GM Volt Forum banner

1 - 20 of 22 Posts

·
Registered
Joined
·
475 Posts
Discussion Starter #1
I just picked-up my 4th Voltec powered vehicle (my 3rd Volt) yesterday from Maher Chevy in St. Petersburg/Tampa.

This is now 4 Voltec powered vehicles in less than 5 years. These are all for myself. LOL

It is a black Premier with ACC and the Brandy interior. Definitely an upgrade over the '15 Volt. This also drives/rides better than my ELR and is easily faster. Very impressed.

Maher Chevy has a program where they allow you to designate one their Volts for Demo service. They will title the car as such and then sell it to you for 10-11k below MSRP. They then keep the federal tax credit and then pass on the saving to you. So instead of financing or spending your $7,500 and then filing with the IRS to get it back, they save you the trouble. They sold 32 Volts in December!

So, MSRP was $40,050 or so. The purchase price was $29,900 plus tax, title and dealer fee. I also took advantage of the 0% for 60 months GM Finance is offering and used $2,000 dollars from my GM Credit Card earnings. I traded in the 2015 Volt as well to save on taxes.

I recommend Maher Chevrolet and Mark Smyrski. They are straight forward, no gimmicks.

 

·
Registered
Joined
·
743 Posts
If they do not actually use the car as a demo this could constitute tax fraud on their part. There may be a special rule that allows dealerships to do this, but if an individual did it that would most definitely not be allowed. You're not allowed to purchase a car and claim the tax credit unless it is your intention to use the car. Strawman purchases are most definitely not authorized.

I certainly hope that your dealership is run this issue through their lawyers.
 

·
Registered
Joined
·
13,556 Posts
4 vehicles in 5 years? I've only purchased 4 vehicles between myself AND my wife in 22 years of marriage.

As for waiting for the tax credit, you don't have to wait. If you buy a car right now, you can just adjust the fed tax withholdings, pocket the extra $7500 now, then turn the withholdings back on and wait until April 2018 to submit the paperwork. So if you used the dealer demo program to get this car, then $9500 was in fed tax credits and your 2K GM card rebate, that means the dealership only took $650 off the MSRP of the car. That seems like a horrible deal to me, especially with many Californians seeing $8K discounts not including the fed and state incentives. Then comes the 2015 trade. They probably made money off of you there also. Now if you got the car for $29.9k and you get to claim the fed tax credit, then nice work.

I thought about flipping my volt when I could stack $3500 GM card onto the $7500 fed tax credit and a $3914 state EV rebate, but had I attempted it, I would have been caught with my pants down as the state suspended their rebate program because of budget woes.

BTW. The 0% interest is a gimmick. Had you negotiated a better deal for $4-8K offbefore tax credits and GM card rebate, you wouldn't qualify for the 0%. They've got you thinking you got a great financing deal, but do the math, the interest savings from a 1.99% deal on a lower priced car would have been worth it. Even if you financed the entire $29.9k, 1.99% interest would mean less than $600 per year in interest and it declines every year as you pay down the loan. Better yet, save cash, pay cash and get the low price and no interest.
 

·
Registered
Joined
·
305 Posts
I don't think the 0% works as you suggest. It is coming from GM not the dealer.

In our case we added it to a lease pull forward, private offer, Costco pricing/gift card and FB. It was not one of the 0% OR $x rebate. It is a standalone benefit if you qualify.

We did the negotiating thinking we would pay cash and then the 0% option popped up so we took it. It was never stated or implied that the financing was anything other than a totally separate Bennie.
 

·
Registered
Joined
·
2,130 Posts
I just picked-up my 4th Voltec powered vehicle (my 3rd Volt) yesterday from Maher Chevy in St. Petersburg/Tampa.

This is now 4 Voltec powered vehicles in less than 5 years. These are all for myself. LOL

It is a black Premier with ACC and the Brandy interior. Definitely an upgrade over the '15 Volt. This also drives/rides better than my ELR and is easily faster. Very impressed.

Maher Chevy has a program where they allow you to designate one their Volts for Demo service. They will title the car as such and then sell it to you for 10-11k below MSRP. They then keep the federal tax credit and then pass on the saving to you. So instead of financing or spending your $7,500 and then filing with the IRS to get it back, they save you the trouble. They sold 32 Volts in December!

So, MSRP was $40,050 or so. The purchase price was $29,900 plus tax, title and dealer fee. I also took advantage of the 0% for 60 months GM Finance is offering and used $2,000 dollars from my GM Credit Card earnings. I traded in the 2015 Volt as well to save on taxes.

I recommend Maher Chevrolet and Mark Smyrski. They are straight forward, no gimmicks.

I am glad your deal worked out for you. Maher has a habit of listing these "demo" Volts on cars.com as NEW, but when you email or call to check on them you quickly realize they are not new and don't qualify for the tax credits. If a person cannot qualify for the tax credits then this might be a reasonable way to go; however, if you do qualify for the tax credits then it is not such a good deal.
 

