This is my first leased car. I got an incredible deal for a Bolt EV two years ago and used one-time payment for 10000miles/year for three years. However, I underestimated kids duties and now after two year I am very close to 30K. What are my options? Since I already paid for three years, if I return my car at 30K, do I still need to pay early termination fee? I know I have to pay lease return fee regardless. But how about other penalties? Also, how about other options? Should I buy and re-sell given that the used car price is very high right now. Appreciate any feedbacks!
You could see if they will buy your lease and you can make a couple of $. No need to resell if a GM dealer
Do you no longer need the car?
You mean a GM dealer can buy my lease? How does it work?
Yes. I no longer need the car. I also don’t want to pay the $0.25/mile for excessive mileage.
You , walk into a GM dealer, GM Dealer, we will offer you XXX
You, walk into a 2nd GM Dealer, GM Dealer we will offer you YYY
Rinse at least 3 times.
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Buy and resell you have to pay sales tax. Sell it to a GM dealer like others suggested.
You can still request quotes online (even if they can’t buy it) to get an idea of value. Also check driveway they can likely buy it since it’s lithia.
One of dealers replied to me that I have to call GM for the buy-out. They no longer help on buy-outs. I guess that means that particular dealer is not interested in my car?
You should find out your buyout number (should be residual less some intrest charges since you did a 1 pay). Once you have that cast a wide net and see what you can get for the car. Since it is a GM lease you will need a GM dealership to buy it out (any GM not just chevy). You can also reach out to dealership groups that have a GM store in them (think autonation, driveway etc). Many brokers on this site also arrange to buy out leased cars.
Option 2 is to buyout the car, get the title and sell it anywhere. You really need to figure out if you have an equity position in the car and go from there.
Since you are in California maybe @ChevyPhil @chevysalesgirl or @Anthony_Lopez can help you.
On a one pay, you can return the car after 6 months. You do not have to keep it for the full 3 years.
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when my onepay-ers hit miles they just return it. you already paid everything. early termination is if you have money left to pay and drop it early. i think the only thing is you can’t do an Autovin inspections since it’s not in the last few months.
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Like others have said if it has equity just sell it. If not you need to run the math. Paying the overage on miles still might be cheaper than turning it in a year early and getting a new vehicle.
I’m wrapping up a one-pay lease come
October and my mileage is right on track. So far I’ve done the livevin or autovin whatever it’s called lease turn inspection, which they said my two front tires are below the threshold which would cost 420 bucks. So I’ll be getting those replaced with some cheapies, which GM financial stated tires must be same size and speed rating. No problem. A local tire shop quoted me 220 mounted balanced tax out the door.
I can turn the car in early but will get nothing in exchange. So I plan to turn it in with 36000 miles on the dot.
I have ran multiple offers through vroom, true car and even a dealer and the best so far was 15k. The pay out is 23k, so Chevy can enjoy that.
GM financial confirmed the only thing to pay at lease turn in is the disposition fee of 395. As long as I replace the tires.
If anyone has anymore input on the lease end process please let me know. I’m trying to be as prepared as possible.
Make sure you get an Inspection 2-3 months out so you are ready for any gotchas!
Yes as soon as I entered the 60 day threshold I did the autovin at home inspection and report. So that should take care of any wear and tear issues that the dealer may try to say.
Also GM financial told me I can run the inspection again after I replace the tires. Or keep the receipt as
Proof of replacement.
How much will the tires cost if you don’t replace em.
It was over 400 I think like 420 or something
Sounds about right, you could ‘try’ and put used tires but the receipt will not fly with GM.
America’s tire says it’s about $99 per tire
Yea my local tire guy said same size and speed rating was 220 out the door- so if I do that and have the receipts should be good to go?