Got clobbered on my 2024 Silverado EV lease? TX deal, FL delivery need help dissecting this! [TX, shipping, tax]

Ask the Hackrs
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1

Hey hackers just signed a 2024 Chevy Silverado EV RST lease in Texas, but I live in Florida and paid shipping to get it here. After digging into the numbers… I think I got burned. Need your expert take.

Deal location: Texas
Delivery: Shipped to Florida at my expense
Lease terms:
• MSRP: $97,000
• Gross Cap Cost: $91,056.10
• Adjusted Cap Cost: $79,713.34
• Residual (36/12k): $65,289.40 (67.3%)
• Monthly payment (incl. tax): $647.48
• Term: 36 months / 12,000 miles
• Down payment: ~$4,000 total (cash + trade-in)
• Disposition fee: $395
• Buyout at lease-end: $65,289.40
• Money factor: Not disclosed
• Total lease cost: $35,047.04
• Add-ons included (not itemized): paint protection, extended warranty, GPS, etc.

What I need help with:
1. Can someone reverse-engineer the money factor?
2. Based on these numbers — is this a terrible lease or somewhat defensible?
3. What would you have done differently? (I already suspect this was a bad structure)

I’m submitting this to the SIGNED! deals section once I gather feedback and I’ll report back either way.

Appreciate all insights go hard on it. I’d rather learn than sugarcoat it.

2

Why do you think you got ripped off?

3

Need the rent charge amount off your contract

4

I’m guessing it’s because he sees the demo-unicorn leases people post here and feels his payment isn’t low enough.

5

Not speak to a dealer until you have a well-researched target deal established.

If you’re asking these questions, it means you went into your negotiations poorly prepared and set yourself up to overpay.

6

Totally agree lesson learned. I went in thinking I was getting a decent deal and didn’t run the full lease math myself. In hindsight, I should’ve calculated the MF, confirmed incentives, compared broker quotes, and gotten everything itemized before signing. Won’t make that mistake again.

7

Way too reactive

Which rebates did you qualify for?

Was it a loaner / CTP?

What do you mean by trade in here?

Did you ship them a car to Texas from FL? What was the equity position?

8

Just calculated it my rent charge comes out to about $246.82/month, or $8,885.52 total over 36 months. That suggests the money factor is around 0.0032 (~7.7% APR), so it was definitely marked up.

9

Thats exactly whats going through my mind…

10

Thanks for the feedback everyone. Just to clarify why I feel this lease was a bad deal:
1. Gross cap cost was $91,056, even though MSRP was $97,000 and I put down $4,000. That tells me a bunch of add-ons like paint protection, warranty, GPS, etc. were buried in the numbers without being itemized. I didn’t get a clear breakdown up front.
2. Residual was $65,289.40 (about 67.3%), which is normal for a GM EV, but I’m basically financing almost $30K in depreciation and rent charge with no real discount and hidden markups.
3. I’m paying $647/month on a $97K truck with $4K down I’ve seen better deals on Denalis and even Hummers with similar MSRP. Plus I paid for shipping.
4. The buyout is $65K+ same as the residual. So I have zero equity unless the market booms again.

To answer some of the questions:
1. I reverse-calculated the MF and it looks like they marked it up big time. Based on my numbers (adjusted cap $79,713, residual $65,289, 36 months, $647/month), the money factor is around 0.0032, or about 7.68% APR. GM Financial’s base rate is usually around 0.0010 to 0.0015.
2. I do think this was a bad lease. No discount, inflated cap, buried fees, high MF, and no equity. With a clean structure and incentives, this deal should’ve landed somewhere between $500–550/month with $0 down.
3. What I’d do differently:
– Always ask for a breakdown of every charge
– Plug numbers into a lease calculator myself before signing
– Compare dealers nationwide, especially those with demo units
– Push hard for discounts and base MF

I was trying to chase a unicorn deal and ended up with the opposite. Hopefully this helps someone else avoid it.

11

You’re right, I was definitely too reactive. I didn’t qualify for any special rebates beyond the standard GM lease cash that was included.

It was a loaner/CTP unit, but I wasn’t shown any clear breakdown or discount tied to the mileage.

There was no trade-in involved. The $4,000 down was all out-of-pocket (cash).

And yes, I paid out of pocket to ship the truck from Texas to Florida after signing the deal.

12

I’m sorry but take a deep breath

Paint protection etc doesn’t get “buried” - it’s itemized in the contract.

What’s done is done. Enjoy the truck and come for advice next time before you sign.

13

That calculates to a .0017 mf

14

None of these things have any bearing on whether you got a good deal on this specific model in this specific month/year, especially #2 and #3.

15

You need to stop. You’re making assumptions here based off of a flawed understanding of how lease contracts work.

The money you put down doesn’t impact the gross cap cost. Having a gross cap well below the msrp means you did get a discount, etc.

16

This is not what your numbers show.

The buyout at lease end is by definition the residual (plus applicable fees/taxes). That’s how leases work.

17

Money Factor ≈ 0.00170
(Which translates to an interest rate of ≈ 4.08% APR by multiplying MF × 240)

18

I may have overreacted… Thanks for everyone sharing this is why i asked for your experts opinion

19

For a 2024 demo/loaner the discount was way too weak.

I’ve been trying to find a dealer that bites at 20~22% off MSRP before rebates.

That could bring you down to a 5~6k one-pay 36/10 lease.

Edit: The real question is: why did you sign if you think you were getting hosed?