Current mileage: 3,000**
Maturity mileage:** 20,000**
Effective miles per month:** 850**
Maturity date:** 12/22/2027
MSD due (if any): $0.00**
Cash due (if any):** $15,000.00**
Incentive for new lessee (if any):** $0.00
Financial institution: GM Financial**
Transfer fee:** $625**
Out-of-state transfer allowed (yes/no):** No
*** This is a prepaid lease. $15,000 is paid upfront to the seller at transfer and covers the remaining 20 months. Buyer must reside in Illinois to be approved through GM Financial. ***
2025 Hummer EV Pickup 2X available for lease transfer. Finished in Interstellar White with Lunar Horizon interior (white on white), fully loaded (~$100k MSRP). No monthly payments. Effective cost is about $750/month. Original lease had $38,500 paid upfront.
I want to see the negative equity situation that was rolled into the original $37,500 one-pay.
Remember the guy who took the Cardinal Red AMG EQS for neggy-eggy rolls? And that car somehow found its way into Lake Michigan? Kenosha is to North Side Chicago what Jersey is to NYC. Good place to lose a car.
I’m not sure why there are so many assumptions and opinions being thrown around, but there was no trade-in or negative equity involved at all. Here’s the contract as requested showing $38,749.16 due at lease signing/delivery. Out of that, I personally paid $7,500 cash upfront and the remaining ~$31,250 came from rebates applied directly to the lease.
For anyone unaware, Illinois business owners were able to receive ComEd rebate vouchers worth up to $30k that could be applied toward qualifying GM EVs over 10,000 lbs like the Hummer EV, along with additional incentives like the $1,250 Costco Executive Member rebate. The program only lasted last year and is no longer available.
The reason I’m asking $15,000 is because there are about 20 months remaining, which works out to roughly $750/month effective cost. That’s still less than half of what these are currently leasing for at dealerships today, which is around $1,600/month now that most of those rebates and incentives are gone and unavailable to the new lessee.
$38,749.16 Ă· 24 months comes out to about $1,600/month effective originally.
That said, I’m still slightly negotiable to make a deal happen for a serious buyer.
Ok thanks for sharing the contract… but the problem is your use of the verb “paid”
This site normally considers the “paid” amount to be the dollar amount contributed by the lessee. Hence why DJRabbi thought you were a baller, and why I thought you had negative equity of some sort you were trying to unload.
But what you’ve effectively described is that your out of pocket was only $7,500. So you’re trying to take a vig on the government subsidy since it’s unlikely GM Financial priced the ComEd rebate vouchers in their residual.
This is the BS that we were decrying on LH before (and @z0lt3c was quick to landfill before the general public finally woke up and realized the EVs weren’t an intelligent deployment of public funds).
IMO, I think you should take this posting to Swap a Lease since this site probably isn’t a good conduit to use to profit from the good intentions of your fellow tax payers or ComEd rate payers.
FYI it was already listed on Swapalease as well. You clearly have way too much time on your hands worrying about someone else getting a better deal than paying full retail
At the end of the day the rebates were legitimate programs available at the time for qualifying business owners. I used them exactly as intended. If that bothers you this much maybe move the commentary elsewhere instead of pocket watching deals you weren’t able to get yourself, window shopper.
A compelling deal structure from your end. A $750/mo effective is a reasonable price to pay for a 2X in this market. A motivated dealer can likely do better on a loaner, but most dealers are going to be north of +$1k/mo on their units… saying $1600 is the current market is a stretch.
Not sure what current dealer discounts or programs are being offered now, but based on the actual $38,500 that was due at delivery, the effective cost comes out right around $1,600/month over the term. Even GMC’s own lease estimator shows numbers in that range for these trucks.
That’s why I’m a little confused why some of you keep turning this into a debate about taxpayers and public funds when this is simply a lease transfer on a vehicle that’s still effectively far less expensive than getting one from a dealer today lol.
You should expect the members of LH to dissect your offer when posting here. Stick to SAL or Leasetrader if you want to avoid the discourse. My comment addressed your offer and provided information to someone in IL who may be interested in taking you up on the transfer. I’ve worked deals on Hummer EVs this month which is why I’m sharing relevant perspective on where your deal sits relative to what is reasonably attainable. Again, I think your offer is strong for someone who isn’t unicorn hunting.
I thought you paid $37K one pay, which is baller but you can’t include rebates you got but say you “paid”. You’re clearly making profit, which is okay, but someone will catch your bluff.
My one pay was effective $360 a month on my Hummer 3x omega but no way I’m saying I paid $60K one pay cause of all the crazy rebates and such.
Well keep discussing and debating it all you want I posted this in private transfers, didn’t expect it to turn into a full blog from people who aren’t even interested in the vehicle.
I know the proposal is strong and as I mentioned above, I’m still slightly negotiable for a serious buyer if it helps get a deal done and bring the effective cost down even more. That said, I’m not going to give the truck away for free just because I qualified for rebates that were available at the time.
Also, I said $38,500 was paid at delivery/signing, not that I physically pulled $38,500 out of my pocket cash I didn’t realize I needed to break down every rebate, incentive, Costco credit, and program used during the purchase process or we might as well start sharing unrelated life stories too like some of the comments above.
Geez thanks for sharing this Wasn’t aware of the ComEd retention terms when transferring or selling the lease. I guess the deal’s off then, thanks for saving the day.
Looks like I’ll just keep my effectively $300/month truck and you keyboard warriors can move on to the next post to dissect
And yes, shoutout to the program. It helped put a ton of Hummer EVs and other EVs on the road last year. Sounds like it worked exactly how ComEd intended.
It isn’t accurate to say that the effective payment on this is 21,407.24 / 24 = $891.97 a month.
(There’s also $5k in mfr-to-dealer incentives baked into the dealer discount. If we tossed those into the monthly as well, this could appear to be right at $1,100 a month – but it obviously isn’t).
I don’t think you’re trying to be deceptive, it’s just a (major) semantic disconnect.