·
Registered
Joined
·
475 Posts
Discussion Starter #7
If they do not actually use the car as a demo this could constitute tax fraud on their part. There may be a special rule that allows dealerships to do this, but if an individual did it that would most definitely not be allowed. You're not allowed to purchase a car and claim the tax credit unless it is your intention to use the car. Strawman purchases are most definitely not authorized.

I certainly hope that your dealership is run this issue through their lawyers.
I'm not following. The dealership kept the tax credit as they technically sold me a 'used' car. They passed on the savings directly to me. I purchased a used Volt with 3,000 miles on it. I got GM Financing for 0% for 60 months and was able to use 2,000 dollars of my GM Credit Card cash.

So, I bought a used Volt while using the new car financing apparatus. Win/Win.
 

·
Registered
Joined
·
475 Posts
Discussion Starter #8
4 vehicles in 5 years? I've only purchased 4 vehicles between myself AND my wife in 22 years of marriage.

As for waiting for the tax credit, you don't have to wait. If you buy a car right now, you can just adjust the fed tax withholdings, pocket the extra $7500 now, then turn the withholdings back on and wait until April 2018 to submit the paperwork. So if you used the dealer demo program to get this car, then $9500 was in fed tax credits and your 2K GM card rebate, that means the dealership only took $650 off the MSRP of the car. That seems like a horrible deal to me, especially with many Californians seeing $8K discounts not including the fed and state incentives. Then comes the 2015 trade. They probably made money off of you there also. Now if you got the car for $29.9k and you get to claim the fed tax credit, then nice work.

I thought about flipping my volt when I could stack $3500 GM card onto the $7500 fed tax credit and a $3914 state EV rebate, but had I attempted it, I would have been caught with my pants down as the state suspended their rebate program because of budget woes.

BTW. The 0% interest is a gimmick. Had you negotiated a better deal for $4-8K offbefore tax credits and GM card rebate, you wouldn't qualify for the 0%. They've got you thinking you got a great financing deal, but do the math, the interest savings from a 1.99% deal on a lower priced car would have been worth it. Even if you financed the entire $29.9k, 1.99% interest would mean less than $600 per year in interest and it declines every year as you pay down the loan. Better yet, save cash, pay cash and get the low price and no interest.
I live in Florida, which does not have any incentives for purchasing hybrids or EV's. Zero, zilch, nada!
I essentially bought a used Volt for less than advertised used retail pricing. I researched 17' Volts with Premier and ACC with similar mileage, they sell for 31-32k. However, with this deal I was able to take advantage of 0% GM Financing and use my GM Credit Card earnings.
 

·
Registered
Joined
·
475 Posts
Discussion Starter #9
I don't think the 0% works as you suggest. It is coming from GM not the dealer.

In our case we added it to a lease pull forward, private offer, Costco pricing/gift card and FB. It was not one of the 0% OR $x rebate. It is a standalone benefit if you qualify.

We did the negotiating thinking we would pay cash and then the 0% option popped up so we took it. It was never stated or implied that the financing was anything other than a totally separate Bennie.
0% financing for 60 months via GM Financial. How does it not work that way? That is what the paperwork that I signed says.
 

·
Registered
Joined
·
475 Posts
Discussion Starter #11
I am glad your deal worked out for you. Maher has a habit of listing these "demo" Volts on cars.com as NEW, but when you email or call to check on them you quickly realize they are not new and don't qualify for the tax credits. If a person cannot qualify for the tax credits then this might be a reasonable way to go; however, if you do qualify for the tax credits then it is not such a good deal.
Correct, they are demos. I picked out the car that I wanted while it was still in transit. They immediately put it into demo service for me once it arrived.

Yes, I qualify for the full tax credit. I don't wish to get into personal details on here, but we have to pay federal taxes each year. This tax credit just lessens what we have to pay. Technically, we would have 7,500 more in our bank account, but really I'm just paying for that over 60 months anyways, so it is a wash. I'd rather finance less for a lower payment.
 

·
Registered
Joined
·
475 Posts
Discussion Starter #12
So you are now the 2nd owner on the car? what did you do with the elr?
Not sure how the dealership does the paperwork, I suspect that they designate the car as a demo and it somehow gets titled. Thus they claim the tax credit. Because technically the dealership owned it, they can sell it with GM 0% financing.

The ELR was a lease that went back in August. GM would not allow me to buy it. I bought the 2015 Volt as temporary car to fill in the gap while I figured out what car I wanted next. Was undecided b/t Volt, Bolt and CT6 PHEV. Once more information became known about the Bolt (No adaptive cruise control) and the CT6 PHEV (built in China) I made my decision.

