My Lease with George Chevrolet [actual document]

[Chaconzies]

I leased my Spark EV 2LT w/ SAE port 12K miles on May 1 with George Chevrolet and Ally bank.
Up to that point I had been emailing Jeffrey Kwok back and forth the weeks before working out various specifics so when I arrived there wasn't much of a surprise at all.

The deal ended up being $2000 down (my preference) and $188.36 a month + tax =205.30 a month
I also received military pricing and a $750 rebate for having USAA insurance.
In all the lease will cost $9185.50 but when I get the $2500 CA rebate that'll lower the overall cost to $6685.5
Factoring in the money saved on gas and the carpool lane access I'd say this is a pretty sweet deal.

Everyone at George Chevy were very helpful. Jeffrey, specifically walked me through all the forms and tech (rebate, hov access, app, onstar, using plugshare, chargepoint card, in car settings) leaving me very content with the ordeal.

My only complaint was that the finance office was kept ice cold and my fingers nearly froze signing all those hundreds of signatures.

As of today I've already received my license and registration and confirmation of CA rebate. Now I'm just waiting for the HOV stickers.

:lol:

 

[xylhim]

What a great deal, I got really ripped off at Glendora Chevy. Same car, except I pay $225 / month and put $3500 down.

 

[nmikmik]

Nice car, great deal,
Enjoy!

 

[nozferatu]

Nice car, great deal,
Enjoy!

I pay $261 including tax a month with no money down and a $1200 carry over from my previous car's lease...a Fiat 500 Sport. 12K miles a year for 3 years.

Lucky you thought that you went through Ally...much better than US Spank.

 

[emv]

I'm so glad I live in Oregon. No sales tax Otherwise looks like a deal that was fair to all concerned.

 

[tigger19687]

Wait.............. you leased a USED car. and they put on FULL STICKER PRICE ?

Was this already leased out ? If so then you won't be able to use the Rebate.... isn't that correct ?
and the state got tax twice for the same car ?

What is "rent charge " ??

 

[Chaconzies]

Wait.............. you leased a USED car. and they put on FULL STICKER PRICE ?

Was this already leased out ? If so then you won't be able to use the Rebate.... isn't that correct ?
and the state got tax twice for the same car ?

What is "rent charge " ??

No, this was a new car with 104 miles were from test drives/ factory testing. You can clearly see that the car is new under "The Vehicle You Are Leasing" tab.

I will be receiving the CA rebate, Ally gets the federal rebate but that's also factored into the residual price.

As for rent charge, it's part of the costs of leasing, it's essentially a financing fee see this link for a detailed explanation :http://www.swapalease.com/lease101/...ly-lease-payment/calculating-rent-charge.aspx

 

[tigger19687]

Wow, even more reason to just straight out buy it.
But that's just me. Too many nickles and dimes

But thank you for listing out the sheet !

 

[nmikmik]

Wait.............. you leased a USED car. and they put on FULL STICKER PRICE ?

Was this already leased out ? If so then you won't be able to use the Rebate.... isn't that correct ?
and the state got tax twice for the same car ?

What is "rent charge " ??

I.... don't see it anywhere saying used. I see it says 104 miles, why do you assume it was used? :?

 

[nozferatu]

Wow, even more reason to just straight out buy it.
But that's just me. Too many nickles and dimes

But thank you for listing out the sheet !

Why? He got a decent deal...and with the rebate it's even less money..what else do you want? Be stuck with an out of date EV in 5 years? Who'll buy that?

 

[tigger19687]

Here, you pay for the SALES TAX on the SELLING price. That would be the 1st amount listed on his papers.
NOT the END price he pays.

So yeah, that is more $$.

Again, I am one to BUY, I am not about to pay sales tax on something that is not mine. Plus I buy for LONG term.

 

[emv]

Here, you pay for the SALES TAX on the SELLING price. That would be the 1st amount listed on his papers.
NOT the END price he pays.

So yeah, that is more $$.

Again, I am one to BUY, I am not about to pay sales tax on something that is not mine. Plus I buy for LONG term.

Sales Tax? Sounds like a personal matter, tell it to the Chaplain

Long Term? The wife and I love our Spark EV but I don't see it as a long term car. Buy an EV now and you are officially and Early Adopter. That means you'll pay more than those who come later and run a much higher risk of obsolescence down the road. (I paid close to $1000 for my first VCR - with mechanical tuner and wired remote) Where will technology be in three years, I don't have a crystal ball so I'm hedging my bet.

And what a hedge! I'm effectively leasing on the cheap, dirt cheap! Last month we used about $28 of PGE's finest. With the old car we would have spent about $160 at the Chevron station. My lease is around $170 per month. Woo Hoo! I'm effectively paying $38 a month for a new car. Sometimes leasing makes sense, sometimes it doesn't; you have to run the numbers and go with what works best for you.

 

[nozferatu]

Here, you pay for the SALES TAX on the SELLING price. That would be the 1st amount listed on his papers.
NOT the END price he pays.

So yeah, that is more $$.

Again, I am one to BUY, I am not about to pay sales tax on something that is not mine. Plus I buy for LONG term.

That's great...personal choice. However that doesn't mean it makes financial sense to buy...especially as EMV has outlined on cars like these. On a regular car it may be a different story.

I can write off my lease for my business....making it an even better deal.

