Yes anniversary date is 3/1/93, my father in law purchased a GMC using our earnings in 3/2000. Funny part is we’ve never actually used it as I always get MB’s. Though after lucky #30, we may move on to GM.
So apparently it’s 5% for the first 5k every year, not bad!
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So I just called and I have a total of $4300 in cash to use ($2300 in rewards and $2000 in Bonus Earnings). I confirmed they are stackable and no restrictions. What is the best way to utilize this on a lease? When do I let them know I have this? I assume after negotiating the best price below MSRP you can get but wanted to get some knowledge from some more experienced buyers.
One-Pay ALL the Encores.
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Yeah, with a couple one pay leases with that much at your disposal, you could potentially have a free lease. Encores, canyons, etc. Problem is not all GM dealers do onepay.
Apply the earnings after all other negotiations. Costs nothing to the dealer so they won’t care.
They may care a little. Some one correct me if I am wrong but the money is applied as a rebate, in the state of California, you have to pay taxes on that amount. They would still have to collect some cash, no?
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Taxes don’t go to dealers, they won’t care. And yes, even if there are taxes to be paid on rebates, it should be included in the onepay or in the drive offs.
Only way they might care is if you refuse to pay those taxes!
Oh and in NC’s case, they won’t tax the $2300, since it’s not a rebate but a credit from his GM card.
There are no taxes paid on GM Card credits. It’s handled essentially as cash down.
Cash down (CCR) is taxed.
I think he meant it’s like cash being paid at signing or a CC being swiped.
yes. gm card points go towards rebate line so it’s taxed like any other rebate.
Depends on state…PA is not, for example.
Note: I missed the reference to CA initially.
Wait, the top off is taxed right? Not the points you’ve earned from the card itself?
If the points are taxed doesn’t that mean CA is double dipping (sales tax when using card and using the points)?
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Welcome to California. Haha.
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There isn’t any actual tax on the credits though. I think maybe we are saying the same thing. If you buy a $40k vehicle then you are taxed on that, so say $42500 is price with tax. If you have $2500 GM card credits, then your price after tax and credits is $40,000.
It’s not applied like a tax free incentive if that’s what you’re saying, and I think it is what you’re saying. But it’s not like i have to pay tax on the credits, at least not in any state I’ve used them (OH, IL).
When I used the credits on my Canyon Denali the credits actually reduce my one pay amount by more than the credit amount, I think because it was factored in as a down payment and lowered the amount of of money I was paying interest on.
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I’m pretty sure you guys are on the same page. Like if a dealer selling price is 35k before rebates/incentives on a 40k msrp car, they are going to tax the 35k. Let’s say there’s a 2500 incentive and you add something like the GM credit of 2500 on top of that, the price would be 30k for the car - but that extra 5k is considered CCR and doesn’t escape the tax, hence the taxed amount is still 35k.
Go For Chevy volt 36 month lease , one pay should cost 9000 appx , you get 4300 used , rest in case you live in CA you can get 1500 rebate plus around 450-500 from electric companies . so further discount of 2000 .
Don’t know how many of you are waiting for another Encore/ Terrain deal, but I just got word from a few dealers that better rebates are coming back for June. Might be same or slightly lower as conquest but called Name plate… lets see.
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I really hope they up the Buick/GMC loyalty and/or Chevy somehow.
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