Was this offer for a 2015 Spark EV 2LT lease too high? (LA)

[Anonymous]

I went into Felix Chevrolet in DTLA Los Angeles this morning. Apparently a new shipment of Spark EV 2LT's are coming in, but they're not there yet. The dealer has a VIN number of a car that should be there any day. I went in and this was on the paperwork of their offer:

MSRP: $27,135
Initial Cap Cost: $26,835
Residual %/Amt 46.00% $12,482.10

Ttl Capped Fee: $595
Ttl Initial Fees: $109
Adjusted Cap Cost $20,157.68
Disposition Fee: $395.00

DMV/SmgXmpt/Cnty: $280.00
Term: 39
Lease Money Factor: .00035
Ttl Sales Tax: $1,392.57
Base Monthly Rental $208.23
Monthly Payment: $226.97

Rebate: $8,550.00

So essentially, $226.97/Mo for 39 months, but the salesman said that included taxes and fees, and the fact that it was a faster charging port or something.

I basically walked away from the offer, partly because I was negotiating for a car that wasn't on the lot and partly because I thought the offer was a bit high. The salesman kept reminding me that the demand for the spark EV's are pretty high.

Was I right to walk away from this offer?

 

[Casualsurfer]

Here's what I got:

Selling price $26376
Down $0
Acquisition fee $595
Residual $12482
39 months at $163.10 per month plus tax

I think your deal was crummy. Even at CA sales tax rate it should be way lower.

 

[ReddyKilowatt]

In Sept (in Oregon), I got:
2015 Spark 2LT
$139 a month
zero down
$575 in stupid fees and license + registration.

The dealer pushed the $900 "lease condition insurance" hard, claiming that "the lease company" is pretty aggressive in dinging lease returns for conditions, but the lease (from GM) actually spells out what is and is not acceptable.

https://www.gmfinancial.com/Docs/2014-US-WearCard_Digital-Print.pdf

In my case, GM takes the Federal rebate. There is no state tax rebate for the car.

 

[MrDRMorgan]

I went into Felix Chevrolet in DTLA Los Angeles this morning. Apparently a new shipment of Spark EV 2LT's are coming in, but they're not there yet. The dealer has a VIN number of a car that should be there any day. I went in and this was on the paperwork of their offer:

MSRP: $27,135
Initial Cap Cost: $26,835
Residual %/Amt 46.00% $12,482.10

Ttl Capped Fee: $595
Ttl Initial Fees: $109
Adjusted Cap Cost $20,157.68
Disposition Fee: $395.00

DMV/SmgXmpt/Cnty: $280.00
Term: 39
Lease Money Factor: .00035
Ttl Sales Tax: $1,392.57
Base Monthly Rental $208.23
Monthly Payment: $226.97

Rebate: $8,550.00

So essentially, $226.97/Mo for 39 months, but the salesman said that included taxes and fees, and the fact that it was a faster charging port or something.

I basically walked away from the offer, partly because I was negotiating for a car that wasn't on the lot and partly because I thought the offer was a bit high. The salesman kept reminding me that the demand for the spark EV's are pretty high.

Was I right to walk away from this offer?

I think you were right to walk away. I am located in the Central Valley of California and in April 2015 I leased a 2015 Spark EV 2LT with DCFC option for $0.00 (that is zero!) down and $163 per month for 36 months (10K miles per year). At the end of the lease I can buy the car for $14,382 although I expect it will be much lower at the end of the lease. When I factored in the $2500 California rebate plus $3000 San Joaquin Country rebate, I ended up paying about $8.00 per month for the car!

The salesman was correct that Spark EVs are hard to find. I actually put a deposit on my Spark EV while it was on the trailer in transit to the dealer. However, now gasoline prices are quite low and that may dissuade potential EV buyers. Eventually the dealers will have to deal because Chevy MUST get the EV cars out into the market. 2016 will probably be the last year for the Spark EV since the Bolt will soon be in production.

 

[KingUltra]

It's not reasonable to compare your quote with what people paid earlier in the year when they were trying to get rid of them.
Now the inventory is so tight, and prices so high that I would suggest you look for a different vehicle.

 

[ReddyKilowatt]

Chevrolet lists the $139/0 down lease offer as still valid "for well-qualified leasees" so it isn't unreasonable to try and negotiate for it, scarcity or not.

I know my car had a $2000 "area adjustment" that the dealer tried to tack on the price. My car was the last one in my area (got it Aug 29, 2015), it would have been 300 miles or so up to Portland for another new one at a dealer.

 

[Casualsurfer]

Here's my take: I spent $16k on a '15 with less than 8k miles, CPO which gives me same coverage as new, so I basically bought a brand new Spark EV for $16k without the hassle of the tax rebates and all other crappola.

 

[tatluv]

I just leased one on 11/10 and chevy has a $10,350 rebate that they took off the price of the car. My payment for 48 months 12k miles a year was $177 total, that includes tx fees etc.

I know this isn't as good of deal with all the promotions that were going on in the Spring, but it was affordable for a 2nd commuting car.

Go to KBB.com and input our zip code it will tell you where the dealerships are located that still have inventory for the Spark EV.

I think Monetary Park and Montebello Chevy have 1.

I purchased at Costa Mesa.

San Diego has like 5 of them.

 

[tatluv]

By the way, I also got the $2500 rebate and $7500 tax credit and $500 rebate from Bosch for the 240 volt home charger!!

 

[sensij]

By the way, I also got the $2500 rebate and $7500 tax credit and $500 rebate from Bosch for the 240 volt home charger!!

$7500 tax credit is for purchases, not leases.

 

[WadeTyhon]

$7500 tax credit is for purchases, not leases.

Perhaps the dealer referred to the $7500 rebate when going over lease terms as a reason for the lower price of the lease compared to financing?

I believe since the dealership would have received the tax credit, they will factor that into the price of the car and therefore the lease payments.

 

[Anonymous]

You did the right thing. It doesn't matter how hard they are to find right now, dealers have to sell/lease 22,000 of them by CA state government mandate. Carsdirect.com is currently promoting zero down $138/mo leases, you just have to pick a dealer. Check it out: http://www.carsdirect.com/chevrolet/spark-ev And if that doesn't work for you, reach out to Rydell Chevy in Northridge. They seem to be willing to work for the EV customers more than some other dealers. Paying $60 to rent a vehicle trailer and buying your buddy with a pickup a case of beer could be worth it if you are saving $100/month.... I'm hoping to have mine home within a week.

 

[lalacurf121]

not leases.
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