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Discussion Starter #1
Hi all,
Tomorrow I take delivery of my new Bolt EV (LT). I decided I would lease this one. Never leased before, but I tend to take good care of my cars.

The dealer offers XS Wear coverage (I see when he wrote a note he called it "Lease Care". This seems like it COULD be useful but likely is much less useful than at first glance. Covers $5000 of minor damages on return of the car, but the kicker is, it is only up to $1000 per damage area. It also doesn't cover missing parts over $150. Most door dings and minor things wouldn't even qualify as "damage" on lease return from what they tell me. But, if this is only going to cover single things up to $1000, how worthwhile is the coverage in the first place? The upcharge to my monthly payment is almost $25/mo, or $900 for this option, which is just too much I think. I'm normally not one for extended warranties and such because they are a way more for the dealer to make the buck than anything else. Consumer reports stated that customer satisfaction for extended warranty coverage was very very low. I know this isn't extended warranty, but I can only think that if I take fair care of the car, I really won't need this. What do you think?

Also, the dealer told me that GAP coverage is included in the lease. Is this totally true?

One twist happened at the end here for me too. I was hoping for nice low lease payments. I wanted around $300. To do that, I had to put down $7000. Then I started reading about GAP coverage and found that it only pays the difference between value of the car if you total it, and what you still owe. Well, if I pay $7000 down, I won't owe nearly as much. So, if I total it in October, I'm still out my $7000 down, because the check would only pay the actual value of the car, which dropped the minute I drove it off the lot. BUT, if I only pay $3000 down, I would only be out $3000. So I decided to just put only a small amount down and just live with larger monthly payments. I wouldn't worry too much but have one kid in college now this fall, and another in 2 years, so wanted to keep my monthly
obligation as low as possible. So now I'll be looking at payments around $410 with $3000 total down. (That does include all taxes, licensing, fees, and every last detail...other than XS wear)

And the dealer told me GAP coverage is included in the lease. I wasn't aware of that. True?
 

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Pay the very minimum down payment for a lease vehicle...
 

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You've figured out why you don't want to put anything down on a lease. Good choice. I don't quite understand the question of college. Putting more down just means you pay now rather than latter, plus I believe college financial aid takes into account monthly car payments (could be wrong on this).

GAP coverage is usually included in the captive lease programs. Makes things easier for everyone. Hopefully you'll never need to use it!
 

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Discussion Starter #4
Thanks for the reply. Yeah, the reason for the extra money down is that I had a Volt that a nice cellphone-using young woman decided to total by running into, and I have been holding that insurance payout cash. I figured if I put a good pile down on the bolt lease, I could look forward to low and easy payments that would make a bolt purchase a non-issue even with 2 kids in college. But, I didn't even think that it could really hurt if I were in an accident and totaled the car. Now that I saw the light, I thought that I had better just bank the cash and use it to help make the higher monthly payments. The upside is that I had just bought my wife a used Volt a few weeks before mine got totaled, so I had borrowed for her car. But, if I only pay the minimum down on the bolt lease, I can basically pay off the 3 year loan on the Volt in 6 months total, leaving me with just the one lease payment. So that helps too.

Now if Chevy would just come out with a nice Voltec drivetrain tow vehicle that can tow an 8500lb boat, I'd be in the market for my 3rd electric. C'mon Chevy, bring it to market. Just make sure it can tow!
 

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We got it for $450 from our dealer, which I feel IS worth it... You also get an additional 1,400 miles before over-mileage charges kick in, which we WILL use... That alone is worth 350 bucks at 25 cents a mile.

The upcharge to my monthly payment is almost $25/mo, or $900 for this option, which is just too much I think.
 

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Discussion Starter #6
Well I took delivery and it went pretty well. I didn't do the XS plan. It was just too expensive to be worth it for me.

The only surprise I got with my first-time lease ever, is that they had a "Disposition Fee" of $395. Apparently when I turn the car in, if I don't lease or buy another GM car, I have to pay nearly another monthly payment worth of price. That's a complete screwjob in my opinion and should be illegal. They should offer a discount incentive, not a punishment fee. Or, at least give you a slightly better lease rate at signing if you agree to pay that fee. Otherwise, it's extortion.

But, other than that one thing, it all worked out well.
 
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