I am planning to take my first lease of a 2024 Chevrolet Blazer EV for 24months/ 10k miles.
Credit History : 13 years
Car payment history (Financed a car back in 2016): 5 years
Credit score: >750
I have tried to replicate the deal in calculator: Link
To avoid negative depreciation (Net cap is lower than residual) should roll everything into monthly payments?
Should i do a one pay lease?
Do i add something like XS wear package which is roughly $700?
Pre-Approval
Dealership is 1 hour away, i plan to go in on a saturday (GM financial is closed?)
Can i ask them to process the lease/long beforehand on a Friday?
Any other things i need to consider/ask them.
EV Supplier allowance
What documentation do they verify if i use spouse’s Supplier authorization code?(Don’t see anything about this in FAQ apart from Verifying Spouse’s employment)
Lease extension: (Not important)
If i do one pay lease, based on what i read so far , extension price is calculated with rebates included ? so might end up being > 500/mo , but if i do monthly , same payment continues as long as i have miles left?
Update: Additional data
Deal was negotiated and a put down a deposit of $500 yesterday.
Not sure what you mean by negative depreciation. All depreciation is negative. It is the amount by which the vehicle loses value during the lease term resulting in the Residual Value at end of term. Ideally you want to lease a vehicle with a higher RV. In your case, the RV for the Blazer is set by the bank.
Don’t worry about what day of the week they process your lease unless you feel you won’t qualify. Just don’t fill out the credit app until you have a deal in hand. That may be difficult with GM dealers. You want the dealer to agree to your deal BEFORE ever stepping into the dealership. If they agree to your deal, you can submit credit app electronically and wait for them to get approval before going to the dealership. It should take them only a few hours to approve you.
They will most likely pressure you to come in person before agreeing to a deal. You may want to use a broker for your first lease unless you want to spend all day at the dealership. The last Saturday of the month and quarter is going to be a zoo at the dealer. You should have already had this deal locked up before now.
The RV on this vehicle is subsidized, so the car won’t be worth the cap cost even at the moment you sign the lease, and it will be “under water” (have negative equity) until the moment you turn it in.
Good news is that you just turn the car in at the end, and you aren’t responsible for the difference.
Some people lease a car with the intention of buying it out at the end. This isn’t a vehicle where that would be a good idea. But generally it’s not a good idea (usually makes more sense to buy it upfront if you want to own a car long term). There are exceptions, of course.
This will save you money on rent charges. I would, but it’s up to you. The LH calc will show you total cost for both scenarios and you can decide for yourself.
Do you have auto history (previous auto loans and/or leases) on your credit?
I gave my spouse an EV Supplier code, and I had to provide a recent redacted pay stub to verify employment. But that was for me.
I didn’t have to provide anything specifically to show that we were married. I don’t think you’ll need anything, but ask before you make the hour drive just in case.
I would assume the question is in regards to making sure that the adjusted cap cost is above the residual value such that the depreciation (adjusted cap cost - rv) isn’t negative and the lease will fund.
I would go a step further and say this is a vehicle where it is a particularly bad idea.
GM financial incentives the blazer ev by artificially increasing the residual value rather than giving a pass through of their $7500 ev tax credit, so the difference between market value and the contractual residual value is going to be even more different than most normal vehicles.
Seems to me that the lease was not structured correctly. The prudent thing to do IMO is to allocate a portion of the 6750 incentive toward all upfront fees, including 1st payment, and the balance allocated toward a cap reduction. That will solve the negative depreciation problem. No need to pay anything out of pocket at lease signing (I.e., DAS = 0).
Was told it takes 2-3 working days to confirm deal getting funded, since they rolled taxes into monthly , that put net cap above residual and system allowed them to push it through
