This is not regarding the Volt but since there are a lot of Volt owners here that has leases with US Bank I wanted to share this here. My current 2014 Spark EV lease ends in 2 months. Originally the car had around $16k residual. Last week when I called US Bank they offered to sell the care to me for $9750 + tax. I was told that the buyout price was not the same for the dealer and they have to call US Bank directly to get a dealer buyout price. I was not interested in buying so I took the car to Carmax for an appraisal. Carmax appraised it for $8000. I asked them to call US Bank to see what the dealer buyout price is. Surprisingly US Bank won’t allow them to buy my car and won’t provide a quote. So I called them back and was told that In order to sell the leased car to a dealer I have to either purchase or lease another car from the same dealer. I was also told that dealer quote might be higher than what was quoted to me. I found this to be strange as I have sold leased cars to Carmax in the past.
US BANK END OF LEASE - Weird Requirement
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Normally when you sell a leased car to CarMax, CarMax buys the car at the residual price. Obviously that isn't very realistic in this case. My guess is there may be a special deal between GM and US Bank about selling to Chevy dealers. Something like that. That's just a guess.
Most likely scenario, there's isn't a process in place to sell the leased car at a reduced offer to anyone other than the current leasee...I'm sure the lender would hate to deal with multiple dealership per deal anyways because you could be shopping around and therefore multiple dealers calling...
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A dealer might give you a better deal on a lease turnin because they're getting you on the new lease. It's almost no different than them giving you 0% financing because you are financing close to MSRP. If you negotiate them down, you all of the sudden don't qualify for 0%. Similarly, if you trade a car, they might give you want you want for the trade by selling you the new car for more than their lowest price, but if you get them down to their lowest price, they're going to sock it to you on the trade.
I just choose to severely limit my dealings with dealerships to avoid losing all my money to them. I hate the finance companies even more, they too don't get my money.
I just choose to severely limit my dealings with dealerships to avoid losing all my money to them. I hate the finance companies even more, they too don't get my money.
Not sure why you mention that, the LENDER is one offering 0%, not the dealership...So dealerships are not offering worse sales prices when there's an 0% promo...
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I found a screaming great deal, asked for 0% financing, they told me if they did 0% I'd lose one of the rebates that helped make it a screaming great deal.
This makes more sense and is common...Must choose incentives...Even now many of the Volt's incentives do not "stack" with eachoter...
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