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.