 

[nmikmik]

Here, you pay for the SALES TAX on the SELLING price. That would be the 1st amount listed on his papers.
NOT the END price he pays.

So yeah, that is more $$.

Again, I am one to BUY, I am not about to pay sales tax on something that is not mine. Plus I buy for LONG term.

That's great...personal choice. However that doesn't mean it makes financial sense to buy...especially as EMV has outlined on cars like these. On a regular car it may be a different story.

I can write off my lease for my business....making it an even better deal.

To each his own, my preference (mainly because i put a ton of miles each year) is to buy cash or 0% interest if available.
The Spark I am leasing becasue it's a second car for me so I don't need to pile on miles on it and it's cheap to lease. If that wouldn't be the case, I would have bought another hybrid.
As far as the sales tax, you can say it's not really a sales tax, it's more of the "use tax" based on the portion of the car's price you end up using.
btw, nozferatu - I don't believe you are allowed to write off the personal lease as a business expense, so I'd check with you accountant first. Unless of course, your lease is already a business lease, then you should be ok.

 

[nozferatu]

Here, you pay for the SALES TAX on the SELLING price. That would be the 1st amount listed on his papers.
NOT the END price he pays.

So yeah, that is more $$.

Again, I am one to BUY, I am not about to pay sales tax on something that is not mine. Plus I buy for LONG term.

That's great...personal choice. However that doesn't mean it makes financial sense to buy...especially as EMV has outlined on cars like these. On a regular car it may be a different story.

I can write off my lease for my business....making it an even better deal.

To each his own, my preference (mainly because i put a ton of miles each year) is to buy cash or 0% interest if available.
The Spark I am leasing becasue it's a second car for me so I don't need to pile on miles on it and it's cheap to lease. If that wouldn't be the case, I would have bought another hybrid.
As far as the sales tax, you can say it's not really a sales tax, it's more of the "use tax" based on the portion of the car's price you end up using.
btw, nozferatu - I don't believe you are allowed to write off the personal lease as a business expense, so I'd check with you accountant first. Unless of course, your lease is already a business lease, then you should be ok.

Oh this car isn't for personal use. I use it for work.

 

[nj1266]

Hi, I am new here and I too am working with George Chevrolet. I am going to ask for the same deal you got. I chatted with Bill Allen online about the car and will get a test drive on Monday.

I have never leased before let alone from Chevy, but it is far better to lease new tech than to buy. Buying is dangerous because these cars will be obsolete in 3 years or less.

I have a purchased 2010 Golf TDI that I just adore. The downside is city MPG on the car. The Spark will be my city car and I do not even need 12,000 miles per year. I will probably use 6,000 miles per year.

Do you guys know is there are 10,000 mile leases?

 

[Chaconzies]

@nj1266
Yes, there are 10000 miles a year leases offered. I would definitely recommend speaking with Jeffrey Kwok. He was the one who set up all the lease information for me and was very transparent.
I think I got a pretty great deal and you should be able to get something similar with decent credit. I would also try and haggle down the upfront costs and see if you can put less down. Don't be afraid to walk away from the first offer and always see if there are any extra incentives available.
I'm including Jeffrey's info below.
Jeffrey Kwok
Digital Media Specialist
George Chevrolet
t: (562) 925-2500 x127
m: (626) 244-5551
[email protected]

 

[nj1266]

I got my deal today. Will pick up the silver Spark LT2 with DC charging option on Thursday. $27,255 for the car, 58.69% residual, 0.0004 money factor=0.96% APR, $2200 down, $203.74 (of which 16.82 tax, and 15.66 finance) per month for 36 months, no rebates sadly. 10,000 miles per year which I am certain that I will not use.

The negotiated price of the car was higher at first, but I told Allen that I got 27,255 from Win Chevy and he immediately matched it.

Test drove the demo car and was very impressed. This thing is faster to 60 than my TDI. It has a good AC given the heat outside. It has good room behind the driver seat. I was able to fit my 6 foot frame comfortably behind the driver seat that I drove in.

The only thing I do not like is the baby blue trim, but I did not want to wait for the 2015s and lose out on the $500 discount to install a Bosch 220 volt 30 amp charger at home. I am getting the 30 amp for future proofing even though the spark does not benefit from it.

I will sign the papers on Thursday and Jeffery will show me the ins and outs of the car. He is the expert on this. Then I will bring the car home.

I am really going to enjoy city driving for free since I have solar panels. More importantly my TDI will now get 50 mpg on every diesel tank that I fill.

 

[Chaconzies]

Nice nice, that sounds like a reasonable deal. However, you should be able to get the CA CVRP which is $2500 after you fill out the application and wait a few months. As long as the vehicle is new and you have it for 36 months you are eligible. I also don't like the blue trim. It can reflect off on the mirrors making them really hard to use. As for the Bosch charger, this is the second time it has been extended so I wouldn't be surprised if they extend the offer again, but seeing as how the 2014 has a tried and true battery so far and the 2015's is smaller I think waiting might be too risky.
Details here: https://energycenter.org/clean-vehicle-rebate-project

 

[nj1266]

I want to thank you for sharing your deal. It gave me a very good idea what to expect. I am new to leasing and I had to learn fast to be able to get a good deal.

As far as the $2,500 money back, I went to that site and read it. I will ask Jeffery about it for more help.