Chevy Equinox EV - Incentives, credit impact, and insurance

[jeisensc]

@etats

A family member and I are considering getting a Chevy Equinox EV together.

1. What is the credit score impact with a one pay lease?

I answered you on #1 in a different thread (no doubt @Jon will be along momentarily)

How to Lease a Cadillac LYRIQ for $399/Month with $0 Down

There’s at least two questions in your question. Yes a one-pay lease requires a credit check. Many people are surprised when they are denied for a one-pay because their credit profile don’t support the collateral risk. Just because you can make the payment doesn’t always mean you can lease the car. For those with one-pay leases: what you typically see is the open trade-line from the captive for the retail lease, paid-in-full, which shows open until disposition – no impact to your DTI ratio.

2. You can post a question in Edmund’s leasing forums, or LH Support Supporters have access to RateFinder inside of the LH Calculator which includes the lease programs and incentives.

3. Supplier is 1 discount per code, have to generate a code in the GM Supplier portal, BUT once someone who is eligible claims their Supplier Code they can generate 1 Friends and Family code to share (per year IIRC, I’m eligible but only check the portal about once a year when I have a question)

4. I’m not up on GM incentives and stacking but usually Grad will stack on top of affiliate and other rebates.

5. Depends whether you and the mystery family member live in the same household, and where the car resides (to not run afoul of a straw purchase). And again: not the GM guy but typically on any new car lease, if you are combining incentives the person/parties on the deal must be eligible for all rebates.

• If the family is your adult sibling who lives across town (or even mom or dad), you intend for them to drive his car and regularly drive/garage it at their residence without you, while only leased/insured to you: straw purchase. Irrespective of whether a captive like Lexus allows it, it’s illegal. You can buy a car cash and give it whomever you want, but if you lease or finance in your name with the intent for someone outside your household to be its companion human, no bueno. If you are targeting an Equinox, get a copy of the standard retail lease contract and read through the assignment clause.
• if you and your identical cousin live in the same house but they are the college grad with supplier, if they are not on the deal then you can’t claim those rebates.