makes no difference to me, so which ever MY has the best incentive. I also have costco, gm lease and bmw lease.
depends. some vehicles its same amout. bolt & for for example. some its only $500 vs $1500
I have seen this term used here quite a lot. What is “one pay”? Sorry if I sound naive.
A single pay lease - you pay the entire lease upfront in return for a lower money factor (interest rate).
It has been determined that in the event the vehicle is totalled, you will get a prorated refund for the unused portion of the lease. It is completely safe in my humble opinion.
This differs from making a down payment on a standard monthly lease. (You do not want to do this), you will lose the downpayment if the vehicle is totalled.
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Makes sense. Is it still worth it if I am getting a Tier 1 Rate, say like Money Factor of 0.00003?
You have to use your spreadsheet to calculate the difference. Sometimes it is better like with GM to waive the $595 lease fee in favor of raising the mf, then you can use single pay to lower it back. But, if you are getting .00003, then no, it is not worth saving a minuscule rate when you could put that money into some other investment avenue and earn more.
have you confirmed that with insurance? so money down won’t be prorated but a one-pay would? from what ive read it just goes to the lender as part of the gap.
my wonderful boss derped and ordered premiers without 2 packages so we’re rolling out extra savings to move them. they do have dc fast charge and other premier specs. just no info and dc2.
ANY MSRP $42,530.00
*with costco and current lease rebate (add $15 for no current lease)
zero driveoff
36 month
10k 305
12k 318
15k 344
Money down is almost always lost to the gap. One pay is a pre paid lease. So in a total loss situation the unused payments are refunded to the person who leased. Money is not all lost.
based off everything i’m reading and different stories, seems wishy washy. based on what value the insurance company is going to give for the value. gap will cover the rest, but i have read nothing about getting a lump sum back.
This would seem to confirm single pay lease would be prorated and returned unused portion to the customer.
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still not going to agree with that because it’s based off the value and case by case. so one person may get money back, but the next may have to pay out and no one plans to total a car so it’s difficult to anticipate what they’ll consider for the value.
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I agree with CSG. No matter how you pay for it (single pay vs. payments/cash down), GM is going to calculate the balance you owe (the unused portion of the lease - meant to be the residual plus any payments that have not yet come due) and then your insurance settlement will either cover or not. Since under a one pay lease you have basically paid down to the residual, your payoff (i.e. balance) will be less so you may get some of your money back but it will not be prorated (i.e. here are your 10 remaining payments back). Since Chevy’s are notoriously bad at holding resale value (insurance companies typically pay replacement value) odds are pretty good you will lose all or a lot of your dough that was paid up front.
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that was going to be my other point… with such high residuals for leasing in chevrolet anyway, you’re flipped on the back half of it.
Just let these people burn themselves. If you think any Chevy will be worth more than residual, dream on. Maybe a special edition V8 Camaro or Corvette, certainly not the mass produce cars.
You and Phil do great work for the community, people should have more appreciation for you guys!
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I’m sure whomever decides to do a one pay these has done their research. The likelihood of totaling the vehicle is very unlikely, although not impossible. Nonetheless, it’s their risk to assume.
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I was driving on 405 and saw a Volt with Premier Chevrolet sticker. I was thinking chevysalesgirl sold this haha. Congrats on being featured on Front Page, you deserved it.
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Not exactly true. I’ve had a few customers decide that on paying and saving the extra money for the life of the lease was worthwhile while we waited for titlework.
Prorated payouts for total losses are confirmed. We had several of those this last month with the Harvey situation.
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lol i think the onepay is a never-ending debate. still contingent on value so case by case.