Did you ever pickup an ELR? If not, what did you end up getting?
 

·
Registered
Joined
·
3,468 Posts
Very interesting...I've seen one report of a Volt service loaners being able to still receive the tax credit for the buyer...But I guess the dealer could do some creative things in the paperwork to keep the tax credit from themselves...You get the $7500 immediately and not even everyone will qualify for the full tax credit anyways...Also if they're discounting the MSRP you pay less sales tax...Sounds like a great deal...
 

·
Registered
Joined
·
475 Posts
Discussion Starter #15
Very interesting...I've seen one report of a Volt service loaners being able to still receive the tax credit for the buyer...But I guess the dealer could do some creative things in the paperwork to keep the tax credit from themselves...You get the $7500 immediately and not even everyone will qualify for the full tax credit anyways...Also if they're discounting the MSRP you pay less sales tax...Sounds like a great deal...
Exactly my rationale for the purchase. ;-)
 

·
Registered
Joined
·
118 Posts
4 vehicles in 5 years? I've only purchased 4 vehicles between myself AND my wife in 22 years of marriage.

As for waiting for the tax credit, you don't have to wait. If you buy a car right now, you can just adjust the fed tax withholdings, pocket the extra $7500 now, then turn the withholdings back on and wait until April 2018 to submit the paperwork. So if you used the dealer demo program to get this car, then $9500 was in fed tax credits and your 2K GM card rebate, that means the dealership only took $650 off the MSRP of the car. That seems like a horrible deal to me, especially with many Californians seeing $8K discounts not including the fed and state incentives. Then comes the 2015 trade. They probably made money off of you there also. Now if you got the car for $29.9k and you get to claim the fed tax credit, then nice work.

I thought about flipping my volt when I could stack $3500 GM card onto the $7500 fed tax credit and a $3914 state EV rebate, but had I attempted it, I would have been caught with my pants down as the state suspended their rebate program because of budget woes.

BTW. The 0% interest is a gimmick. Had you negotiated a better deal for $4-8K offbefore tax credits and GM card rebate, you wouldn't qualify for the 0%. They've got you thinking you got a great financing deal, but do the math, the interest savings from a 1.99% deal on a lower priced car would have been worth it. Even if you financed the entire $29.9k, 1.99% interest would mean less than $600 per year in interest and it declines every year as you pay down the loan. Better yet, save cash, pay cash and get the low price and no interest.
LLNINJA....do you have "cut & paste" replies preaching the SAME narrative on every post on every subject? ?
Opinions are like belly buttons....we all have one and they are all the same value:)
i.e. What may work for you...may NOT work for any others! EVERY ONE'S ACTIONS and OPINIONS ARE RIGHT FOR THEMSELVES!
You Sound like all the democrats .....before, during and after the election??
btw (to all of those....the election IS OVER ! so is my opinion here :))
 

·
Registered
Joined
·
36 Posts
I live in Florida, which does not have any incentives for purchasing hybrids or EV's. Zero, zilch, nada!
I essentially bought a used Volt for less than advertised used retail pricing. I researched 17' Volts with Premier and ACC with similar mileage, they sell for 31-32k. However, with this deal I was able to take advantage of 0% GM Financing and use my GM Credit Card earnings.
Just curious, how were you able to use your GM reward money on a used vehicle?
 

·
Registered
Joined
·
2 Posts
I don't know if their are better deals in FL but so far haven't found any. Best they can do is basic LT for 300 mo w/2000 down.

I am also doing this deal as a fully loaded premier for 28800 seems best I can find. Not sure how great 360 mo lease is with 2k down, but since hard to find decent deals in FL for Volts, it might be what I settle with. I rather have the tax credit removed from msrp than paying for it upont.

Stingray wanted 370 a month for LT with comfort package.

I am willing to have 2k miles put on if gives me a cheaper vehicle which can still be leased.
 

·
Registered
Joined
·
13,556 Posts
I don't know if their are better deals in FL but so far haven't found any. Best they can do is basic LT for 300 mo w/2000 down.

I am also doing this deal as a fully loaded premier for 28800 seems best I can find. Not sure how great 360 mo lease is with 2k down, but since hard to find decent deals in FL for Volts, it might be what I settle with. I rather have the tax credit removed from msrp than paying for it upont.

Stingray wanted 370 a month for LT with comfort package.

I am willing to have 2k miles put on if gives me a cheaper vehicle which can still be leased.
A 300 month lease is a horrible idea. You must have meant $300 per month for 36 months. You do realize that by leasing, you only get part of that fed tax credit computed into the lease rate. Think about it this way, after paying $12800 on the down payment and 3 years of use, you give the car back and you have nothing, then you go back to the well and do it again, this time on a more expensive car as presumably you will have a pay increase along the way. When will you ever get out of this vicious cycle?
 
1 - 20 of 22 Posts
Top