Can you please help me figure out a reasonable amount to ask to transfer my car’s lease?
I have 1-pay Chevy Bolt Premier 2020, so I have no monthly payments. It has 24k miles remaining till lease end of Jan 11, 2023. It also has brand new Michelin Pilot Sport AS/4 tires and “excess wear and tear” transferable coverage. It has all packages except for fast charging and navigation.
I did browse swapalease and leasetrader, but there are barely any Bolts there to understand comps.
My Tesla order is due for a pickup, so this Bolt needs a new owner.
@Svsfan Thank you!! I’ve just read up on the collateral exchange for Bolts and WOW!! Can you please elaborate on how to do it?
I’ve read up on the collateral exchange, but it still sounds confusing. My Monroney sticker says $43,320. So, if I exchange to a new Bolt EUV with MSRP of 34k, do it mean GM will cut me a check for 9k (43-34)?
What happens if I pick any other GM car for 44k? Can you please explain the math here? What would my buyout price be - same as the one I have now or higher?
I’m still very early in my exchange of 2020 bolt but the battery recall presents an opportunity to upgrade to any new gm car, supposing they can find a dealer willing to host the exchange,
From what I understand from the battery recall thread, yes gm will write a check if the msrp of new vehicle is lower than that of your premier.
If you pick a car with higher msrp, you pay the difference out of pocket.
The residual and lease expiration remains the same.
Another option is to have gm buy back your car. They will pay back your one pay minus the usage, miles driven/120,000*purchase price of car.
Start the process by calling the Chevy EV concierge 1-833-EVCHEVY
Ask for a substitution of collateral to get an EUV, it is a different term than buy back or trade. A substation of collateral basically means you get the new car with the exact same lease terms. My EUV was a little cheaper than my EV, so I got a check for the difference. It was almost 3000.
They are slow moving, but I think it’s worth the time.
@jakhfue Thank you for sharing your experience! I wonder what would have happened had you selected Chevy Spark with MSPR of 14-15k? Would you have gotten the check for the full difference, even if the new car’s MSRP is below the purchase option price of the original lease, or are there some limitations to this MSRP difference refund calculation?
Folks, I’m at the end of the repurchase process and am now facing a decision point which car to pick. Bolts are out of stock, so it has to be a gas car.
I wonder which car will have the best resale value once I buy it out from the lease. Can you please suggest something? I’m thinking Traverse, maybe Tahoe, maybe Corvette? I have no idea what’s in demand and what’s hot.
My msrp is 43k, but I’m willing to pay up to get a car that will give me the best resale opportunity.
If somehow you can get a Tahoe or Vette at MSRP those would be your best bets. A Vette is going to be next to impossible as there is a 1-2 year waiting list.
My local small dealer has a used 2021 Tahoe 20,000 miles MSRP $60,495 asking $76,000 for it.
I don’t think GM is doing collateral swaps anymore. Thats what I did with mine., collateral swapped for a cadillac XT4 , then bought out the lease on the XT4 and then sold it to the dealer.
Was a bit of work, but worth it in the end. Now looking to pick up another Bolt
