@KSilver2000 Got it. I misread what he said.
That being said, I do not really recommend doing a one-pay lease because in the event of a crash or accident that one-pay money will be completely lost (no refunds on a lease unless itās a lemon vehicle)
@ChevyEvikay92 Whatās the difference between one-pay and the $3k down @kevchung did? @Svsfan is saying if he was willing to put the $3k down, might as well put the rest to save ~$1500.
Well the guy is risking $3k whatās another $5k to save $1500ish
From the original post, the guy mentioned that his price includes GAP insurance. Thatās to cover you in case of a total loss.
Isnāt this everyone else is getting?
my understanding as wellā¦
is quite inteseting that most sales peole here do not reccommend itā¦and at least 1 dealership, chevy giril , will not allow them
GAP covers neg equity, not any down payment you paid.
CVRP would forgive the amount in the event of a total loss. In that sense, most people that are doing one-pay leases will be in risk of losing the remainder of what they pay. (In my case 3000) That is, if in fact we will not get anything back. Which still seems to be very unclear. Either way, I havenāt totaled a vehicle in my lifetime (thankfully). And if I happened to be so unlucky to this time around, Iād be ok with the loss.
i agree with these statements
@besolar Youāre right but youāre also WRONG at the same time.
The GAP insurance covers the difference between the value of your car at the time of the accident determined by the insurance company and the amount of money you owe to the bank, in other words, your negative equity.
That being said, you can ONLY be in a negative equity position when you finance a car, not when you lease it.
To be honest, a lot of people will tell you GAP in included in a lease but this isnāt true. The fact that you will never be (assuming it is a regular transaction not including aliens or something like that) in a negative equity position makes you think itās true because you will never have to use it because you will never be in a negative equity position in a leased car.
Hopefully it does make sense, let me know if you need further explanations
a One-Pay lease in most cases saves you money. However it is a SUPER RISKY MOVE and I would never recommend it! And hereās why
Case Study:
John goes to the closest Chevy dealership and wants to lease a Chevy Volt. He gets two options from his salesperson.
Option #1: $0 Down and $250/mo (just throwing numbers)
Option #2: One-Pay of $8,000
By picking Option #2 John just saved $750, great right?!
The only problem, John is involved into an accident only 2 months after leasing his Volt, heās at fault. His car insurance covers the car and paid GM Financial (or whatever bank they used for the lease) but guess what, John now doesnāt have a car and sadly learned that his one-pay of $8,000 is NOT REFUNDABLE.
To summarize, John leased his Volt for only 2 months and paid $8,000 instead of $500 if he had chosen Option #1 when he got his car. John now has remorse and wishes he had never paid everything upfront for his lease because it just has cost him $7,500
Donāt be like John, donāt do a One-Pay lease 
@ChevyEvikay92 What? How can you say that you can never be negative when leasing? If you want to get out of a lease early and your payoff amount is higher than the value, you have negative equity.
Like I mentioned, you have to know your risks and calculate their risk to reward for yourself. In my case I saved 1500 over the lease term. Assuming I totaled it tomorrow the maximum I would lose is 3,000. The likelihood (although not impossible) of that happening is low. Itās a calculated risk. Just like any large financial expense or investment, there is a risk.
I think there was a post ( with link to GM financial agreement) says that GM financial will actually return unused portion of one-pay to leasee in the event of car being totaled. Leasee would still lose some money but not all of that.
-1. You are the second dealer to repeat this lieā¦
This is also not true and we had another discussion on it recently. The lease agreement with GM Financial is absolutely clear that you get the pro-rated effective monthly payment refunded on one-pay leases in the event of a total loss. Itās much better than a down-payment in that regard too.
@lessthanjoey Let me check that info and Iāll get back to you guys.
@vhooloo I got the info from my manager, and please Iām on here to provide my help as much as I can so Iād kindly ask you not to call me a liar because I do not think we know each other. If you do not respect me as a salesperson, please at least respect me as a human being. Thanks
and that is fair.
however, because u are doing so, there is some responsibility on your part to make sure the info is correct.
No need to check, we have confirmed it here: