Deal check: 2025 Chevrolet Equinox EV 2LT Convenience PDE

Ask the Hackrs
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1

Hey! What do you think of this deal provided by the dealership? Thanks in advance!

Vehicle/lease details

  • 2025 Equinox EV 2LT AWD Convenience PDE
  • Courtesy vehicle with 2k miles
  • 24 months / 12k miles (must turn in vehicle with 24k miles total, courtesy miles eat into total)

Financials

  • MSRP: $49,990
  • Selling Price: $38,019 (23.95% dealer discount)
  • Doc fee: $398
  • Cap fee: $96
  • Cap taxes: $1,174
  • Incentives: $6,350 (Conquest, loyalty, supplier)
  • Residual: $26,496
  • MF: .00200 (lowered because one pay)
  • One Pay Payment: $10,000

One thing to note: I’m currently leasing a GM vehicle and will owe for excess miles and wear and tear at the end of the lease; if I re-lease a GM vehicle, I think GM will waive ~$1k total in miles/wear & tear costs at the end of my current lease.

I think the calculator is telling me I’m leaving $500 on the table: Leasehackr Calculator - Hack your next lease | Leasehackr

2

Did you get offer like this from the dealer?
I see, this is your unfinished offer to the dealer.
You cannot use conquest and loayalty at the same time, only one of them.
How did you come up with $6350 of incentives?
24% dealer discount - wow , you will be ghosted at the beginning.

Did you look at the signed and marketplace for recent deals?

3

Yes, I got this from the dealer. I negotiated a $10k one pay with a dealer and these are the deal sheet details they sent me.

4

OK, RV should be 59%, yours is around 53%. Not sure how they came up with that number.

5

Screenshot of the lease worksheet shows MSRP 49,990, Residual % .53, Residual Amount 26,494.7. Fwiw, It’s a loaner 2025 (not 2026) Equinox EV 2LT with ~2k miles. Not sure if that affects it.

6

Not $3k. The quote is not real IMO. They made it up. Very curious how the contract will look like.

7

I had this happen to me before and the dealer just ate the mistake and discounted the selling price further. Do you think a $10k one pay is good on this?

8

The RV of 53% is correct for a 2025 model year.

Are you a GM employee? The following adds up to $6,350 in incentives:

$2,100 GM EV Employee Allowance, Executive Referral EV Allowance, or GM EV Supplier of the Year
$1,750 Incremental CCR
$1,500 Retired CTP CCR
$1,000 Lease Loyalty or Conquest

June might be the last month of lease support on 2025s.

9

Please post the dealer’s lease worksheet. What are your Gov fees (TLR)… they aren’t $0. Also, to my knowledge, GM does not waive excess wear/tear charges as it doesn’t make sense. If you lease another GM vehicle, they may waive the disposition fee on your current leased vehicle.

10

Why are you capping these fees on a one-pay? Never cap fees on a one pay lease as it doesn’t make any sense. You’re paying a finance charge on capped fees in addition to taxes on the finance charge. Your lease is poorly structured. This is what can happen when you allow a dealer to control the deal.

11

I’m not a GM employee. Dealer confirmed offers as lease loyal, owner conquest, and supplier. I didn’t ask any questions haha

12

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King Of The Hill Popcorn GIF

1 Like
14

Just shared the screenshot. Dealer triple confirmed $10k OTD. I’ve read GM Finance will sometimes waive a portion of excess miles and W&T, guess it’s not guaranteed!

15

Do you have a suggestion for what I should say to the dealer regarding this? I just assumed that’s how Ohio tax was done in this case.

16

Looks like their system can’t break out Cap Fees and Cap Taxes like it did the doc fee…see the little checkmark in box next to doc fee…you want to get them qualified as Upfront Charges and added to the 398.

17

Not sure if their software would allow that, but how much difference in payment would that make? like $65 or so? Not worth the hassle for me at least.

Overall your dealer discount is really good, and the incentives looks good. It’s just the poor RV that is making the payment so high. I am not sure what these cars are going at right now. My two Equinox EV leases from last year were $4.2k and $2.6k each (when RV was 80%), so $10k for this car seems high to me. Maybe you can do with 10k miles lease instead of 12k, that should improve the RV. Or you can find a prologue or another EV that could get you a lower monthly effective payment.

18

Don’t waste time trying to decipher a dealer’s worksheet. Otherwise, you’re allowing them to control the deal. They often omit a lot of relevant detail such as the money factor; don’t itemize fees and occasionally make mistakes. Rely on credible outside sources (e.g., LH marketplace, LH signed deals and tips, Edmunds, etc.).

Yes, dealer worksheet input data can be useful. However, all dealer-provided data must be vetted such as acquisition fee, doc fee (regulated by some states), money factor, gov fees, residual, rebates, sales tax rate, etc.). Make sure the residual matches the term and annual mileage requirement. Check available tax credits/incentives via the dealer who may issue tax credits or assess a lower sales tax rate to energize sales for some models (e.g., Texas).

Research selling prices in your market coupled with reasonable expectations. Sometimes, dealers embed rebates in their discount. Keep them separate. Get a list of customer rebates, incentives, and credits (e.g., electric chargers) including VIN-specific discounts, if any. The dealer has such a list. GM calls their list the Customer Incentive Acknowledgement form which includes manufacturer rebate and incentive disclosures. Restrictions may apply to the extent that some rebates may not be disclosed such as college grad, military, educators, AMEX, Costco, etc.

Secure a copy of the factory window sticker. Check for non-factory add-ons or dealer-installed options. If possible, eliminate those you don’t want or need.

Organize all researched and vetted data, example tabled below, with the goal of creating a one-page professional-looking lease proposal that reflects your target deal. The idea is to create your own deal, not replicate or reverse engineer the dealer’s deal.

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Using the tabled data, calculate the base payment followed by the One-Pay amount…

.00200 x (31669.00 + 26494.70) + (31669.00 - 26494.70) / 24 = 331.92
One Pay = 24 x 331.92 = 7966.08

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Note that the One-Pay amount is 7966.08, not 9637.21. Structuring the lease by paying all fees upfront and using the 6350 rebate as a CCR saves you 362.63. Structure means everything.

??? Let me know.

19

Yup, see my post above. This is exactly how it is done in Ohio. The reason I know this is because I reside in North Ridgeville near Clevelasnd.

20

Their desking software should be able to accomplish this for a one pay (pay all fees upfront and use the 6350 rebate as a CCR). If the dealer can’t figure it out, I suggest they contact their GM rep. These dealer personnel are a lot like order takers. They would be terrific taking orders at Mickey D’s.