let you qualify for all rebates and incentives while ensuring it gets funded by GMF. What I would do is just put together a deal sheet for the dealer and then ask them to do it. “asking” them if they know how or for their ideas usually will result in them pocketing the rebates on their side and not giving them to you.
I’ve found the template that I used and posted in other threads is pretty easy for most sales managers to understand and make a quick decision if they want to do the deal or not, as essentially it follows the layout of the GMF (and others’) lease contract. Feel free to use that and just contact the sales manager directly. They may come back and say they can’t do it, and you can reassure them that they can, and you just need to know if they will. They may also want to wait until all the rebates settle before cutting you the check back. I’ve not personally had that happen, but if you trust the dealer and you get an “I OWE” statement or something to that effect, I would probably be OK with it.
Hope that helps, and good luck!
I finally closed on the deal last Thursday. Here’s a quick breakdown:
Msrp: 44095
Selling price: 45000
$9100 in rebates and discounts (Lease loyalty 1k, costco exec 1250, ev employee allowance 2.1k, cc 500, courtesy vehicle discount 1.5k, employee appreciation certificate 1.5k, conquest 1250). There was another 500 the dealer gave me but I cannot recall where it was from.
Das: 1k on the GM card for the 500 rebate
Monthly: 243
Dealer wrote check for $1900
Effective monthly: ~$205
Demo unit with 250 miles 24 months, 10k/yr, in Michigan. I don’t expect this can be replicated absent the mountain of rebates and discounts I had.
You were able to stack conquest and employee? I qualify for the same as you minus the employee Appreciation certificate. Thanks! When I leased my LYRIQ I didn’t think I could stack employee and conquest but I couldn’t stack it with supplier which I did for a maximized discount.