MSRP: $45,995
Dealer Discount: $45,000 (avoids extra WA state taxes >$45k)
WA state Lease Rebate: $9,000
Fed Rebate: $7,500
Govt fee: $800
Doc fee: $200
36 Month Lease
$255/month
$0 down
Residual 75% or $36k
10k miles/yr
Seems Chevy puts the Fed rebate into the residual. It seems the lease per month is higher than I would expect. What is a typical residual? I was expecting something like 60%. My envelope math says
Seems I should have a much lower payment if not almost free. Can someone help explain how I am either being screwed or do not understand? I do not have the MF but I am not seeing how that would make much difference given what appears to be a final price that is close to any residual I can calc.
People were getting similar payments without the $9k WA rebate. Dealer needs to put in a larger discount. Also try to do one-pay. Does 24 months qualify for WA rebate?
What is this? Last I checked, there was no federal rebate on leasing an Equinox.
What rebates do you qualify for? Show us your calculator and we can see what your actual payment should be.
My understanding is that the Equinox does have a $7500 fed credit. If that is not the case then that explains a lot. Still concerned it is a bad deal if we ignore that and just use the $9k WA state credit. Not sure how to approach that topic.
New Equinox EV purchases qualify for a federal tax credit† of up to $7,500 for eligible buyers, which can be applied toward the vehicle price at the time of sale by qualified and participating dealers.
If they are doing the $7.5K in the residual it won’t also show up as a line item discount. I looked up taxes and it appears to be 6.8% in WA. Here is my quick calculator.
You should figure out your rebates first. Costco $1k is long gone. Then there is EV private offer (Bolt), EV Supplier, LSE Loyalty, Conquest, Opening their credit card, etc
Yes. I have now read that elsewhere. That should help the monthly but seems like it screws me if I decide to buy it out later
This is where I am confused. If they say it is selling for $36k after the $9k rebate AND the residual is 75% then it seems I should pay near $0 a month.
While this would affect the residual would it not impact the lease payment in the same way? $7500 off the sale price or adding it to the residual is the same for a payment calc is it not?
Yes. Should be the same. Unless taxes change something.
But what I am trying to say is that there is no $7500 federal rebate on leasing that goes to you. Chevy offers rebates that you can qualify for. You can see which of those rebates you qualify for and then we can calculate your actual payments. The $7500 federal credit is currently not a rebate offered on this lease. There are rebates like EV private offer (Bolt), EV Supplier, LSE Loyalty, Conquest, Opening their credit card, etc that can go up to about $6k depending on what you qualify for.
Only way to know what your payments should be is to find out the rebates, MF, taxes, etc and plug them into a calculator. Then we can see how much dealer discount you would need to get a good deal on this car. If the numbers don’t look good even after a large dealer discount, then there is no point pursuing this car, there are other EV options.
That is correct, a lot of dealers are using the 9000 to pad their pockets instead of passing it onto you.
There’s a guy here who got an EV and a check for $2000 AND like a $49/m payment after all the good rebates.
Keep asking other dealers for a better price.
So, I am no expert, but my understanding is GM leases do not get the $7500 - but what they do get is a reinforced and higher residual at 80%, at least what the calculator shows with RateFindr and also based on my internet research.
I highly recommend subscribing while you’re shopping, it has helped me understand more about what is available than I did before.
