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?
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?
