Region: I’m in PA, but this was purchased from a dealer in another State
MSRP: $46,965 (Auto, RS, dual mode exhaust, tech package, red calipers and seatbelts, black wheels and wheel locks)
Selling Price: $43,553.27 (prior to the additional discount as a result of the RV error described below and plus free shipping)
One-Pay: $15,582.74 including 9% local tax (excludes PA plates/registration/inspection)
Months: 39
Annual Mileage: 10k
MF: 0.00062 (prior to the one-pay discount)
Residual: 58%
Incentives: $2250 (GM Supplier $750, Lease conquest $1500)
Dealer made a mistake and originally used an RV of 60%, which was off by 2%. Dealer covered the cost of the error when GM financial kicked it back. 2% of the MSRP is $939, though to get the numbers to work in the calculator I added a $936.50 untaxed incentive. The dealer also covered the shipping costs (appx $650-$850 savings). I will have to cover the cost of getting PA license plates/vehicle registration and local inspection, which add some minor deal costs.
Even though I’m in PA, looks like the $2,250 in incentives were taxed. I’ve noticed on this and other leases when the incentives were used towards the amounts due at signing as opposed to a cap cost reduction, tax gets charged in PA.
This deal took some patience and had a few twists and turns along the way. In mid-December I worked out a deal with the Sales Manager for a satin steel coupe in the mid $42’s at supplier pricing and rebates and base MF. But they sold the car to someone else after I thought it was being held for me while they prepare the paperwork (Sales Manager didn’t want to take a deposit). He was very apologetic and had another satin steel coupe with a slightly higher MSRP but he agreed to reduce the selling price to match the other one. I told him not to waste any time. Submitted a credit app and obtained insurance. Once again they declined to take a deposit. While waiting for the lease agreement later that day, the Sales Manager called back and apologized again saying that again the vehicle was sold to someone else. Now, you can decide to believe people or not in these situations. He sounded sincere. Unfortunately, he didn’t have any other coupes in stock in any colors I wanted. Over the next few days he tried to dealer trade. Not surprisingly, no one was interested. They had a white convertible and he offered this price and to cover shipping costs as an accommodation under the circumstances. Then the RV used was incorrect as noted above… I thought that the RV error was the final twist to this story, but it ended up taking from Dec 28 when I paid in full until Jan 13 to get the car delivered. Well worth the wait and although it took a little time and patience, it was well worth it.
Thanks @spockvr6 for posting your LT1 deal which motivated me to find one, and thanks for answering a few questions along the way.
Perhaps this analysis will be overly simplistic, but if your question is sincere, one evaluates the savings from the one pay vs the standard lease terms and decides based on their personal financial situation whether it makes sense for them or not.
In this instance, I thought the savings was worth it. Also, after losing out on two cars and being happy with the quote on the convertible, I thought just paying for the whole thing at once would increase the likelihood of actually getting the car. So I paid it in full by credit card. Perhaps having paid for it in full also helped when the dealer had to decide what to do when GM financial kicked it back for the RV error. Who knows. But the deal on the one pay worked for me in this instance.
Fantastic deal @Snitwit ! I get a serious thrill when I see these LT1 signing all over the country. Many of them do take alot of effort (and downright old school hunting to find the right car at the right dealer), but when it all comes together its fantastic. And, at an effective $399/mo for a drop top no less, this is one of the better signings on these we have seen. I think we can officially note that Camaro Bonanza V3.0 has started this winter…or maybe the original Bonanza V1.0 (which started around the holidays 2020) never ended fully
The other thing that was a big bonus on this deal was that a credit card was allowed for the entire OP amount. It is rare that a dealer will take a card for this large of an amount, so in this case, whatever cashback/points/rewards were earned further sweetener this deal (and maybe will offset the reg costs).
If the effective return on the one pay is higher than what the $ might be earning in the account it is coming from, then they can make sense. In this case, the savings (just ballparking here with a guess) were probably ~$2k to go with the one pay vs monthly over the course of the lease. That might be an effective 4-5% annual return that is obtained via the one pay vs monthly. If the $ used to fund the one pay was in a money market making 0.5%…then theres the logical reason for doing it.
Yep. Was not relevant for the posted deal, but if you are already mentioning, correct, the spend was very strategically used. Divided among 4 new additional employee cards that I had ordered on my wife’s business account for me and my kids a few weeks earlier when a pop up with the promo appeared on her app that had a nice points bonus. I would have found a way to hit the spend within the period, but would not have been nearly as convenient as this one and done charge, so using these four cards was really timely and just a bonus here.
I am sincere, but if you go monthly vs one pay, I understand the savings. But aren’t you in a similar situation to putting a large amount of money down on a lease? A day, a week, a month later your car is totaled, what you say happens to the one pay amount???
As the Tuna stated…its prorated and there is no risk of loss. If you have the dough to spare, and it returns 4,5,6,7% with a single pay, do it. If one is taking rhe $ out of their 401k for a single pay…forget about it.
The best way is the way @Snitwit did it…credit cards and free points! It gets even better if the cards can be used to earn other rewards related to the car in question (i.e. like the BMW Visa cards do with 4x points at a BMW dealer).
I own a 2011 Chevy Malibu. Any chance I can get any loyalty bonus because of that?
It seems it is really difficult to grab an incentive on this vehicle.
