A friend has a GM Bolt EV on a three year lease, which he’s no longer interested in using. I’ve been driving it exclusively and have been paying him monthly for the lease and insurance, but it’s a hassle for him so we’d like to get the lease transferred to me.
The problem is that I haven’t been able to get GM financial leasing to approve the lease transfer, and there doesn’t seem to be a way to get them to reconsider. We’ve tried the transfer twice, and each time, they only state that I have “no comparable credit history to support terms requested,” despite a credit score of ~780. My credit history is all credit cards (no mortage/auto/etc loans), but I have a 10+ yr history of paying on time with low credit utilization, and I have enough income to just purchase the car outright in cash at MSRP. Every time I call them at 1-877-203-5540, the phone representative says they can’t discuss the specifics of my application, and can only send me the “explanation” letter that I’ve already received. I did try calling the local dealership that the lease was opened at, but they weren’t very helpful either. I really don’t know what else to do about this, any suggestions?
It sounds like they are wary of transferring a lease to someone without any auto history. Not saying it’s right or fair but I guess they must have some sort of internal reason for doing so (preventing straw purchases, deterring exporters, etc). Not sure what you might be able to do aside from asking someone at GM Financial to escalate your case to someone who CAN give a more detailed explanation.
This is a violation of his lease agreement, and a problem if you get into an accident (irrespective of whose fault).
The answer is in the question. Credit score and payment history on credit cards isn’t the only eligibility for a lease, and unfortunately the owners of this Bolt have decided that you don’t qualify, twice. I’m sorry if that isn’t the answer you want.
Keep in mind that consumer credit history and auto credit history are two different things. Without knowing your FICO Auto score there’s no way of knowing what you actually qualify for.
Ah ok, yeah the score above is just my normal credit score. Will see if I can pull my auto score too.
I exceed the income limit for the tax credit. Also not quite sure about purchasing an EV long-term since the technology seems to be advancing pretty rapidly.
2013 Ford Focus Electrics cost more now than they did in 2016 when you could get them for $10k. I wouldn’t be too worried about 2023 Bolts becoming worth $5000 in five years.
Maybe I’ll reapply at some point before the lease ends and see if I get lucky.
I don’t have the paperwork, so I don’t know how much it’d cost to buyout at the end of the lease, but it’s definitely something I’d consider if the auto market is still crazy next year. Only issue is that late model year Bolts are last on the list for battery replacements, so until that happens I don’t believe the car can be sold since it’d still be under recall. Or at least that’s what someone at the dealership told me when I took the car in for a different recall repair recently.
There shouldn’t be any issue buying it out. Used Bolts are able to be bought or sold with or without a recall. The recall only affected new Bolts on the lot.
