Damn good deal! I need a 2nd low payment lease car to haul my dog who sheds like crazy!
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Great deal. Can you explain the comment about rolling the tax credit? How is it created? When does it / how does it apply?
Does GM count the loaner miles into the total lease miles?
Edit - also in NJ
^ Yes, in my state you pay tax on the sales price (cal says states like VA and GA too), but you roll over the residual value as a tax credit. My tax credit was the residual of the lease I turned in and since the sales price on this lease was higher, I had to pay the difference. So next lease I have a tax credit of the current residual. I’ll continue to roll it on subsequent leases. I can also opt to use it as a tax credit towards a purchase as well, but that’s unlikely unless no lease deals in 2 years. And unfortunately for me, yes, the loaner miles are included. I was also 1,500 under my mileage on turn in. I’ll still have to keep an eye on the mileage since I only have 16k mi next 2 years. Dealer also offers a 1,000 mile buffer on lease turn on, says so on their site, even though contract says otherwise. Since I’m not paying it off, I can wait until I get another GM offer to get out of the lease early and pay off the 4 remaining payments, if need be.
You can use your GM Card points on a demo as long as it is sold or leased as new, which obviously a lease is.
Buypower said otherwise a couple years ago. They said new only, no demo’s, loaners, etc where the ‘dealer takes title’ of vehicle. Since I have a SUB CC, I didn’t mind. And I don’t have any offers under Buypower either. 2 years ago they offered a bonus spend promo but nothing from them lately. I was waiting since December. So I didn’t want to roll the dice on this “one and done” demo being around any longer than they’ve had it since it was under $2k a year and I totes didn’t want a super stripped Trax LS (doesn’t even have cruise control!).
I’m also in NJ… can you please share the dealer info? Would love to replicate
I leased an encore demo/loaner last year with over 3,000 miles and used gm card points. Even had a bonus 1,000 top off offer. So unless it’s different than the old copper card I have…
@smackdownX Did they require you to put down that much up front ($2,825)
At that price I would’ve just done a true sign and drive at $175 a month.
This was a stripper FWD LS with 4K miles on the ODO? Good to know the demos/loaners could be leased with GM.
Why does this matter? Did they do 0 mileage lease start and you’re eating 4k miles?
I believe they’re making him eat those 4k miles as the price was adjusted. I guess they don’t calculate the residual like other mfgs like BMW…
could be wrong. Its a good deal, nonetheless. I personally would’ve done a true sign and drive or just did a one pay.
Correct.
With GM, you either absorb the miles as though you drove them yourself OR you pay $0.20/mi to buy the miles back. In 100% of cases, it makes more sense to just absorb the miles and increase the annual mileage since the impact of RV change for extra miles is typically well under $0.10/mile.
So on a loaner with 4k miles on a 24mo/10k lease, you’re only getting 16k miles total.
It was a one and done since it was a demo. I have a couple other people that are interested first to see if they’ll extend the same deal on non-demo. They might have another demo, but it’s a LS not LT. If they balk, I’ll follow up with the deets in a few days.
This was on a LT not a LS.
As mentioned before I wanted to do a one pay lease to save hundreds but they didn’t offer it. Prob bc the dealer would lose profit since they already were doing a deal. Not to mention they were harping on the gap insurance.
Also, as mentioned before I didn’t mind putting money down as I used a CC with a SUB and I’m now less than $200 away from triggering the req spend.
Yes, gotta watch the mi since I only have around 8k mi per year, I just chalked it up as a super low mi lease. I was 1.5k under when I turned in my lease 1 month early. I’ll be doing less driving over the next 2 years anyway. And this dealer is offering a 1k mi overage credit if I lease with them again, but I see something similar in the GMF Dealer Book. Not to mention, GMF blows up your mailbox when you’re 4-6 months from lease turn in.
Why would they care about this? All GM Financial leases have GAP insurance built in and the dealer is not allowed to even offer it.
No idea, it was the finance mgr that kept crying about it saying I’d be on the hook for several thousand. It’s okay though as long as I get reimbursed the $198 dmv overage and the $89 down payment overage.
Correct, and aftermarket GAP is prohibited. I’m really curious what exactly they were trying to sell and if it was even legal.