GM Volt Forum banner

1 - 18 of 18 Posts

·
Registered
Joined
·
38 Posts
Discussion Starter #1
Have a 2014 fully loaded Volt with 21K miles. Lease is coming due in October. Asked USB if they would sell to me at less than the residual (about $24K). They said $19 including tax, but I could make an offer. Market price is about $16-$17K so I offered $15K. They said no and informed me that the original offer of $19K has increased to $21K due to recent demand. WTF?
 

·
Registered
Joined
·
5,782 Posts
I'm surprised they said $19k in the first place. I hate leases.
 

·
Banned
Joined
·
7,289 Posts
I'm surprised they said $19k in the first place. I hate leases.
Yeah, if Ally was the lessor, they would have been like "Negotiate? Sure. Pay the residual or get the KY jelly ready for your turn-in inspection!"
 

·
Registered
Joined
·
2,038 Posts
I have been watching used Volt prices in the DC area on Cars dot com and up until the last couple weeks I had a choice of 3 or 4 2013 Volts within 150 miles of me between $10,500 and $12,000, some with relatively low mileage.
Now I have one at $11,900 and it has high miles.
My lease ends mid-August. LOL!
I thought the prices of used Volts would continue to drop, but they have gone up a bit. So much for my brilliant idea of extending my lease from June to August.
I haven't even talked to US Bank about buying my own leased Volt. It has been a great car, but I have never heard of anyone getting a leased Volt for anywhere close to what they are worth.
 

·
Registered
Joined
·
3,468 Posts
You'd clearly be in no better shaped had you purchased as you would have purchased at the same sales priced that you leased...The lender took risk of depreciation for you, it's not their fault the resale tanked more than they predicted and heck, even offered you $5K off originally...

There are better Gen1 deals anyways, could get a MY15 for under $15K or go older and save thousands more...Others have reported turning in their leased car, following the VIN and purchasing it at a great deal...
 

·
Registered
Joined
·
524 Posts
I didn't get a feeler from US Bank until about a month before the end of lease. Maybe you spoke too soon or to the wrong person. Counter with $16k. Walk away and buy somebody elses used car for $16k. You can get a new Volt for about $21k after rebates. Bank will get $14k for your old car at auction.
 

·
Registered
Joined
·
38 Posts
Discussion Starter #7
What is the $21K based on? Here in San Diego, there are no 2016s and 2017s can be bought for $100 under invoice using Costco. There's a $7500 tax credit from the state as well. SO that brings the $40K price down to about $32. A base model is about $5K less.
 

·
Registered
Joined
·
22 Posts
In April I called b/c my MY13 lease was due in June and wanted to know what the options were. I was offered 13.5k for my lease. That would have ended payments as well, and been inclusive of end of term fees which was a very good price. What I didn't realize was that the price I was given was such a short dated moving target. When I called back after my vacation the price ran up 2k. Who would have thought used car prices would go UP & by 15% in such a short time? They told me I could put in an offer but that was a waste of time, because then the price just went up again - all based on auction values, or so they say. I ended up shopping around for another gap vehicle that would take the volts place for the next couple of years, but ultimately I caved & just send in a check for mine at lease end, +2k from the fantasy price, missed opportunity cost.

An additional piece of info - I could not get the lease turn in inspection done. I had called multiple times to try and get on the calendar and they always told me they were full, but not to worry - that I had 10 day grace period after lease turn in. Well I still worried and still tried numerous times to get scheduled. I never did get in. It was incredibly annoying that this is a service that was to be provided and never was. Asked US bank if others ever had complaints about the service with the third party provider. Without disclosing my issue, and not to my surprise, others had reported similar struggles so be aware of this as well.
 

·
Registered
Joined
·
38 Posts
Discussion Starter #9
Thanks for your response. I spoke with another Volt leaser with US Bank and he, also, was given a price that then found out had expired. US Bank seems to be very cagey about this because they never said the offer would expire, and, of course, you assume the longer you wait, the more the car depreciates. What I have learned is the US Bank is no a bank I would ever do business with after this lease is up.
 

·
Registered
Joined
·
38 Posts
Discussion Starter #10 (Edited)
Updating this post: Because US Bank turned down my offer of $15K, I began shopping for a new Volt, instead of buying my leased 2014 car with 21K miles. Negotiated a very good price with my dealer in So.CA, and before accepting, I thought I'd call back US Bank and make one more offer of $15,700. After almost a week (I needed to call them each day) they accepted it. But they also wanted a special charge of $695, called a lease conversion charge, that made the offer $16,400. But that turned out to be only about $12K less than a new one (with Federal tax credit included). So today I ended up taking delivery of my new white 2017 Premier Volt fully loaded. I'm reluctantly giving up my red 2014 Volt that I've loved.
 

·
Registered
Joined
·
3,468 Posts
Congrats and thanks for following up! With the deals so good on the Gen2 it's not a bad move...Did you purchase this time? The lender was still willing to give you $7,600 off, sounds like you were $695 away from owning your car or you could have followed our advice of tracking it down after turn in...Overall I think you made the right move since you went for fully loaded...
 

·
Registered
Joined
·
3,468 Posts
Why do people get so uptight?
When you lease, you sign and agreement that usually states the buyout price. Don't like that price? Don't buy it at the end of the lease.

It's pretty easy.
Or the bottom line, if you care about resale value don't buy/lease an EV/PHEV...
 

·
Registered
Joined
·
3,074 Posts
Updating this post: Because US Bank turned down my offer of $15K, I began shopping for a new Volt, instead of buying my leased 2014 car with 21K miles. Negotiated a very good price with my dealer in So.CA, and before accepting, I thought I'd call back US Bank and make one more offer of $15,700. After almost a week (I needed to call them each day) they accepted it. But they also wanted a special charge of $695, called a lease conversion charge, that made the offer $16,400. But that turned out to be only about $12K less than a new one (with Federal tax credit included). So today I ended up taking delivery of my new white 2017 Premier Volt fully loaded. I'm reluctantly giving up my red 2014 Volt that I've loved.
They are absolutely terrible at getting back to you. When I went through it, they would give me the offer, then tell me they would email me the invoice as soon as it was approved. Then I'd never hear back, and call again. 5 times, every time, they all had no record of the quote ever being submitted for approval. Finally on the last time I got someone who knew what was going on. She got it approved that day, and called me the next morning.
 

·
Registered
Joined
·
124 Posts
I called at 24 months of a 36 month lease. They quoted me $26k for buyout when my 2014 was worth about $18k at the time. At this point, I am going to turn it in and walk away. If they come down when its closer to the end, I may end up buying it. But not for $8k over book.
 

·
Banned
Joined
·
7,289 Posts
Usually, if you give any hint of interest in buying out your lease, the leasing co will not deal. You have to wait till they ask the question, which you then go "No freaking way, it's way too expensive". That is when the lowered offer will come, if it does at all.

Sorta like salary negotiations: don't be the one to bring the topic up first.
 

·
Registered
Joined
·
3,074 Posts
Usually, if you give any hint of interest in buying out your lease, the leasing co will not deal. You have to wait till they ask the question, which you then go "No freaking way, it's way too expensive". That is when the lowered offer will come, if it does at all.

Sorta like salary negotiations: don't be the one to bring the topic up first.
That was not the case for me at all. I called them and asked them what they would offer me. I think they offered $16k. I told them I was seeing them sell closer to $14k, and they met me in the middle at $15k. Hassle free on the negotiation part at least.
 
1 - 18 of 18 Posts
Top