So let me start by saying thank you to lease hacker for all the help over the years. I was getting quotes from 3rd parties to buyout my GMF lease but as everyone knows that stopped. I went in for a service exactly 1 year from purchase of my 2020 Chevy Silverado 1500. I then got to talking to the Sales people and they offered to buy my truck and put me the same truck but a 2021 Chevy Silverado Custom with the 2.7L.
I rolled a portion of the positive equity into the new truck and got a $2000 check from the dealer.
I am paying exactly what I was paying on the 2020 Silverado with the V6 but I hope with the 2.7L I will see some savings on gas as well.
How do you get 7700 in taxed incentives in the calculator but only 3250 in the post? You also said you put a portion of the positive equity toward the new tuck but show 0 drive off. Did you pay drive offs with the equity?
I assume that this $2k check is what you put into the calculator as a post sale rebate and the rest of the equity you have included in the incentives.
Equity from a previous lease is not an incentive and shouldn’t be included in you calculator for the new vehicle. Any value rolled in to pay drive offs should be treated exactly as if it is cash coming out of your pocket.
You’re absolutely right. I used the positive equity as the down payment. I just couldn’t figure out the calculator because my contract included the money back to me as sales price of the car as well. I know I’m paying interest on it but it amounts to very little. I’ve included the copy of the lease agreement.
Yes you’re right about it being as the equity being used as incentive and post sale rebate. I just couldnt understand my contract to get the numbers right in the calculator.
Overall I’m happy with the deal because I could only sell to a GM dealership and with the tax implications I would of netted the same positive equity as buying myself and selling afterwards.
I’m not judging the quality of the deal, just making sure the data is correct for others to reference. This is more like $320/mo with $5k das per your contract rather than $0 das.
So it might be 2625 down because the 350 came from cancelling my wear and tear and the $2000 in equity back to me is added into the deal. Because of the way the contracts written it was hard to enter correctly in calculator. Can you help me make sense of it?
