Asking for a friend. He leased Chevy Bolt 3 years ago with one pay lease $7800 and now he wanted to extend it for a few months. When he called to Chevy Financial, they said no problem your payment would be ~$50x something. He was of course surprised, because he expected it to be in ~$20x range. Upon checking documentation apparently in Lease contract it says single payment is $18330 and in Purchase order it says Cash due at delivery $7800 and $10250 shown as rebate.
I understand that it is of course to late to ask this questions and need to ask them before signing, but would like to get to the bottom of this at least for future understanding.
Is this some kind of dealer game to not include rebate in one pay amount in lease contract? Is this intentional for them to make more money behind the scenes?
Highly doubt, but can anything be done now to somehow fix this in order to extend lease in ~$20x range based on actual one payment that was done?
That is #3 in lease contract and it says “Amount to be paid in cash”, but leasing company see it as line 4 from section A, which is “Single scheduled payment” and is $18330.
Threw the numbers into the leasehackr calculator here. Guessed RV & MF to get it to match the numbers on your contract. If you uncheck the one-pay option, you will see the monthly payment you were expecting. If you then move the untaxed incentive to the post-sale rebate section then you get the ~$550 monthly payment you’re getting quoted.
My best guess is that the original lease was erroneously contracted with the rebates as incentives in your friend’s favor, but the lease extension is being calculated with the rebates as rebates, so therefore they’ve already been used and do not apply to the lease extension.
This is not to even mention that the contract shows your friend should have paid $9,701.12 upfront, not $7,800. Perhaps there were some other rebates or incentives outside the contract? Sounds like the dealer really did your friend a solid here with the original contract.
That’s right, but even if to imagine it is $9701.12 and not to go into further details, why it doesn’t match with Section A, line 4 which is $18330.
My point is if it would be not one pay lease, his monthly payment in reality would have been ~$20x range this three years and now if he would extend it will be at the same range, but with one pay, somehow that $10k rebate in my opinion was not attributed correctly.
Don’t focus on those minor things, my bigger point here is that given all incentives included, if 3 years ago he would sign regular lease, his payment would have been in ~$20x range and now he would be able to extend it , but with one pay now extension is in $50x range. Not sure, may be I can’t properly formulate what I mean.
