Hi, I’m looking to potentially get out of a Volt lease with 20 months remaining. I’d like to clarify a few things on the buyout option. (I would likely flip the car to Carmax or someone) I called up GM Financial and got my remaining payments (~6k) and my buyout price (~22k). The lady I talked to said I could buy it out for just the 22k (and I don’t have to pay the rest of the payments). Is she correct that I wouldn’t have to pay the balance of the lease payments?
I’m also curious about people’s experiences with the “final settlement bill” that GM Financial would send if I buy it out. When I initially called my dealer they told me that GM Financial would charge me for the federal EV credit in the final settlement bill if the lease doesn’t go 3 years. Is that correct or is that a line of crap to get me to stay in the lease? Any other fees/taxes/interest etc that they typically charge?
What is the residual value at lease end? Roughly $16k? Then yes, you would be able to buy it for roughly $22k. But If the RV is $22k then the buyout is more like $28k.
No idea about the EV credit. Doesn’t that go to GM anyways and not you? Not sure why you’d have to pay them anything if they already collected it.
The remaining payments are included in the buyout price. I would guess that Carmax isn’t going going to give you anywhere close to the buyout so you are better off putting it on Swapalease
Just took my chevy to CarMax and they offered almost equal quote that GM was asking for purchasing it outright.
Signed the document. CarMax will take care of rest.
Looks like payment has posted to GM account, waiting on final settlement.
there should be a difference for the total tax amount. Dealer pay off quote would tell which is usually available only to dealers. GMF wont give it to you over phone.
GM financial does provide that info over the phone.
They have an automated line that will provide -
Your buyout price (inclusive of taxes)= $X
Tax dollar amount = $ Y
So X - Y is the dealer buyout amount.
Just tried calling GM financial and I only got my total buyout price, couldn’t get to tax dollar amount. Can you tell me what numbers should I input to get to that automated line ?
I just concluded the CarMax transaction for my leased equinox and that is how I got the quote.
I called on that number just now and here is the step by step prompt –
Select 1 for English
Select 1 if you are GM customer
Select 1 for locating your account using home phone OR 2 for Social
Enter your zip code
It will take you to vehicle selection (if you have more than one vehicle with GM)
Select vehicle 1 or 2
Automated system will say –
Last payment of $$ was received on XXX
Next payment is due on May XX 2018
To repeat press 8
Select 1 for purchase quote
Your purchase price of $XXXX is good through May XX, 2018
This quote contains sales tax of $YYYY
There are NN remaining payments of $$ for total sum of $$$$.
